Trump and Doge meme coins receive ETF deposits as Trump begins second term

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Osprey Funds, a Connecticut-based digital asset management company, filed with the SEC seven spot crypto ETFs featuring Trump and Doge meme coins.

The deposits also include five additional crypto assets: Ethereum (ETH), Bitcoin (BTC), Solana (SOL), XRP, and Bonk (BONK).

While the Doge ETFs were expected given the coin’s popularity, the Trump token ETF is a surprising move, as the coin debuted only five days ago.

The announcement of the Trump token last Friday initially sparked speculation that Donald Trump’s Truth Social account had been hacked.

However, a post on social media platform X confirmed the coin’s legitimacy as a meme token endorsed by President Trump, who was sworn in as the 47th President of the United States yesterday.

The Trump token reached a peak market capitalization of $15 billion on Sunday morning, with a fully diluted valuation of $75 billion.

Hype around the token reflected its rapid rise, but was dampened when a new coin tied to Melania Trump launched on Sunday. This shared liquidity between the tokens has led to a market slowdown for both.

While Trump’s presidency is expected to be pro-crypto, key appointments signal a favorable stance toward digital assets.

Paul Atkins has been named SEC president, while Mark Uyeda will serve as interim SEC president. David Sacks was named “crypto czar,” further reinforcing this pro-crypto outlook.

These leaders have expressed support for crypto in the past, raising expectations for pro-crypto policies under the Trump administration.

Although the approval of this ETF remains uncertain, it marks the start of digital asset companies’ continued efforts to promote new crypto products, such as trusts and ETFs, in the future.

Osprey currently manages publicly traded trusts for Bitcoin, Solana, Polkadot and BNB Chain, while also offering private placement options for assets such as the BONK token.

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