The wave of altcoins flocking to the US stock market continues. Following mainstream tokens like BNB, SOL, and DOT, BONK has also welcomed its own over-the-counter ETP product, managed by Osprey Funds, which focuses on encryption asset trusts.

The original intention behind the design of this new product is actually not difficult to understand. For traditional investors who want to participate in altcoin investment but do not want to deal with wallets and private keys, over-the-counter trust products are like a key, allowing them to indirectly hold token exposure through familiar investment channels, with risks and convenience being relatively more controllable.

Osprey Funds has gained considerable experience in this field. They have launched similar products for BNB, DOT, and SOL, and this time BONK is just continuing this established operational model.

However, the reality is a bit heart-wrenching—the recent market conditions have not been kind to these new products. Various types of over-the-counter trust products that have been launched since last year have almost all experienced the embarrassing situation of declining immediately upon listing. This reflects a certain reality of the current market: even if the product format is innovative, the market environment is the fundamental factor determining price fluctuations.

That being said, the emergence of such products is noteworthy in itself. It represents yet another attempt to merge traditional finance with cryptocurrency assets, providing ordinary investors with more ways to participate. Whether one can make money is another matter, but the opening of this channel, to some extent, also signifies a certain maturity in the industry.