Rex Shares and Osprey Funds have proposed crypto ETFs, including one for Trump memecoin, amid a surge in its value. The filings reflect optimism for a more crypto-friendly regulatory stance under the new administration.
Investment companies Rex Shares and Osprey Funds have submitted plans for several cryptocurrency-based exchange-traded funds (ETFs), including one related to Donald Trump‘s memecoin called TRUMP. The filings happened soon after Trump’s election, showing increasing interest in crypto-backed ETFs.
The TRUMP memecoin has jumped 8.4% in the last day, bringing its market value to $8.31 billion.
This is a huge increase of 540% in just one week. Meanwhile, MELANIA, a token linked to First Lady Melania Trump, has seen a drop in value. It fell 11.2% this week and 46% this month, now selling at $3.90.
The Rex-Osprey Trump ETF is one of many new proposals focusing on different cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and XRP. Analysts believe that the filings show hope for a more supportive approach to cryptocurrency with the new SEC leadership and the Trump government.
Acting SEC Chair Mark Uyeda is starting a team to create clearer rules for digital assets like cryptocurrency.
Trump’s government has suggested some big plans for cryptocurrency, like changing the name of the U.S. Digital Service to the “Department of Government Efficiency” and using the Dogecoin logo on its website.
People are getting excited about these ETFs, but some are still unsure, especially when it comes to risky investments like memecoins. Bloomberg expert Eric Balchunas called the Trump ETF filing “surreal” and pointed out that there are still debates about the role of cryptocurrency in regulated financial markets.
