ETF provider Rex Shares and its crypto-focused sister company, Osprey Funds, have filed for seven crypto exchange-traded funds (ETFs) with the SEC, including one fund that will hold the recently launched TRUMP memecoin, according to a post by Bloomberg ETF Analyst James Seyffart.
Copies of the application posted by Seyffart show that Rex and Osprey are also seeking to establish Dogecoin (DOGE) and Bonk (BONK) ETFs. Seyffart’s colleague, fellow analyst Eric Balchunas, told Bitcoin.com that the screenshot shows a copy of the SEC’s Form 485APOS.
(Rex Shares and Osprey Funds crypto ETF filing / James Seyffart)
The TRUMP memecoin was launched on Friday and skyrocketed to a $14.5 billion market capitalization amid a whirlwind of hype and speculation, before tumbling by roughly 50% just before Donald Trump’s inauguration yesterday.
It’s unclear if the SEC will approve such a new asset, which appears dogged by volatility and whose ownership is concentrated in Trump-affiliated entities that own 80% of the supply, according to the token’s own website.
($TRUMP distribution / gettrumpmemes.com)
The newly sworn-in president recently appointed Mark Uyeda as temporary SEC chairman until the Senate approves Trump’s pick Paul Atkins for the permanent role. Rex and Osprey may be banking on the fact that it might prove awkward for a Trump-selected SEC chairman to reject a TRUMP ETF.
Dogecoin is widely considered the original memecoin and was launched in 2013. It currently has a market capitalization of roughly $56 billion, according to data from Coingecko.
Bonk is one of the newer kids on the block. It was launched in 2022 on the Solana blockchain and currently has a market capitalization of approximately $2.5 billion.
TRUMP slumped 18.5% over the past 24 hours at the time of reporting, according to Coingecko, while DOGE and BONK were up 3% and 8% respectively over the same period.
The other cryptocurrencies included in the application are bitcoin (BTC), ether (ETH), Ripple’s XRP, and solana (SOL).
Bitcoin.com reached out to both Rex Shares and Osprey Funds for comment but neither had responded at the time of publication.
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