REX and Osprey file 21 crypto ETFs amid shutdown

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Marc Chandler

04.10.2025

REX and Osprey file 21 crypto ETFs amid shutdown — Crypto ETF applications rise despite SEC shutdown uncertainty

Although the U.S. government shutdown has slowed ETF reviews and delayed potential listings, REX Shares and Osprey Funds have filed 21 applications with the Securities and Exchange Commission (SEC) to launch individual crypto ETFs. These filings cover major tokens such as Cardano (ADA), Stellar (XLM), Sui (SUI), and Hype (HYPE).

According to Cryptopolitan, unlike spot-based products, many of these applications use staking mechanisms. This means they can not only track token price performance but also generate rewards from staked assets. Tokens included in staking strategies are ADA, AVAX, DOT, NEAR, SEI, SUI, TAO, and HYPE. The decision follows the success of the Solana staking ETF from REX-Osprey, which recently showed strong results and inspired broader filings across multiple cryptocurrencies.

The applications also extend U.S. regulatory and tax requirements to subsidiaries based in the Cayman Islands. These offshore structures allow fund managers to continue working with digital assets while maintaining regulated investment company status. Beyond U.S. markets, filings indicate that up to 40% of assets may be invested in ETPs listed on foreign exchanges, such as those offered by 21Shares, CoinShares, and Valour.

The timing aligns with the SEC’s recent approval of new listing standards for trust shares based on commodity assets. This change shortens the time required for ETF filings to reach the market by eliminating the more complex 19b-4 process. Dozens of cryptocurrency-related filings could now become tradable much faster under the new framework.

Waiting becomes the norm

Still, a positive outcome is far from certain. With the U.S. government shutdown triggered by Congress’s budget deadlock, the SEC is operating with limited staff. Without clear guidance from SEC leadership, approvals are unlikely until government operations fully resume. This delay could affect both the new REX-Osprey filings and other applications approaching critical deadlines.

October 2025 will be a decisive month for the crypto market. The SEC has set final deadlines for 16 ETF applications, including several linked to altcoins beyond Bitcoin and Ethereum. Proposals tied to Solana, XRP, and Litecoin highlight how the market is moving toward broader digital asset coverage.

However, industry participants note that this shutdown resembles previous ones, such as the 2018 closure that lasted more than a month. The absence of regulatory action during that period created a precedent for ETF delays despite strong investor demand.

As we wrote, Altcoin ETF season paused as SEC awaits federal funding resolution

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