All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- REX Shares filed for ETFs focusing on memecoins like TRUMP, DOGE, and BONK.
- The crypto market is optimistic about ETF approvals under the new SEC acting chair, Mark Uyeda.
REX Shares has submitted filings to launch exchange-traded funds (ETFs) for a range of cryptocurrencies, including the newly launched TRUMP token, Dogecoin (DOGE), and BONK. The firm has also applied for ETFs on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP. If approved, they will be the first memecoin-based ETFs in the United States.
JUST IN: Day one of the Trump admin's SEC and Rex-Osprey has filed to create several memecoin ETFs: $TRUMP, $BONK, $DOGE pic.twitter.com/0PSQMGxtjT
— LuxAlgo (@LuxAlgo) January 21, 2025
The Miami-headquartered company has total assets under management of over $8 billion and a product range that includes exchange-traded products. They also offer leveraged funds through the sister company Osprey Funds for Bitcoin, Ethereum, and MicroStrategy. The filings are REX Shares’ first foray into the memecoin ETF market, which indicates that the firm is looking to expand its reach in the crypto market.
These events occurred after Mark Uyeda was appointed to the position of acting chair of the U.S. Securities and Exchange Commission (SEC), an institution that will likely determine the future of crypto ETFs. Uyeda assumed the role after the previous SEC chair, Gary Gensler, left the position on January 20 as CNF reported.
Potential for Memecoin ETFs Gains Traction
The market has also witnessed some levels of positivity under the new SEC leadership, especially after President Donald Trump’s return. According to recent reports, the TRUMP token, launched on January 18, and the MELANIA token, launched on January 19, attracted more than 200,000 new users to the blockchain platforms.
Dmitrij Radin, from Zekret and CTO at Fideum, explained the significance of memecoin ETFs for the market. Radin believes that approving these ETFs can improve liquidity and contribute to further adopting memecoins.
But, he emphasized that memecoins are incredibly risky and are primarily based on cultural phenomena and retail interest. However, the TRUMP token has not been able to sustain its rally, and the token is now trading at $35.81, down 14% in the last 24 hours and is 51.71% off its all-time high of $75.
DOGE ETF Approval Anticipation Builds
Dogecoin has recently witnessed an increase in demand for a dedicated ETF. Bitwise has also applied for the first DOGE-focused ETF in the U.S., while Polymarket estimates the probability of a DOGE ETF at 29% by July 31, 2025, up by 7.5%.
ProShares, a Wall Street firm, has also submitted ETF applications for Solana and XRP as more institutions invest in crypto. However, despite the increased optimism under the new SEC leadership, Bloomberg Intelligence analyst James Seyffart suggests that even this pro-crypto SEC may be reluctant to approve ETFs linked to more speculative assets like TRUMP and Melania tokens.
At present, more than 30 applications for digital-asset ETFs are being reviewed, including applications from various financial institutions. If the SEC under Mark Uyeda is to be more lenient toward the crypto space, then memecoin ETFs may become viable, and this will be a turning point for the industry. The positive reception of memecoin ETFs may attract institutional investors to an otherwise unregulated market and reduce the price volatility of the asset class.
