US-based REX Shares has stirred significant anticipation in the crypto community by announcing the launch of its Dogecoin (DOGE) and XRP exchange-traded funds (ETFs) on September 18.
These ETFs can potentially be the first exchange-traded products that allow US investors to access Dogecoin and XRP. This could open new avenues for retail and institutional investors and increase demand, which could further raise their prices.
Bloomberg ETF experts Eric Balchunas and James Seyffart have recently projected that REX-Osprey’s offerings could hit the market on Thursday, despite the SEC’s recent extension of decisions for other cryptocurrency ETFs.
The landscape for ETF approvals is further complicated by the delayed amendment for BlackRock’s Ethereum staking application, which has also been postponed to October 30.
Balchunas attributes these delays to ongoing coordination between the SEC and exchanges like Cboe and NYSE regarding updated listing standards.
However, Balchunas anticipates that streamlined procedures, expected to be approved in October, could lead to a “flood of ETFs probably in a couple months,” significantly enhancing institutional adoption of cryptocurrency investments.
Despite the bold proclamation from REX Shares, the US SEC has yet to officially confirm the approval of these ETFs or any similar applications from other firms seeking to provide direct exposure to the spot prices of these digital assets.
Featured image from DALL-E, chart from TradingView.com
