U.S. introduces ETFs for XRP and Dogecoin, with REX-Osprey broadening the retail market for digital assets beyond Bitcoin
The Chicago Mercantile Exchange (CME Group) is set to broaden its cryptocurrency derivatives offerings, announcing plans to list options on XRP and Solana futures starting October 13, subject to regulatory clearance.
This move follows the listing of the REX-Osprey XRP ETF (XRPR) on the Cboe BZX Exchange, a partnership between REX Shares and Osprey Funds. The Dogecoin ETF (DOJE) will also be listed on the same exchange.
Both ETFs cleared the Securities and Exchange Commission's (SEC) 75-day review window without objection, marking a significant market shift. These ETFs provide retail brokerage accounts in the U.S. with ETF access to XRP and Dogecoin.
Investors will have multiple expiry options, including daily, monthly, and quarterly contracts, offered on both standard and micro levels. The XRP-focused ETF will trade under the ticker XRPR, while the Dogecoin ETF will trade as DOJE.
The decision to list under this framework reflects ongoing challenges in launching pure spot crypto ETFs in the U.S. The approval process under the Investment Company Act of 1940 avoids many of the delays tied to the 1933 Act.
CME Group's move expands the access to crypto derivatives. Since March, Solana futures have reached $22.3 billion in volume, and over 370,000 XRP futures contracts have traded, totaling nearly $16.2 billion.
Bitwise has also filed for an Avalanche ETF, adding to the growing list of crypto ETFs waiting for SEC approval. As investor interest in altcoin products continues to grow, over 90 crypto ETFs are currently in the approval pipeline.
Canary Capital updated its filing for a Litecoin ETF, pending a decision in early October. The SEC recently delayed rulings on proposed Dogecoin and Hedera ETFs, setting a new deadline for November 12.
These upcoming options are aimed at institutions, trading desks, and active individual traders, offering them a new avenue for investment in the rapidly evolving cryptocurrency market. The REX-Osprey XRP ETF, for example, includes language permitting the use of derivatives if needed.
The REX-Osprey XRP ETF's launch follows the successful launch of the Solana staking ETF (SSK) by REX-Osprey in July. The SSK currently holds $274 million in assets, with limited recent inflows.
As the cryptocurrency market continues to mature, the addition of these new ETFs and options represents a significant step forward in providing more investment opportunities for a wider range of investors.
Read also:
- Transforming Digital Inventories in the Food Industry: A Comprehensive Guide for Food Businesses
- Munich Airport Unveils Its New Electrical Vehicle Charging Parksite
- Clean Energy Facilities by Constellation Offer Close-to-Impeccable Summer Stability, Reinforced by $7 Billion in Capital Infusions Over the Past 10 Years
- Vehicle electrification and bidirectional charging technologies could potentially reduce EU energy expenses by a staggering €22 billion annually by the year 2040.
