Rex Shares and Osprey Funds File Proposals for Spot Bitcoin (BTC), Ethereum (ETH), and $TRUMP Memecoin (TRUMP) ETFs

Just a day after President Donald Trump's inauguration and Gary Gensler's official exit from the SEC, investment management firms Rex Shares and Osprey Funds have filed proposals for numerous spot crypto exchange-traded funds (ETFs) featuring the newly launched $TRUMP memecoin, as well as Dogecoin, Ripple's XRP, and other assets.

Investment management firms filed proposals for spot crypto exchange-traded funds (ETFs) featuring the Trump memecoin, Dogecoin, XRP, and other assets a day after the former president's inauguration and Gary Gensler's departure from the SEC.

Rex Shares and Osprey Funds filed a registration statement for seven separate funds a day after Trump officially assumed office and just five days after the TRUMP token debuted. The filings, if approved, would become the first meme coin ETFs in the United States.

The filings also included proposals for a Bitcoin (BTC) ETF, Ethereum (ETH), Solana (SOL) ETF, Dogecoin (DOGE) ETF, and Bonk (BONK) ETF. These ETFs are designed to directly hold spot cryptocurrencies, as well as related financial derivatives.

“The Fund, under normal market conditions, invests 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 reads.

It’s worth pointing out that these products were filed under the Investment Company Act of 1940, similar to cryptocurrency futures ETFs, Bloomberg analyst James Seyffart observed in an X post.

“They’ll hold a combo of derivatives, the assets, and a Cayman subsidiary which will hold the assets,” Seyffart posited. “This looks similar to a playbook issuers use in the commodity ETF world to avoid K-1's but idk.”

Fellow Bloomberg analyst Eric Balchunas has suggested that REX is not just a random issuer, noting that its CEO was “an early pioneer in the industry” with decades of experience.

Gensler’s Exit Trigger Wave Of Crypto ETF Applications

Last year, asset managers submitted a slew of regulatory filings to introduce ETFs holding altcoins, including SOL, XRP, and Litecoin, among others.

All these filings reflect expectations from the crypto industry that the new Trump administration will be more conducive for digital assets. Trump, who has promised to make the US into the planet’s crypto capital, tapped pro-crypto Mark Uyeda to take temporary lead of the SEC after Gensler’s departure.

While the greenlighting of these ETFs remains uncertain, it signals continued efforts by investment managers to push for new crypto-based products for U.S. investors.

The big question now is, will the SEC reject an ETF based on the President’s (their boss) own meme token? It will be fascinating to watch how it pans out.