In a bold move following Trump’s inauguration and Gensler’s resignation, REXShares and Ospreys Funds have filed for multiple spot crypto ETFs, including pioneering memecoin funds.
Less than 48 hours after the inauguration of the first pro-crypto US President Donald Trump and the resignation of former SEC Chair Gary Gensler, REXShares and Ospreys Funds have filed for a series of crypto spot ETFs.
According to Form N-1A filed on Tuesday, January 21, 2025, the REXShares and Ospreys Funds filed for a spot Bitcoin ETF, spot Ether ETF, spot TRUMP ETF, spot Solana ETF, spot XRP ETF, spot BONK ETF, and spot DOGE ETF.
According to the filing, the proposed funds will invest at least 80 percent of the funds in the designated crypto assets, either via swap agreements, futures contracts, or direct holdings. However, as a preliminary filing, the filing noted that the details of the spot ETFs are subject to change.
The filing of several spot crypto ETFs attracted the attention of most investors majorly due to the inclusion of memecoins. The strategic launch of TRUMP memecoin by the 47th US President, has stirred up FOMO trading in the entire cryptocurrency industry.
The possibility of the seven spot crypto ETFs getting approved in the next two years is palpable, especially with Paul Atkins nominated as the new SEC Chair. Furthermore, the Trump administration has vowed to enable seamless adoption of digital assets through a lighter regulatory approach.
“With the new Administration, there’s further opportunity for financial instruments to receive clarity around filings and steps forward,” Nom, pseudonymous Core Contributor for Bonk memecoin, noted.
Market Impact of REXShares and Ospreys Crypto ETFs Filing
The filing of the seven spot crypto ETFs will have a long-lasting impact on their respective price action, especially when approved by the US SEC. As the first spot meme ETFs filing in the United States, the confidence of the respective memecoins will significantly increase amid the highly anticipated altseason.
Following the announcement, Solana’s BONK price rallied over 15 percent in the past 24 hours to trade at about $0.0000353. Dogecoin price, on the other hand, rallied over 6 percent in the last 24 hours to trade about 38 cents on Tuesday, during the mid-New York session.
Consequently, the memecoin market cap gained over 5 percent in the past 24 hours to hover at about $121 billion, and an average trading volume of around $38 billion.
Meanwhile, Ripple Labs’ XRP price gained over 2 percent to trade about $3.23 at the time of this writing. The large-cap altcoin, with a fully diluted valuation of about $323 billion and a 24 hour average trading volume, has signaled the onset of the next bullish leg towards $4.
The rise of these altcoins will likely trigger the next phase of the much anticipated altseason in near term.
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