U.S. market debuts for XRP and DOGE exchange-traded funds (ETFs) see historic influxes, shattering previous records
The U.S. Securities and Exchange Commission (SEC) has made a significant move in the digital marketing space by approving the first multi-asset crypto Exchange-Traded Fund (ETF): Grayscale's Digital Large-Cap Fund (GDLC). This announcement marks a milestone in the digital asset revolution, offering exposure to popular digital marketing assets within the protections of the U.S. '40 Act ETF framework.
The approval of GDLC was followed by the launch of two other REX-Osprey ETFs - the REX-Osprey DOGE ETF (DOJE) and the REX-Osprey ETF (XRPR) - on September 18. These ETFs were developed and launched as a partnership between the ETF provider REX Shares (REX Financial) and the digital marketing firm Osprey Funds. Known as REX-Osprey, this collaboration aims to provide investors with easy access to digital marketing assets.
Within the first hour of its launch, trading activity for DOJE surged to nearly $6 million, according to Eric Balchunas, a Bloomberg ETF analyst. This volume was up to five times higher than the first-day totals of any XRP futures ETF. Balchunas initially projected that DOJE would reach about $2.5 million in daily volume, but the actual figure significantly exceeded his expectations.
The REX-Osprey ETF (XRPR) also saw impressive trading volumes, with a first-day trading volume of $24 million within its first hour and a half. This approach used by REX Shares and Osprey Funds is different from the legal framework used by most existing digital marketing-linked ETFs.
The filings for these ETFs are designed to protect investors from conflicts of interest and fraud, aligning with the SEC's commitment to investor protection. The REX-Osprey DOGE and XRP ETFs, like the REX-Osprey Solana Staking ETF launched in June, operate under U.S. regulations.
Greg King, CEO of the company, stated that investors view ETFs as tools for trading and access. He added that they are proud to offer exposure to popular digital marketing assets within the protections of the U.S. '40 Act ETF framework, as the digital asset revolution is already underway.
The SEC's approval of GDLC and the successful launch of the REX-Osprey ETFs indicate a growing acceptance of digital marketing by traditional financial institutions. This development is expected to further boost the adoption of digital marketing and provide more investment opportunities for investors.
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