REX Shares set to launch first US spot XRP ETF ahead of other prospective issuers

• REX Osprey plans to launch the first-ever US spot XRP ETF under the ticker XRPR this week.
• Bloomberg analysts noted that the ETF is not a "pure spot" product and could go live as early as Thursday.
• REX Shares also plans to debut a Dogecoin ETF on Thursday.

REX Shares is preparing to launch an exchange-traded fund (ETF) designed to track the spot price of XRP, which it claims will be the first spot XRP product available in the US.

REX Shares plans to launch the first spot XRP ETF in the US

REX Shares and Osprey Funds are planning to launch an XRP ETF in the US later this week, which would mark the first-ever ETF of its kind, the company stated in an X post on Monday.

The REX-Osprey XRP ETF, which will trade under the ticker XRPR, seeks to gain exposure to the price of XRP through various investments, including swap agreements and derivatives.

"The Fund, under normal market conditions, invests at least 80% of its net assets in the Reference Asset and other assets that provide exposure to the Reference Asset," Rex Shares stated in a January filing with the Securities and Exchange Commission (SEC).

The filing for the product sets it apart from other spot XRP ETF proposals, which are yet to gain approval from the SEC, as it is registered under the Investment Company Act of 1940.

The company added that XRPR will also invest in exchange-traded products offering exposure to Bitcoin and Ethereum, in addition to its primary focus on the reference asset and related crypto ETFs.

Bloomberg analyst James Seyffart stated that this feature removes a "pure spot" status from the product, though it offers exposure to the price of XRP.

While REX Shares did not specify a launch date for the product, Bloomberg analyst Eric Balchunas suggests it may launch this Thursday, alongside a DOGE ETF from REX Shares.

This isn't the first time Rex Shares and Osprey are debuting a spot crypto product ahead of other issuers in the US.

The firm previously launched the REX-Osprey Solana Staking ETF (SSK) on July 2, marking the first US-listed fund to provide investors with direct exposure to Solana, along with the ability to earn staking rewards.

XRP trades near the $3 key level, down 2% over the past 24 hours at the time of publication.