A new securities filing on Tuesday disclosed that an ETF issuer is moving quickly to introduce a fund that will monitor the new Trump crypto token. The proposed fund, named the Rex-Osprey Trump ETF, may gain exposure to the Trump token through a Cayman Islands subsidiary, as per the document. The filing does not specify a ticker symbol or fee.
The nature of the filing and the initial details provided indicate that the fund would operate differently from the popular bitcoin ETFs. This distinction could facilitate a faster fund launch but might also raise the chances of regulatory rejection.
This filing on Tuesday follows the launch of the Trump coin last Friday, which is based on the Solana platform. Despite being highly volatile, the token seems to hold a notional value in the billions for the Trump family.
The token’s website, promoted by Trump on social media, states that the Trump coin is meant as a “show of support” rather than an “investment opportunity.”
The proposed Rex-Osprey Trump ETF is among numerous new crypto ETF filings in recent days. The same set of fund documents for the Trump ETF also included plans for funds tracking major cryptocurrencies like bitcoin and ether, as well as secondary coins such as solana and XRP, and meme coins like bonk and doge.
Additional fund proposals emerged late Friday, including the multi-token CoinShares Digital Asset ETF and a range of leveraged and inverse XRP funds from ProShares.
Current crypto ETFs available in the U.S. primarily follow bitcoin and ether or their futures contracts. Former Securities and Exchange Commission Chair Gary Gensler viewed crypto products with skepticism, but both the ETF and crypto industries anticipate a broader range of funds launching under the Trump administration.
Acting SEC Chair Mark Uyeda announced on Tuesday that the SEC has initiated a “crypto task force” to aid in establishing a more defined regulatory framework for digital assets.
