Miami-based REX Shares has filed with the U.S. Securities and Exchange Commission (SEC) to create a series of cryptocurrency-backed exchange-traded funds (ETFs). Among them were requests to launch funds both in traditional Bitcoin and Ethereum (the first such ETFs appeared in 2024), as well as requests for the first ever funds on the meme coins TRUMP, BONK and Dogecoin. In addition, applications for ETFs in Solana and XRP are listed – the SEC has previously rejected similar ones.
Image source: Kandinsky
As Decrypt writes, the applications were filed just a day after Gary Gensler resigned as head of the SEC. He was temporarily replaced by Mark Uyeda, who is known for his more favorable attitude towards the cryptocurrency market.
REX Shares, which manages more than $8 billion in assets, already offers a range of exchange-traded products, including cryptocurrency services through its subsidiary Osprey Funds. These products include leveraged funds for Bitcoin, Ethereum and MicroStrategy stocks. The company’s filing for a meme coin ETF is the first of its kind, and if approved, the funds will be the first in the United States to invest in meme tokens.
It is noteworthy that the TRUMP meme coin appeared only last Friday against the backdrop of Donald Trump’s return to the presidency of the United States. According to crypto market participants, Trump’s return should give new impetus to the approval of such financial products. A representative from rising cryptocurrency star BONK told Decrypt: “With the arrival of the new administration, additional opportunities are opening up for clear regulation and promotion of financial instruments. Now is the right time to offer BONK to traditional investment firms, making it accessible to investors who cannot interact with it directly through the blockchain.”
Thus, REX Shares is making a decidedly bold move in the cryptocurrency investment market, trying to carve out a niche based on meme coins and taking advantage of what may be a more favorable political situation.