REX Shares, a financial asset management company, filed applications to list exchange-traded funds (ETFs) based on the TRUMP memecoins, dogecoin (DOGE), and bonk (BONK).
Eric Balchunas, senior analyst at Bloomberg Intelligenceindicated through his personal X account that the presentation of the S-1 form before the Securities and Exchange Commission (SEC) also includes the launch of ETFs of XRP, solana (SOL), bitcoin (BTC) and ether (ETH), the cryptocurrency of the Etheruem network.
The document highlights that REX Shares submits these applications in collaboration with Osprey Funds, a New York-based company that collaborated to streamline the first BTC-based exchange-traded funds (ETFs) and that manages the ETP Osprey Solana Trust (OSOL).
Presentations to launch these financial products are given after Donald Trump became president of the United States and after the resignation of Gary Gensler as head of the SEC.
During his mandate, the head of the regulatory body had shown a persecutory approach against the cryptocurrency industry, to the point that he filed lawsuits against some exchanges such as Kraken, Coinbase and Binance.
The BONK memecoin was the asset that reacted the most after the news spread. Its price went from 0.000029 to 0.00003453, which represents an increase of more than 10%.
The most striking fact is the initiative to launch a TRUMP ETF, the official memecoin of the president of the United States, which debuted on the market on January 18. This memecoin has received criticism for the way the supply and token unlocking program is structured. Since its launch, it has shown a meteoric growth of 450% and reached an all-time high (ATH) of $78.
After filing to list an ETF, memecoin recorded a slight price rise and is once again trading above $40.
As CriptoNoticias has reported, Trump’s arrival to power generated a new wave of requests to launch financial products based on cryptocurrencies.
Throughout his presidential campaign, the Republican leader expressed his support for the sector and promised to promote friendly regulation to encourage the growth of the industry, in addition to creating a strategic reserve of BTC.
Although he avoided addressing the issue in his inaugural speech, The market remains expectant about the possible measures that the new administration could announce in the coming days.
