The US Securities and Exchange Commission (SEC) has granted REX-Osprey approval to list the first ETFs linked to the cryptocurrencies XRP and Dogecoin on US exchanges. The issuer took advantage of a simpler procedure under the Investment Company Act of 1940, which makes it easier to launch than traditional spot ETF approvals.
Innovative ETF products from REX-Osprey
REX-Osprey plans to launch its XRP ETF under the ticker XRPR later this week. It will be a pioneering fund providing investors with direct exposure to the third-largest cryptocurrency by market capitalization.
The product is governed by the 1940 Act, which allows for automatic launch of the fund 75 days after filing, unless the regulator raises objections. Unlike spot ETFs, this structure does not require direct ownership of the underlying asset.
First memecoin ETF in the US
In addition to the XRP ETF, REX-Osprey will also launch a Dogecoin ETF, which will track the popular DOGE cryptocurrency. The fund will become the first ETF in the US focused on so-called memecoins.
REX-Osprey also introduced an ETF focused on staking the Solana cryptocurrency in July. Although the fund manages hundreds of millions of dollars in assets, investor interest remains rather moderate so far.
