Investment management firm Rex Osprey has submitted a proposal to the United States Securities and Exchange Commission (SEC) for crypto ETFs. The proposal includes the new Trump token inspired by President Donald Trump and six other assets: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, DOGE, and Bonk (BONK).
The company sent a Form S-1 registration to the SEC, which said that they wish to sell these ETFs to investors as soon as possible. According to the filing, investors will be able to gain exposure to the cryptocurrencies without actually holding onto them.
While the Dogecoin and the other ETFs were expected, the Trump ETF came as a surprise. The Trump token was launched only five days ago, and it caused some confusion in the market. The Trump token exploded upward when it was launched, peaking at a market capitalization of $15 billion with a fully diluted valuation of $75 billion by Sunday morning.
The token was on an upswing until Sunday, when a new meme coin associated with Melania Trump launched, taking some of the liquidity and stealing the hype for both tokens. Now, both have crashed, which made a lot of traders lose their money. However, Osprey seems to be moving ahead with its paperwork, but it’s not clear these ETFs will get approved. Nonetheless, this is a good step for digital asset companies looking to create new products like trusts and ETFs.
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