The U.S. Securities and Exchange Commission (SEC) has approved five crypto assets ETFs launched by REX Shares and Osprey Funds, but they will officially list next week and adopt a structure of Registered Investment Companies (RIC) that is different from traditional spot ETFs. This move will introduce a new operating model for linked funds such as Ripple (XRP), Bitcoin (BTC), Trump meme coin TRUMP, and Bonk (BONK), or rewrite the landscape of U.S. crypto ETFs.
Differences Between RIC Structure and Traditional Spot ETF
Unlike directly holding the underlying assets of pure spot Bitcoin and Ethereum ETFs, the REX-Osprey ETF adopts the RIC framework, allowing the fund to flexibly use derivative products or invest in other ETFs while primarily holding spot Crypto Assets.
Regulatory Basis: Follow Investment Company Regulations rather than Corporate Tax System
Flexibility: Able to adjust asset allocation during market fluctuations.
Profit distribution: Unlike the structure of Class C companies, the tax and distribution methods are closer to traditional funds.
Bloomberg ETF analyst James Seyffart pointed out that this structure provides a “middle path” for crypto ETFs, situated between pure spot and innovative structures.
Postponed listing in sync with Dogecoin ETF
The Dogecoin ETF (DOJE), originally scheduled to be launched on September 12, has been postponed to next week due to delays, and the REX-Osprey series ETFs will also be delayed accordingly.
Bloomberg senior analyst Eric Balchunas predicts that these ETFs may make a concentrated debut in mid-next week, bringing multiple new products to the market including XRP, Bitcoin, Trump, and BONK.
SEC standardized listing framework is imminent
The approval comes at a time when the SEC is advancing the standardization framework for crypto ETF listings, which will allow token ETFs that meet market capitalization, trading volume, and liquidity thresholds to be listed directly through S-1 sign up statements, eliminating the cumbersome process of submitting 19b-4 on a case-by-case basis.
Seyffart believes that the SEC's delay in some ETF conversions is to avoid creating regulatory precedents before the framework is implemented. The final approval peak for over 90 crypto ETF applications is expected to arrive in October.
Potential Challenges of RIC Model
Although the RIC structure can enter the market immediately, it may have disadvantages in terms of costs and tax efficiency compared to pure Spot ETFs. For investors seeking low costs and direct ownership of the underlying assets, the RIC model may require more market education and actual performance to prove its attractiveness.
Conclusion
REX-Osprey's XRP and meme coin ETF adopts the new RIC structure for listing, bringing structural innovation to the U.S. crypto ETF market while facing dual tests from the market and regulation. As the SEC's standardized framework approaches implementation, October may usher in a wave of concentrated approvals for altcoin ETFs, at which point the market performance of such hybrid structure products will become a focal point of observation.
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Title
REX-Osprey XRP and Memecoin ETF will debut next week, adopting a new RIC structure to challenge the traditional Spot model.
Introduction
The U.S. Securities and Exchange Commission (SEC) has approved five cryptocurrency ETFs launched by REX Shares and Osprey Funds, but they will officially list next week and will adopt a structure of registered investment companies (RIC) that is different from traditional Spot ETFs. This move will introduce a new operational model for linked funds such as XRP, Bitcoin, Trump, and BONK, potentially rewriting the landscape of crypto ETFs in the United States.
- Differences between RIC structure and traditional Spot ETFs
Unlike directly holding the underlying assets of pure Spot Bitcoin and Ethereum ETFs, the REX-Osprey ETF employs the RIC framework, which allows the fund to flexibly use derivatives or invest in other ETFs while primarily holding Spot Crypto Assets.
Regulatory Basis: Follow the Investment Company Act regulations, rather than corporate tax systems.
Flexibility: Able to adjust asset allocation during market fluctuations.
Profit distribution: Unlike the Class C company structure, the tax and distribution methods are closer to traditional funds.
Bloomberg ETF analyst James Seyffart pointed out that this structure provides a “middle path” for crypto ETFs between pure spot and innovative structures.
- Delay the listing to coincide with the Dogecoin ETF.
The Dogecoin ETF (DOJE) originally scheduled to launch on September 12 has been postponed to next week due to delays, and the REX-Osprey series ETFs will also be delayed accordingly.
Bloomberg senior analyst Eric Balchunas predicts that these ETFs may debut in mid-next week, bringing multiple new products to the market including XRP, Bitcoin, Trump, and BONK.
- SEC Standardized Listing Framework is Coming Soon
The approval comes as the SEC advances the standardization framework for crypto ETF listings, which will allow token ETFs that meet market capitalization, trading volume, and liquidity thresholds to be listed directly through S-1 registration statements, eliminating the cumbersome process of submitting 19b-4 on a case-by-case basis.
Seyffart believes that the SEC's delay in approving some ETF conversions is to avoid setting regulatory precedents before the framework is in place. The final approval peak for over 90 crypto ETF applications is expected to come in October.
- Potential Challenges of the RIC Model
Although the RIC structure can enter the market immediately, it may have disadvantages in terms of costs and tax efficiency compared to pure Spot ETFs. For investors seeking low costs and direct ownership of the underlying assets, the RIC model may require more market education and actual performance to prove its appeal.
Conclusion
REX-Osprey's XRP and memecoin ETF adopts the new RIC structure for listing, bringing structural innovation to the U.S. Crypto Assets ETF market while undergoing dual tests from the market and regulators. With the SEC's standardized framework nearing implementation, October may see a concentrated wave of approvals for altcoin ETFs, at which point the market performance of these hybrid structured products will become a key observation point.
