Last week, the SEC approved rule changes that are likely to further result in an even greater supply of cryptocurrency related exchange traded products. In January 2024, the first wave of spot bitcoin ETFs began trading in the U.S. Demand for these products was stronger than many expected, including me. Six months later, the first spot ethereum ETFs emerged. They, too, have garnered interest. Soon after there were options-based ETFs providing bitcoin exposure. In mid-September 2025, with the support of relatively new leadership at the SEC, the next leg of the crypto race began.
“By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets”, said SEC Chairman Paul S. Atkins. “This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets.”
More Favorable Regulatory Environment Welcomed by Advisors
During a VettaFi Alternatives Symposium in July, 53% of advisors responded that a crypto-friendly regulatory environment has slightly or significantly changed their attitude toward investing in bitcoin. This is separate from the 28% who told us they were already interested.
The SEC’s decision to adopt generic listing standards for exchange-traded products that hold spot commodities, including digital assets, opened the door for new cryptocurrency strategies.
Rex-Osprey ETFs Offer Novel Exposure
On Thursday, Rex-Osprey launched two ETFs. The REX-Osprey DOGE ETF (DOJE) and the REX-Osprey XRP ETF (XRPR), became the first U.S.-listed ETFs providing investors with spot exposure to dogecoin (DOGE) and XRP.
According to Rex-Osprey, XRP is a cryptocurrency that was introduced in 2012. Unlike cryptocurrencies that rely on mining, the XRP Ledger uses a unique consensus mechanism that allows it to settle transactions in seconds with minimal energy consumption. It is designed to act as a “bridge currency,” enabling financial institutions to move value across borders efficiently without the need for traditional correspondent banking relationships.
Meanwhile, DOGE is a cryptocurrency that was introduced in 2013. Software engineers Billy Markus and Jackson Palmer developed dogecoin using the codebase of litecoin, and it operates on its own blockchain. Dogecoin has an unlimited, inflationary supply, where a fixed 10,000 DOGE are minted every minute as a block reward for miners, resulting in a perpetual increase in the total supply.
“Investors look to ETFs as trading and access vehicles. The digital asset revolution is already underway, and to be able to offer exposure to some of the most popular digital assets within the protections of the U.S. ’40 Act ETF regime is something REX-Osprey™ is proud of and has worked diligently to achieve,” said Greg King, CEO and founder of REX Financial and Osprey Funds.
Grayscale Brings Seasoned Offering to Exchange Traded Space
Meanwhile, on Friday, Grayscale Investments launched the first multi-asset crypto exchange traded product. The Grayscale CoinDesk Crypto 5 ETF (GDLC) tracks an index providing exposure to five large and liquid coins: bitcoin, ethereum, XRP, solana, and cardano.
“Grayscale CoinDesk Crypto 5 ETF has met the growing investor demand for diverse exposure to crypto for nearly a decade and investors are increasingly turning to the ETP wrapper for their crypto exposure,” said Peter Mintzberg, CEO of Grayscale. “GDLC is a purpose-built innovation designed to meet that demand, bringing simplicity and transparent access to the most liquid and largest crypto assets.”
The ETF industry is unlikely to slow down the crypto product development efforts. Indeed, last week, Rex-Osprey filed for approval to launch two new ETFs. The REX XRPR Growth & Income ETF and the REX DOJE Growth & Income ETF are expected to own XRPR and DOJE, respectively, but with the potential benefits and risks of incorporating covered calls and leverage. Given the rule changes, we expect the ETFs should launch in the fourth quarter of 2025.
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