US asset managers file for TRUMP and DOGE ETFs

Osprey Funds and REX Shares have filed applications with the U.S. Securities and Exchange Commission (SEC) to launch several cryptocurrency exchange-traded funds (ETFs), including ones focused on popular memecoins such as Dogecoin (CRYPTO:DOGE) and the newly created TRUMP (CRYPTO:TRUMP) token.

The filings, submitted on January 21, propose ETFs that will directly hold spot cryptocurrencies and related financial derivatives.

In addition to the memecoins, the asset managers are seeking to create ETFs for well-established cryptocurrencies like Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), and XRP (CRYPTO:XRP).

“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 stated.

The REX-Osprey TRUMP ETF would be notable as it would be the first ETF to hold TRUMP, a memecoin associated with former President Donald Trump, which was launched on January 18 by a Trump-affiliated entity.

The TRUMP token experienced a surge in popularity shortly after its launch, reaching a fully diluted valuation of $80 billion within 24 hours. As of January 21, its valuation had adjusted to around $42 billion.

The launch of the TRUMP token caused significant trading activity that led to congestion on the Solana network.

Moonshot, the platform promoted by Trump for purchasing the memecoin, reported over 200,000 new on-chain users since its introduction.

While there is speculation that U.S. regulators may adopt a more lenient approach toward cryptocurrency oversight following Trump's election victory, uncertainty remains regarding the approval of memecoin ETFs.

The SEC has previously been cautious about cryptocurrency products under former Chair Gary Gensler, but with Trump's promise to establish the U.S. as a "crypto capital," there may be a shift in regulatory attitudes.

As interest in memecoins grows, asset managers continue to submit proposals for various crypto ETFs, including funds that would hold altcoins like Solana (SOL) and XRP, alongside more traditional digital asset index ETFs.

At the time of reporting, the Official Trump (TRUMP) price was $41.14 and the Dogecoin (DOGE) price was $0.3727.