Trump and Doge meme cash get ETF filings as Trump begins second time period in workplace

Key Takeaways

Osprey Funds’ SEC submitting consists of seven spot crypto ETFs, led by Trump and Doge meme cash, 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 underneath Trump’s administration.

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 cash.

The filings additionally embrace 5 extra crypto property: Ethereum (ETH), Bitcoin (BTC), Solana (SOL), XRP, and Bonk (BONK).

Whereas Doge ETFs have been anticipated given the coin’s recognition, the Trump token ETF is a shocking transfer, because the coin debuted solely 5 days in the past.

The Trump token’s announcement final Friday initially sparked hypothesis that Donald Trump’s Reality Social account had been hacked.

Nevertheless, 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 because the forty seventh President of the US.

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 positive stance towards digital property.

Paul Atkins has been nominated to change into the SEC Chair, with Mark Uyeda serving as interim SEC Chair. David Sacks has been appointed because the “crypto czar,” additional reinforcing this pro-crypto outlook.

These leaders have expressed assist for crypto up to now, elevating expectations for pro-crypto insurance policies underneath Trump’s administration.

Whereas the approval of this ETF stays unsure, it marks the start of continued efforts by digital asset companies to push for brand new crypto merchandise, comparable to trusts and ETFs, sooner or later.

Osprey presently manages publicly traded trusts for Bitcoin, Solana, Polkadot, and BNB Chain, whereas additionally providing non-public placement choices for property such because the BONK token.