REX-Osprey Prepares First U.S. ETFs Offering Direct Exposure to XRP and Dogecoin

REX-Osprey filed ETFs for XRP and Dogecoin under the ’40 Act, aiming for faster approval than ’33 Act products.

The XRPR ETF would hold 20% cash, 40% in other XRP ETFs, and charge a 0.75% management fee.

Bloomberg analysts project launches this week, though SEC has not confirmed approval of the filings.

REX Shares, in collaboration with Osprey Funds, is preparing to introduce two new exchange-traded funds (ETFs) in the United States that would focus on XRP and Dogecoin. According to a statement shared on social media platform X, the products will be listed as the REX-Osprey XRP ETF under the ticker XRPR and the REX-Osprey DOGE ETF under the ticker DOJE. These products could be the first in the U.S. market providing investors regulated access to the spot prices of both digital assets.

Regulatory Path and Market Structure

The filings indicate that REX-Osprey adopted a different approach compared to most crypto ETF issuers. The company submitted its registration on January 21, 2025, under the Investment Company Act of 1940

This framework enables a shorter review timeline of approximately 75 days, contrasting with the 1933 Securities Act process that may take up to 240 days. The funds will be managed through a Cayman Islands subsidiary, allowing exposure to XRP and Dogecoin through multiple instruments.

The XRPR ETF aims to replicate the performance of XRP before fees and expenses. According to its filing, the fund will allocate 20 percent of holdings to cash and cash equivalents, while 40 percent may be placed in other XRP ETFs globally

Derivatives, including futures and swaps, could also be utilized if needed. For investors, the cost is higher compared to some existing products, with a management fee of 0.75 percent, while the iShares Bitcoin Trust charges 0.25 percent.

Analysts on ETFs

Industry observers have closely followed the progress of these filings. Nate Geraci, president of Novadius Wealth Management, described the strategy as a “regulatory end-around via ‘40 Act structure.”

He emphasized that it provides a test for demand compared to traditional ‘33 Act spot ETF applications. Notably, futures-based XRP ETFs already manage nearly $1 billion in assets. Bloomberg analysts Eric Balchunas and James Seyffart projected that the REX-Osprey ETFs could begin trading as early as Thursday

However, they cautioned that the U.S. Securities and Exchange Commission (SEC) has yet to issue formal approval. According to Seyffart, while the fund will hold spot XRP directly, it is not structured as a “pure” spot ETF, as exposure could also include overseas funds and derivatives.

Wider ETF Sector in Transition

The timing of these launches comes as the SEC continues to review other crypto ETF applications. Decisions on additional products, including BlackRock’s Ethereum staking amendment, were recently postponed to October 30

Balchunas noted that ongoing coordination between exchanges such as Cboe and NYSE and the SEC is delaying progress. However, he expects new streamlined listing procedures in October could lead to a broader wave of ETF launches in the coming months.

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