Trump inauguration spark crypto ETFs boom: REX and Osprey file for Bitcoin, Ether, XRP, SOL and meme coin ETFs

Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and XRP joined a fresh wave of cryptocurrency ETFs filed by asset managers REX Shares and Osprey on Tuesday. The list also includes President Donald Trump's newly launched meme coin, TRUMP, with meme tokens Dogecoin (DOGE) and BONK. The filings come barely 24 hours after Trump's inaugural ceremony at the Capitol Rotunda and his appointment of Commissioner Mark Uyeda as acting Securities and Exchange Commission (SEC) Chair.

REX Shares and Osprey file for several crypto ETFs

REX Shares and Osprey filed several prospective crypto ETFs with the SEC on Tuesday. The filing includes ETFs for prominent cryptocurrencies like Bitcoin, Ethereum, XRP and Solana. The asset managers further included filings for meme coins DOGE, BONK and TRUMP.

The TRUMP ETF will be the first of its kind for investors, offering exposure to the price of the new meme coin. TRUMP is President Donald Trump's official cryptocurrency, created a few days before his inaugural ceremony on Monday.

"REX-OspreyTM TRUMP ETF (the 'Fund') seeks investment results, before fees and expenses, that correspond to the performance of Trump ('TRUMP' or the 'Reference Asset')," according to the registration statement.

The ETF will invest 80% of its net assets in the TRUMP meme coin. It also aims to invest in the shares of other cryptocurrencies, including non-US crypto ETFs.

According to Bloomberg analyst James Seyffart, the products were registered under the Investment Company Act of 1940, much like crypto futures ETFs. 

In a post on X, he explained that these products will include a mix of derivatives and underlying assets.

Meanwhile, his fellow analyst at Bloomberg, Eric Balchunas, noted that Trump and Dogecoin ETFs could launch before earlier crypto ETF filings from other issuers.

"These are '40 Act filings and so (theoretically, if they aren't disapproved) could hit the market in early April (75 days after filing) and beat the XRP, Solana, Litecoin ETFs out [because] those have to file 19b-4s which have a 240-day clock," wrote Balchunas. "Also worth noting the main guy behind REX isn't some rando come lately issuer but rather an early pioneer in the industry, with decades of experience, e.g. he birthed $VXX and a bunch of other ETPs."

The ETF filing is a product of rising expectations of a more crypto-friendly government under Donald Trump. This stems from optimism that the SEC under President Trump will approve more crypto ETFs.

Other asset managers have earlier filed for Solana and XRP ETFs and have yet to see approval from the SEC.

VanEck is the first US firm to file for a Solana ETF, submitting its application to the SEC in June 2024. Eventually, Grayscale, 21Shares, Bitwise, and Canary Capital joined the list.

On the other hand, firms like WisdomTree, VanEck, and 21Shares are the only companies that have filed an XRP ETF.