Key Takeaways
- Osprey Funds’ SEC submitting contains seven spot crypto ETFs, led by Trump and Doge meme coins, alongside ETH, BTC, SOL, XRP, and BONK.
- The Trump token ETF submitting follows the token’s latest launch and highlights the potential for pro-crypto insurance policies beneath Trump’s administration.
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Osprey Funds, a Connecticut-based digital asset administration agency, has filed with the SEC for seven spot crypto ETFs that includes Trump and Doge meme coins.
The filings additionally embrace 5 extra crypto belongings: Ethereum (ETH), Bitcoin (BTC), Solana (SOL), XRP, and Bonk (BONK).
While Doge ETFs had been anticipated given the coin’s reputation, the Trump token ETF is a stunning transfer, as the coin debuted solely 5 days in the past.
The Trump token’s announcement final Friday initially sparked hypothesis that Donald Trump’s Truth Social account had been hacked.
However, a put up on social media platform X confirmed the coin’s legitimacy as an endorsed meme token by President Trump, who was sworn in yesterday as the forty seventh President of the United States.
The Trump token reached a peak market cap of $15 billion, with a completely diluted valuation of $75 billion, on Sunday morning.
The hype surrounding the token mirrored its fast rise however was dampened when a brand new meme coin tied to Melania Trump was launched on Sunday. This cut up liquidity between the tokens led to a market downturn for each.
With Trump’s presidency anticipated to be pro-crypto, key appointments sign a good stance towards digital belongings.
Paul Atkins has been nominated to change into the SEC Chair, with Mark Uyeda serving as interim SEC Chair. David Sacks has been appointed as the “crypto czar,” additional reinforcing this pro-crypto outlook.
These leaders have expressed assist for crypto in the previous, elevating expectations for pro-crypto insurance policies beneath Trump’s administration.
While the approval of this ETF stays unsure, it marks the start of continued efforts by digital asset corporations to push for brand spanking new crypto merchandise, such as trusts and ETFs, in the longer term.
Osprey presently manages publicly traded trusts for Bitcoin, Solana, Polkadot, and BNB Chain, whereas additionally providing non-public placement choices for belongings such as the BONK token.
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