- REX Shares and Osprey Funds lodged 21 crypto ETF applications with the SEC, emphasizing altcoins and staking features.
- Portfolios could allocate up to 40% to foreign-listed crypto ETPs and use Cayman subsidiaries to preserve U.S. fund status.
- New generic listing standards may speed launches by reducing reliance on Form 19b-4, though a U.S. government shutdown could slow reviews.
- October 2025 brings key SEC deadlines for multiple altcoin ETFs, including products tied to Solana, XRP and Litecoin.
REX Shares and Osprey Funds have moved to widen U.S. crypto exposure with 21 exchange-traded fund submissions to the SEC, targeting a spread of altcoins beyond Bitcoin and Ethereum. The batch of filings sketches out products that would track token prices while, in several cases, incorporating network participation. The scale and focus of these applications mark a notable escalation by the issuers.
Against a shifting rulebook in Washington, the proposals lean into staking-centric designs and cross-border exposure options. The possible timeline for any launches may be shaped by new generic listing standards at the exchange level, even as agency staffing constraints tied to a partial government shutdown risk slower processing of paperwork.
What the 21 filings cover
According to the documentation, the lineup spans multiple networks, with references to Cardano (ADA), Stellar (XLM), Sui (SUI), Avalanche (AVAX), Polkadot (DOT), NEAR, Sei (SEI), Bittensor (TAO) and Hype (HYPE). The issuers aim to move beyond the market’s Bitcoin/Ethereum core by establishing vehicles keyed to a broader set of protocols. Altcoin breadth is a defining feature of the plan.
Several filings also contemplate a global allocation sleeve, permitting up to 40% of assets to be invested in crypto ETPs listed outside the United States. The documents cite well-known overseas providers such as 21Shares, CoinShares and Valour, signaling an intent to blend U.S.-listed funds with established foreign market liquidity where appropriate.
To navigate tax and regulatory requirements while maintaining U.S. registered investment company treatment, the structure relies on affiliated entities in the Cayman Islands. This approach is common in commodity and digital-asset products, helping issuers manage exposure to underlying assets without jeopardizing onshore status. Cayman subsidiaries serve as the operational conduit in the proposed setup.
Staking is central to the design
A number of the ETFs are designed to participate directly in proof-of-stake economies, seeking to harvest on-chain rewards alongside price performance. Tokens identified for this approach include ADA, AVAX, DOT, NEAR, SEI, SUI, TAO and HYPE, indicating a systematic tilt toward networks where validator activity can be integrated into fund operations.
The blueprint builds on the teams’ experience with a Solana-focused product that incorporated staking, a template that delivered notable returns and operational learnings. While Solana’s success is not a guarantee of outcomes elsewhere, the filings suggest that staking rewards could supplement traditional index-tracking mechanics for several of the proposed funds.
That model, however, introduces operational considerations. Validators must be selected and monitored, custody solutions need to support staking, and protocols may carry slashing risks. The filings imply controls to manage these factors so that participation remains aligned with investor protections and fund objectives. Risk, custody and governance frameworks will be central to execution.
Regulatory backdrop: faster pathways, practical delays
On September 17, the SEC approved a set of generic listing standards for commodity-based exchange-traded products that encompass certain crypto exposures. By enabling exchanges to list qualifying products under predefined criteria, the change can reduce reliance on case-by-case approvals via Form 19b-4, potentially shortening time-to-market for compliant ETFs.
Market observers view the shift as a milestone toward normalizing digital assets within mainstream fund structures. If applied as intended, the framework could translate to faster market entry for crypto ETPs that meet the rule’s parameters, narrowing the gap between product design and investor access.
Even so, real-world timing may hinge on available resources at the regulator. A partial U.S. government shutdown has constrained agency operations before, and analysts note that a similar staffing pinch today could slow document review cycles and comment responses. The 2018 shutdown offers a reminder that procedural bottlenecks can stall otherwise straightforward filings.
October deadlines and market implications
October 2025 is shaping up as a pivotal period, with the SEC facing final decision dates on at least 16 crypto ETF applications, several tied to alternative networks. Among the more closely watched are products linked to Solana, XRP and Litecoin, underscoring the sector’s push to broaden beyond Bitcoin and Ethereum.
If approvals begin to land under the updated standards, institutions could gain new tools to express views across multiple Layer-1 and Layer-2 ecosystems. The proposed REX–Osprey lineup would add depth on that front by combining price exposure with staking-driven yield mechanics in select funds, subject to the SEC’s stance and exchange listing determinations.
Investors and issuers alike are watching for signs on three fronts: the cadence of SEC feedback, the pace at which exchanges apply their generic listing rules, and the operational readiness of custodians to support staking at scale. The outcome will hinge on the policy–regulation dynamic as much as on market demand.
The filings lay out an expansive strategy: 21 proposed ETFs focused on altcoins, several with built-in staking, optional exposure to foreign ETPs, and Cayman-based structures to meet regulatory and tax constraints. With generic listing standards pointing to quicker pathways—and a potential shutdown tugging the other way—how the SEC’s calendar unfolds in October could determine how quickly this 21-filings push translates into tradable tickers.
