Cryptocurrency-based Exchange-Traded Funds (ETFs) featuring XRP and Dogecoin are set for unveiling in the United States this week-learn about the unfolding details.
In a significant move for the crypto industry, Rex-Osprey, a collaboration between REX Financial and Osprey Funds, is set to debut two exchange-traded funds (ETFs) focusing on XRP and Dogecoin this week. The Dogecoin ETF, named DOJE, is scheduled for a Thursday launch, while the 40 Act spot XRP ETF, labelled as XRPR, is also expected to debut on the same day.
Rex-Osprey will gain exposure to spot XRP through "REX-OspreyTM XRP (Cayman) Portfolio S.P.", a subsidiary registered in the Cayman Islands. The model for these ETFs differs from existing spot Bitcoin and Ethereum spot ETFs, as they do not directly expose holders to the underlying assets. Instead, the funds may invest in derivatives tied to XRP to provide exposure to investors.
Greg King, founder and CEO of REX Financial, emphasised that investors look to ETFs as trading and access vehicles. He stated, "ETFs provide a convenient, cost-effective way for investors to gain exposure to a wide range of assets, including digital assets like XRP and Dogecoin."
The debut of these ETFs is a significant step towards mainstream adoption of cryptocurrencies, as they are registered under the Investment Company Act of 1940, a stricter regulatory framework for investment companies. This move marks the first Dogecoin-focused crypto ETF under the stricter Investment Company Act of 1940.
Meanwhile, at least 92 crypto-related ETFs, including those focused on Ripple (XRP) and Dogecoin, are awaiting SEC approval from institutions like Grayscale and 21Shares. Some decisions on these applications are potentially coming in October.
ETF analysts previously told Decrypt that approvals for Dogecoin, Solana, and XRP ETFs was a "near lock." This prediction seems to be coming to fruition, with the U.S. Securities and Exchange Commission (SEC) having already approved the Dogecoin ETF by REX Shares and Osprey Funds.
Rex-Osprey has effective filings for ETFs for President Donald Trump’s official Solana meme coin and popular Solana token, BONK, but no set date for their launch has been announced. The Rex-Osprey fund for Solana staking ETF hit the market in June, becoming the first exchange traded product of its kind.
The approval of these ETFs is a testament to the growing acceptance of cryptocurrencies by traditional financial institutions. As more ETFs focusing on various cryptocurrencies are expected to receive approval in the near future, the crypto market is poised for significant growth and increased investment opportunities.
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