This week, the United States is expected to welcome two brand new altcoin exchange-traded funds (ETFs) — the Ripple (XRP) and Dogecoin (DOGE) ETFs, as regulators become more open to crypto investment products.
The fund issuer announced on Monday that the fund will trade under the ticker XRPR, making it the first ETF in the U.S. to provide investors with spot exposure to the third-largest cryptocurrency by market capitalization.
REX and Osprey have passed the 75-day review period by the U.S. Securities and Exchange Commission and are expected to begin trading on Friday, with no additional delays anticipated at this time.
The product will be issued under the Investment Company Act of 1940, which has a simpler approval process compared to the Securities Act of 1933 used for spot Bitcoin (BTC) ETFs.
Unlike products that directly hold the underlying assets, this structure under the 1940 Act allows the fund to automatically launch 75 days after submitting the application, unless the SEC raises objections.
Nate Geraci, president of Nova Dius, stated that this will be "another important test of demand for a spot Ripple (XRP) ETF under the '33 Act." He added that the asset size of the futures-based Ripple (XRP) ETF is nearing $1 billion.
The Ripple (XRP) fund is not the only altcoin ETF set to launch this week.
Bloomberg ETF expert Eric Balchunas stated on Monday that the Dogecoin ETF DOJE is scheduled to launch on Thursday.
The REX-Osprey Dogecoin (DOGE) ETF has also been approved under the 1940 Act, a framework typically used for mutual funds and diversified ETFs, making it the first memecoin ETF in the U.S.
REX-Osprey launched the first Solana (SOL) staking ETF (SSK) in July. According to Farside Investors, the fund has only managed $274 million in assets since its launch, with net inflows of less than $25 million over the past five trading days, indicating limited market interest.
At the end of August, REX-Osprey also submitted an application for a BNB staking ETF.
Bloomberg ETF analyst James Seyffart noted that as of the end of August, there are over 90 cryptocurrency exchange-traded products awaiting SEC approval.
On Tuesday, Seyffart observed that Canary Capital has updated its Litecoin (LTC) ETF prospectus, with the SEC expected to make a final decision in the first week of October.
Bitwise also submitted a prospectus for a spot Avalanche ETF on Monday. Seyffart mentioned that currently, aside from Bitwise, only VanEck and Grayscale have active applications for the Avalanche (AVAX) ETF.
The SEC has postponed its decision on Bitwise's proposed Dogecoin (DOGE) ETF and Grayscale's proposed Hedera ETF, with a new deadline set for November 12.
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