It appears the Americans, in their boundless enthusiasm for the novel and patently absurd, are to be blessed with Exchange Traded Funds tracking XRP and, heaven help us, Dogecoin. One is forced to assume the regulators have run out of more profitable things to regulate. 🙄
REX-Osprey, a name which sounds suspiciously like a particularly unpleasant illness, assures us their XRP endeavour (ticker XRPR, naturally) will commence trading this week. It will, they claim, offer “spot exposure” to the third-largest cryptocurrency. One shudders to think what the first two are.
Having navigated the SEC’s 75-day review – a process clearly designed to give the appearance of due diligence – barring unforeseen calamities (though one suspects the SEC is rather exhausted by the whole affair), we can expect it on Friday. The fact that this is made possible by the Investment Company Act of 1940, a legislative relic more suited to managing railway bonds, is a detail of exquisite irony.
Nate Geraci of Nova Dius, a man clearly employed to lend a veneer of respectability to these shenanigans, observes that this will be a “good litmus test.” Good for what, one wonders? Determining the depth of public folly? Their futures-based XRP ETFs are already flirting with a billion dollars. The world is going to the dogs.
The Memecoin Menace
But XRP is merely the prelude. Prepare yourselves for the DOJE – the Dogecoin ETF, scheduled for launch on Thursday. Yes, you read that correctly. An ETF tracking a cryptocurrency whose very existence is predicated on a joke. It is, frankly, a rather good joke, but still. 🤪
REX-Osprey, proving themselves to be the leading purveyors of financial eccentricity, previously inflicted the Solana staking ETF (SSK) upon an unsuspecting public in July. It has, mercifully, garnered a mere $274 million, with a paltry $25 million trickling in recently. A clear indication that even the gullible have their limits. They have also filed for a BNB staking ETF, presumably for connoisseurs of slightly different forms of absurdity.
The Floodgates Open
An alarming ninety-plus crypto-related Exchange Traded Products are currently awaiting the SEC’s blessing. One imagines the SEC staff are polishing off the gin and preparing for a period of sustained migraine. James Seyffart of Bloomberg notes that Canary Capital has updated its filing for a Litecoin ETF, with a decision due in early October.
Bitwise has also submitted a proposal for an Avalanche ETF, alongside VanEck and Grayscale. However, the SEC has, wisely perhaps, delayed a decision on Bitwise’s Dogecoin ETF and Grayscale’s Hedera ETF, postponing the inevitable until November 12th. One suspects they need a little longer to brace themselves. 🍸
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2025-09-16 07:25