Donald Trump memecoin Donald Trump memecoin
The Official Trump ($TRUMP) token isn't even a week old but a filing has already been made for a $TRUMP ETF. The Official Trump Meme Website / Screenshot

KEY POINTS

  • REX Shares also filed for $BTC, $ETH, $SOL, and $XRP ETFs
  • The filings were made after Gensler resigned and Mark Uyeda was designated as Acting Chair of the SEC
  • $TRUMP, $DOGE, and $BONK were all up in the day after news of the filings emerged

Miami-based ETP (exchange-traded product) provider REX Shares has filed with the Securities and Exchange Commission (SEC) in hopes of issuing Official Trump (TRUMP), Dogecoin (DOGE), and BONK exchange-traded funds (ETFs), marking a significant step in filings for cryptocurrency ETFs beyond Bitcoin and Ethereum.

Aside from the said memecoins, REX also seeks to establish funds for BTC, ETH, Solana (SOL), and XRP. Among crypto ETF applicants, REX so far has the most number of crypto ETFs filed.

REX Shares – A Potential Dark Horse in the Crypto ETF Market?

REX Shares offers a wide range of ETPs, including some crypto-related solutions through its sister company, Osprey Funds.

The REX team is made up of a talent pool with resumes that include tenures at Barclays, BMO Global Asset Management, Citi, Wells Fargo, JPMorgan Asset Manager, Oppenheimer Funds, and Susquehanna International Group (SIG).

If REX's filings are approved under the new SEC leadership, the company can claim for itself the title of the first issuer of memecoin ETFs in the U.S.

While REX is not as huge as some of the current issuers of Bitcoin and Ethereum ETFs such as BlackRock and Fidelity, its unique position as among the first movers in meme token ETFs can make it popular among consumers invested in crypto ETFs.

The Best Time to File?

It appears REX wasted no time to be a first-mover in the memecoin ETF pool as it made the filing on Tuesday, a day after SEC Chair Gary Gensler stepped down from his post and U.S. President Donald Trump designated SEC Commissioner Mark Uyeda as Acting Chair.

Uyeda is known for his pro-innovation views and criticized the Gensler-led SEC handled digital asset regulation.

Also, the filing was made just days after Trump launched his official token that soared to a multi-billion-dollar valuation just hours after it hit the crypto market.

$TRUMP, $DOGE, $BONK Surge on Big News

The three memecoins that REX filed funds for all surged Tuesday night following the development.

DOGE added 8%, BONK increased by over 12%, and TRUMP added 20% as crypto users started talking on social media about how REX's move could impact the memecoin market.

There were mixed reactions to the filing, with some being pleased that memecoins are starting to gain more recognition for potential utility.

Others believe things are moving "too fast," and it may be unlikely memecoin ETFs will be approved "for now."

One user said he is expecting to see many crypto holders get rich should memecoin ETFs be approved for trading.

It remains to be seen whether the SEC will consider REX's filings, especially on the memecoin ETF, considering how majority of meme tokens have no proven utility and were only created for fun and user engagement.

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