Rex Shares and Osprey Funds File for TRUMP ETF

Rex Shares and Osprey Funds File for TRUMP ETF

Trump, Dogecoin, and Bonk May Get Their Own ETFs This Year

ETF provider Rex Shares and its crypto-focused sister company, Osprey Funds, have filed applications with the U.S. Securities and Exchange Commission (SEC) for seven cryptocurrency exchange-traded funds (ETFs). Among these is a fund that plans to hold the recently launched TRUMP memecoin, according to Bloomberg ETF Analyst James Seyffart.

Key Details from the Filing

The application also seeks to establish ETFs for other cryptocurrencies, including Dogecoin (DOGE) and Bonk (BONK). Fellow Bloomberg analyst Eric Balchunas confirmed the filing's authenticity, showing it included the SEC’s Form 485APOS.

The TRUMP memecoin, launched just days ago, quickly gained significant attention, reaching a $14.5 billion market capitalization before experiencing a 50% drop shortly before Donald Trump’s inauguration. Ownership concerns linger, with 80% of the token supply reportedly held by Trump-affiliated entities.

SEC Leadership and Approval Prospects

Mark Uyeda, the newly appointed acting SEC chairman, may influence the outcome of these applications. Uyeda serves as the temporary chair until the Senate confirms Trump’s nominee, Paul Atkins, for the role. Analysts speculate that rejecting the TRUMP ETF might be politically complicated for a Trump-appointed SEC leader.

DOGE, BONK, and Other Assets in Focus

Dogecoin, the original memecoin launched in 2013, has a market capitalization of $56 billion, making it a staple in the crypto world. Bonk, launched in 2022 on the Solana blockchain, is a newer contender with a market cap of $2.5 billion. Both coins are included in the proposed ETFs, alongside well-established cryptocurrencies like bitcoin (BTC), ether (ETH), Ripple’s XRP, and solana (SOL).

Market Reactions and Future Implications

As of reporting, TRUMP’s value slumped by 18.5% over the past 24 hours, while DOGE and BONK experienced gains of 3% and 8%, respectively. The filing underscores the growing interest in mainstream financial products centered around both established and speculative digital assets.

Rex Shares and Osprey Funds have not commented on the filing as of yet. If approved, these ETFs could mark a significant milestone in the evolution of cryptocurrency adoption in traditional finance.