Osprey, Rex file to list ETFs tracking President Trump’s memecoin, XRP, BONK and other tokens
2025-01-21
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Osprey Funds and Rex Shares are looking for the U.S. Securities and Exchange Commission's sign-off for several proposals for exchange-traded funds based on TRUMP, DOGE and other memecoins.
The firms filed a registration statement for seven separate funds a day after President Donald Trump's inauguration and days after Trump launched a TRUMP memecoin that garnered billions of dollars of investments.
"REX-OspreyTM TRUMP ETF (the 'Fund') seeks investment results, before fees and expenses, that correspond to the performance of Trump ('TRUMP' or the 'Reference Asset')," according to a registration statement filed on Tuesday. That filing also included proposals for an Ethereum ETF, Bitcoin ETF, SOL ETF, XRP ETF and BONK ETF.
Tuesday's registration statement signals expectations from the crypto industry that the Trump administration will be friendlier to digital assets. Trump tapped crypto-friendly former regulator Paul Atkins to lead the SEC and has promised to stop "Joe Biden's crusade to crush crypto" by ensuring the future of crypto will not be "driven overseas," among other promises.
The products were filed under the Investment Company Act of 1940, similar to crypto futures ETFs, said Bloomberg Intelligence ETF analyst James Seyffart in a post on X.
"They'll hold a combo of derivatives, the assets, and a cayman subsidiary which will hold the assets," Seyffart said. "This looks similar to a playbook issuers use in the commodity ETF world to avoid K-1's but idk."
Rex Shares and Osprey Funds did not immediately respond to a request for comment.
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