Cryptocurrency Exchange-Traded Funds (ETFs) featuring Ripple (XRP) and Dogecoin have been introduced in the United States, with REX-Osprey increasing retail investment options for digital altcoins.
In a significant move for the cryptocurrency market, two new Exchange-Traded Funds (ETFs) are set to debut in the United States, offering investors a new avenue to gain exposure to XRP and Dogecoin through brokerage accounts.
The ETFs, from REX Shares and Osprey Funds, are focusing on Dogecoin (ticker DOJE) and will be listed under the Investment Company Act of 1940. The quicker entry provided by this listing is a departure from the path used for Bitcoin spot ETFs. These ETFs, however, are still awaiting final approval for the spot XRP ETFs without a precise date given. The Dogecoin fund is expected to launch on Thursday, while the XRP-focused ETF will trade under the ticker XRPR on the Cboe BZX Exchange.
The CME Group is also making strides in the derivatives market, expanding its lineup to include options on XRP and Solana futures. These options, available on both standard and micro levels, will start trading from October 13, subject to regulatory approval. The growing demand for altcoin derivatives has led to an increase in trading volume for XRP and Solana futures contracts, with over 370,000 XRP futures contracts traded since May, totaling nearly $16.2 billion, and Solana futures reaching $22.3 billion in volume since March.
The structure of these ETFs allows for spot exposure to the respective cryptocurrencies, but they also invest in foreign-listed crypto ETFs and may use derivatives to manage exposure. This strategy is not the primary focus, as the ETFs are targeted towards institutions, trading desks, and active individual traders.
The launch of these ETFs comes amidst a flurry of activity in the cryptocurrency ETF space. The SEC has delayed rulings on proposed Dogecoin and Hedera ETFs, with a new deadline set for November 12. Additionally, over 90 crypto ETF filings are currently under review by the SEC.
The SEC has already given its approval to both the XRP and Dogecoin ETFs, clearing the 75-day review window without objection. Meanwhile, Canary Capital has updated its filing for a Litecoin ETF and is awaiting a decision in early October.
It's worth noting that until now, such exposure was largely limited to Bitcoin and Ethereum in retail brokerage accounts in the US. The CME Group's expansion of its derivatives lineup, including options on XRP and Solana futures, is a testament to the growing interest in altcoins among institutional investors.
As the cryptocurrency market continues to evolve, these new ETFs provide investors with additional opportunities to diversify their portfolios and gain exposure to the rapidly growing altcoin sector.
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