Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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Bloomberg ETF analysts Eric Balchunas and James Seyffart expect REX-Osprey’s XRP and Doge ETFs to launch Thursday, marking the first U.S. spot exposure to these cryptocurrencies through regulated investment vehicles.
The XRP ETF will trade under ticker $XRPR while the Dogecoin fund uses symbol $DOJE, both utilizing the faster 40 Act structure that bypasses traditional SEC approval delays.
REX-Osprey confirmed the XRP ETF launch through social media, positioning $XRPR as the first U.S. fund delivering spot exposure to the third-largest cryptocurrency by market capitalization.
The effective prospectus includes Trump and Bonk token ETFs, though launch dates for those products remain unannounced.
The launches occur as 92 crypto ETF applications await SEC review, with most facing October deadlines for Solana, XRP, and Litecoin products.
40 Act Structure Enables Rapid Market Entry, Bypassing SEC Bottlenecks
Rex-Osprey’s strategy utilizes Investment Company Act of 1940 structures that avoid the Form S-1 and 19b-4 filing requirements faced by traditional spot crypto ETFs.
ETF Store President Nate Geraci previously described this approach as a “regulatory end-around” that eliminates typical approval delays.
The same structure enabled REX’s successful launch of the Solana staking ETF earlier this year.
Unlike traditional ETF applications requiring extensive SEC review periods, 40 Act funds can reach markets through effective prospectus filings.
While REX got its own approval, seven major asset managers filed updated XRP ETF amendments on August 23, including Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree.
Bloomberg analysts attributed the coordinated filings to SEC feedback, calling the simultaneous submissions “highly notable” and “a very good sign” for eventual approval prospects.
The amendments adjusted fund structures to allow XRP or cash creations alongside both cash and in-kind redemptions rather than strictly cash-based mechanisms.
However, BlackRock notably avoided joining the XRP race despite launching the first spot Bitcoin and Ethereum ETFs.
REX-Osprey expanded its crypto ETF portfolio beyond Solana products, filing for BNB staking ETFs in August and MOVE token exposure in March.
The firm’s aggressive alternative asset strategy put it as a leader among those chasing unique assets beyond Bitcoin and Ethereum.
Similarly, Grayscale is pursuing trust-to-ETF conversions for Litecoin, Solana, Dogecoin, XRP, and Avalanche while maintaining separate applications for Ethereum staking products.
The company revealed the “GDOG” ticker for its Dogecoin ETF planned for NYSE Arca listing.
Institutional Momentum Builds Despite SEC Delays and Generic Listing Uncertainty
Earlier this month, the SEC extended Franklin Templeton’s Solana and XRP ETF decisions to November 14, using the maximum 60-day extension authority before final rulings.
At the same time, BlackRock’s Ethereum staking amendment was also postponed to October 30, adding complexity to institutional adoption timelines.
Bloomberg analyst Eric Balchunas attributes systematic delays to SEC coordination with generic listing standards requested by Cboe and NYSE in July.
Institutions have proposed amendments that would allow for the automatic listing of crypto ETFs without requiring case-by-case regulatory review, potentially triggering simultaneous product launches.
Current guidelines require separate proposed rule changes for each application, creating 240-day review processes that generic standards would eliminate.
Balchunas expects a “flood of ETFs probably in a couple months” following anticipated October approval of streamlined procedures.
As of September 15, institutional demand continues building with Bitcoin ETFs recording $260 million in net inflows yesterday, marking their 6th consecutive day of inflows, while Ethereum products attracted $360 million, according to SosoValue.
BlackRock’s ETHA led Ethereum inflows at $45.4 million, as the world’s largest asset manager pushes for the integration of staking functionality.
As it stands now, prediction markets assign 96% approval probability for XRP ETFs, climbing from 64% in August as institutional confidence builds around regulatory clarity following the SEC dropping the Ripple lawsuit.
Similarly, other Dogecoin funds maintain 96% approval odds on Polymarket, more than doubling from 44% in June, despite the token’s origins as a meme coin and its cultural positioning.
