US asset managers file for TRUMP, DOGE ETFs
Asset managers Osprey Funds and REX Shares want to launch exchange-traded funds (ETFs) for memecoins, including Dogecoin (DOGE), Official Trump (TRUMP) and Bonk (BONK), according to a January 21 regulatory filing.
The offering offered ETFs for Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP). ETFs are designed to directly hold cryptocurrencies and related financial derivatives.
“The fund will, under normal market conditions, invest at least 80% of its net assets (plus any borrowings for investment purposes) in the reference asset and other assets that provide exposure to the reference asset,” the filing said.
The REX-Osprey TRUMP ETF will be the first ETF to hold TRUMP, the memecoin endorsed by US President Donald Trump and issued on January 18 by a Trump affiliate.
Osprey and Rex have introduced several new crypto ETFs. Source: SEC
Related: REX Crypto Launches Equity Income ETF
TRUMP memecoin
The Trump-branded token briefly broke $80 billion in fully blended value (FDV) in a single day on January 18. As of January 21st, memecoin is trading at around $42 billion in FDV.
TRUMP's launch sparked a frenzy among investors, bringing so much activity to Solana that the network faced congestion for days.
Moonshot, the platform where Trump suggested his followers buy memecoin, has reported more than 200,000 new onchain users since the token's launch.
Crypto ETFs
US regulators are expected to soften their stance on crypto regulation after Trump – who promised to turn the US into the “crypto capital of the world” – won the US elections.
Right now, more than a dozen proposed cryptocurrency ETFs are awaiting the green light from regulators.
In the year By 2024, asset managers have filed multiple regulatory filings to list ETFs holding altcoins, including SOL, XRP and Litecoin (LTC), among others.
A number of proposed crypto index ETFs, designed to hold various baskets of digital tokens, are awaiting issuer approval.
Rex Shares has previously launched other crypto-related ETFs, including the T-REX 2X Long MSTR Daily Target ETF (MSTU), which aims to provide a 2x microstrategy for frequent BTC buyers.
Magazine: Trump's Bitcoin Policy Fails in China, Deeply Fake Fraudsters Broke: Asia Express
