Hold on to your hats, folks! REX Shares just announced they’re listing the first-ever US exchange-traded fund that actually lets you get some spot exposure to XRP-yep, that slippery cryptocurrency treading water right behind Bitcoin and Ether, now sashaying under the ticker XRPR. And no, this isn’t a joke-“The REX-Osprey XRP ETF is coming this week!” they bravely tweeted from the front lines of finance.
XRP Pulls a Mel Brooks on Wall Street
Unlike those bland SEC-approved “spot” Bitcoin and Ether products snoozing as ’33 Act commodity trusts (seriously, who reads that stuff?), this baby’s launching as a ’40 Act open-end ETF. Translation: it’s the regulatory equivalent of doing the chicken dance at a business meeting-unexpected, a little wild, but oddly effective. It means this ETF can mix and mingle assets instead of hoarding just one like a miserly dragon clutching gold.
The big wigs at the SEC want to be clear: spot Bitcoin and Ether “ETPs” aren’t ’40 Act ETFs. They’re like the Wall Street equivalent of “Schmegegge” vs. “Fancy Schmancy.”
According to the latest Form N-1A thing-a-ma-jig, this REX-Osprey fund promises to chase after XRP’s performance like a dog after a tossed meatball. At least 80% of the fund is set to be invested either in XRP directly or in some shady Cayman Islands subsidiary (pirate hats optional). Oh, and just to keep things spicy, only a quarter of the total assets can hang out at that Caribbean party house.
Fancy investors get options too: authorized participants can create or redeem shares, with payouts delivered faster than your Aunt Edna’s holiday fruitcake disappears-usually T+2 days, but can stretch to seven if the market gets hangry.
The prospectus leaves enough wiggle room to throw derivatives into the party too (as long as they behave), keeping regulators and investors guessing like it’s a Hitchcock thriller.
Bloomberg’s crypto nerd James Seyffart threw in his two cents, warning this isn’t a “pure” spot deal. Apparently, it will grab XRP both directly and through some global spot XRP ETFs-kind of like a cocktail that’s half martini, half mystery liquid. Also, derivatives might sneak in on the dance floor, but only as wallflowers.
Nate Geraci, the ETF Store’s president and part-time crystal ball reader, called this move a “clever regulatory end-around,” proving once again Wall Street loves a good loophole more than a cat loves catnip. He’s betting this will be the ultimate test for ’33 Act spot XRP ETFs. Oh, and futures-based XRP ETFs? They’re already flirting with a cool $1 billion in assets. Cha-ching!
Market Drama and Futures Frenzy
Meanwhile, while you were busy binge-watching, CME XRP futures blew past $1 billion in open interest faster than a Hollywood gossip train. New contracts on CME are hotter than the gossip on who’s dating whom in the crypto world-blink and you’ll miss it! Futures-based ETFs are closing in on $1 billion in assets, setting the stage for spot ETFs to crash the party in style.
Guess what? There’s even more ’33 Act spot ETF proposals waiting in the wings, so this could be just the opening act for what might turn into a Broadway-worthy crypto ETF extravaganza.
REX-Osprey isn’t new to this drama. They previously dropped the Solana + Staking ETF (SSK) under a similar scheme, threading regulators through hoops like a circus tiger. Oh, and just to keep things weird and wonderful, they’ve got a Dogecoin ETF (DOJE) ready to strut out this week too-because who needs just Bitcoin and Ether when your portfolio can have some doggone fun?
And for those curious, at press time, XRP was hanging out at a cool $3.00. Not bad for a party crasher!
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2025-09-16 16:57