In a universe not so far away, where the laws of finance are as flexible as a rubber band in a black hole, asset managers Osprey Funds and REX Shares have decided to take a leap into the absurd by filing for exchange-traded funds (ETFs) dedicated to memecoins. Yes, you heard that right! We’re talking about Dogecoin (DOGE), Official Trump (TRUMP), and Bonk (BONK) — because why not throw a party with the most ridiculous guests? 🎉
But wait, there’s more! The filing also proposed ETFs for Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP). Apparently, they thought, “Why not throw in some actual cryptocurrencies while we’re at it?” These ETFs are designed to hold spot cryptocurrencies and their financial derivatives, which sounds suspiciously like a recipe for a cosmic cocktail gone wrong. 🍹
“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 said, as if anyone could decipher that without a degree in intergalactic finance.
TRUMP memecoin
Now, let’s talk about the TRUMP memecoin, which, in a stunning display of financial gymnastics, briefly broke $80 billion in fully-diluted value (FDV) within a day of launching on Jan. 18. As of Jan. 21, it was trading at a mere $42 billion — because who doesn’t love a good rollercoaster ride? 🎢
The launch of TRUMP sent investors into a frenzy, causing so much activity on Solana that the network decided to take a little nap, suffering bouts of congestion for days. It’s like the internet equivalent of a traffic jam caused by a parade of confused llamas.
Moonshot, the platform Trump directed his followers to for purchasing the memecoin, reported more than 200,000 new onchain users since the token launched. Clearly, the allure of a memecoin endorsed by a former president is too tantalizing to resist! 🦙
Crypto ETFs
Meanwhile, US regulators are expected to soften their stance on crypto oversight after Trump — who has promised to turn the US into the “world’s crypto capital” — emerged victorious in the US elections. Because nothing says “financial stability” like a former reality TV star in charge of the economy!
Now, more than a dozen proposed cryptocurrency ETFs are eagerly awaiting a green light from regulators, like kids waiting for the ice cream truck. 🍦
In 2024, asset managers submitted a flurry of regulatory filings to list ETFs holding altcoins, including SOL, XRP, and Litecoin (LTC), among others. It’s a veritable buffet of digital tokens, and everyone’s invited!
Issuers are also waiting with bated breath for approval on several planned crypto index ETFs designed to hold diverse baskets of digital tokens. Because who doesn’t want a little variety in their financial diet?
Rex Shares has previously launched other crypto-related ETFs, including the T-REX 2X Long MSTR Daily Target ETF (MSTU), which aims to offer 2x leveraged exposure to frequent BTC buyer MicroStrategy. Because if you’re going to gamble, you might as well go all in, right?
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2025-01-21 22:40