First XRP And DOGE ETFs From REX-Osprey To Launch This Week
The first XRP and Dogecoin (DOGE) ETFs (exchange-traded funds) are set to launch this week as Rex Shares and Osprey Funds take advantage of a fund structure that allows them to fast-track approval.
According to an X post by REX Shares, the REX-Osprey XRP ETF will launch this week under the ticker “XRPR.”
That will make the fund “the first US ETF to deliver investors spot exposures to the third largest cryptocurrency by market cap,” the company said in its post.
XRP And DOGE ETFs Take Advantage Of Securities Act Of 1940
The XRP ETF filing has cleared the US Securities and Exchange Commission’s (SEC) 75-day review window, with the fund now expected to start trading on Friday, provided there are no further unexpected delays.
That XRP filing comes after the companies also filed for an ETF that tracks the leading meme coin, DOGE.
Both of the filings were submitted under the Securities Companies Act of 1940, which provides a much simpler approval path than the Securities Act of 1933, which is used for spot Bitcoin ETFs.
Unlike products that directly hold the underlying asset, the 1940 Act structure gives a fund a greenlight to launch automatically 75 days after the filing was made.
Along with the possible Friday launch of the XRP ETF, the companies’ DOGE ETF, which was scheduled to launch last week but was ultimately delayed, could also start trading this week.
According to Bloomberg Intelligence ETF analyst Eric Balchunas, the DOGE ETF is currently slated for a Thursday launch.
New ETFs Will Be Litmus Test For Demand After SOL ETF Struggles
The XRP and DOGE ETFs are not the first funds filed by REX Shares and Osprey Funds. In July, the companies launched the market’s first Solana staking ETF, under the ticker “SSK.”
However, interest for that fund has been fairly low compared to the billions of dollars that have flowed into spot Bitcoin and spot Ethereum ETFs.
The fund currently has just $274 million in assets under management. It has also had less than $25 million in inflows over the past five trading days, data from Farside Investors shows.
SSK flows (Source: Farside Investors)
Now, the possible launch this week of the REX-Osprey XRP ETF could be a “good litmus test” for spot XRP ETF demand, says Nova Dius President Nate Geraci.
He highlighted that futures-based XRP ETFs are already nearing $1 billion in assets.
As the market waits to see whether the REX-Osprey XRP ETF can attract more capital than the Solana-focused SSK, more than 90 crypto ETF applications are waiting for a decision from the SEC, with a large number of the filings being made this year.
Those ETF applications are for funds that track cryptos like Hedera (HBAR), Avalanche (AVAX), and Polkadot (DOT). There are also applications for ETFs that track multiple digital assets.
Recently, Bloomberg’s James Seyffart noted that Canary Funds updated its prospectus filing for its Litecoin ETF, which is due for a final decision from the SEC in the first week of October.
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