The Securities and Exchange Commission (SEC) has given the green light for exchange-traded funds to invest in DOGE and XRP. REX-Shares and Osprey Funds have launched the first U.S.-listed spot ETFs for Dogecoin and XRP on the CBOE exchange With ETF applications for SOL, ADA, DOT and more waiting in the wings, the new funds, which trade under the tickers DOJE and XRPR, mark the start of a new chapter for altcoin investing.
With the launch of DOJE and XRPR, the REX-Osprey partnership has beaten much larger asset managers, including Bitwise and Franklin Templeton, in the race to bring Dogecoin and XRP to U.S. securities exchanges. The REX-Osprey partnership previously debuted a Solana staking ETF in July. Unlike other ETF hopefuls, which filed their applications under the Securities Act of 1933, REX-Osprey filed its funds under the Investment Company Act of 1940.
The alternative route to SEC approval, while faster, requires creative structuring, as the vehicles are prohibited from holding all their assets in a single commodity. To get around this restriction, REX-Osprey relies on a mix of spot exposure and derivatives. For a crop of “pure” spot altcoin ETFs structured via the Securities Act, the SEC continues to delay approval.
Earlier this month, the regulator extended the deadline for approving Franklin Templeton’s Solana and XRP funds to Nov. 13. Meanwhile, a decision on allowing staking for BlackRock’s iShares Ethereum Trust has been pushed back to Oct. 30. The post REX-Shares and Osprey Funds Launch First ETFs for DOGE, XRP appeared first on ccn.com.
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