Oh, Friday, you glamorous tease. I woke to the news that REX Shares and Osprey Funds have filed for not one, but 21 cryptocurrency ETFs. Twenty-one. I nearly spilled my latte, obviously. ☕️😂
The filings, announced on a Friday (because of course), promise ETFs linked to tokens like Cardano, Stellar, Sui, and Hype. Many come with staking features to let investors earn rewards while they hold their assets, all while watching the price charts pretend they’re doing Pilates. 💸🧘♀️
According to the SEC documents, tokens covered under these staking products include Cardano, Avalanche, Polkadot, Near, Sei, Sui, Bittensor, and Hype. Yes, I scribbled them in my diary with a glittery pen. ✨
Meanwhile, this follows the recent high for REX-Osprey’s Solana staking ETF, which apparently gave them courage to push ahead with multi-coin filings. Courage is apparently a currency these days, darling.
NEW: @REXShares / @OspreyFunds just filed for 21 crypto ETFs … Yes, Twenty One.
h/t @Todd_Sohn
– James Seyffart (@JSeyff) October 3, 2025
Offshore Structures and Global Reach
To stay compliant with U.S. tax and regulatory requirements, the funds are set to use Cayman Islands subsidiaries. Mysterious, chic, and maybe tax-advantageous-in a blazer pocket, one might say. These offshore structures mirror the strategies of the U.S.-listed funds and aim to keep regulated investment company status intact. 💼🏝️
The documents also indicate that as much as 40 percent of the funds’ assets could be invested in non-U.S. exchange-traded products, citing issuers like 21Shares, CoinShares, and Valour, which are busy in Europe and Canada.
More Filings, but Delays Expected
More entrants joined on Friday too. Defiance ETFs LLC filed prospectuses including leveraged products tracking crypto assets and big names like Tesla and Amazon. Things are getting wild, as a Bloomberg Intelligence analyst put it, after a sprint of applications. 😵
NEW: @Defiance_ETFs has just filed for just shy of 50 3X levered ETFs. Some on single stocks, some on other ETFs, some on crypto ETPs. Things are getting wild.
h/t @Todd_Sohn
– James Seyffart (@JSeyff) October 3, 2025
Still, there’s a caveat: the SEC recently approved listing standards that simplify the process for commodity-based trust shares. That means dozens of crypto ETF applications no longer need the lengthy 19b-4 rule review, speeding things up for Dogecoin, XRP, and Litecoin-if the markets cooperate and the sun shines on a rational morning.
And then reality: a U.S. government shutdown began on Wednesday, casting a grey cloud over everything. With resources scarce, the SEC may not move on registration statements until normal operations resume. In short, dramatic timing, darling. 🕰️🖤
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2025-10-04 00:07