SEC reviewing 72 crypto-related ETF applications, including derivatives as of April 21

The US Securities and Exchange Commission (SEC) is presently reviewing 72 crypto-related exchange-traded money (ETF) filings, according to data shared by Bloomberg elder ETF expert Eric Balchunas connected April 21.

The filings screen assets ranging from XRP, Litecoin (LTC), and Solana (SOL) to memecoins similar Dogecoin (DOGE) and themed funds linked to net culture, specified arsenic Pudgy Penguins.

Distribution potential

The filings, elaborate successful a array compiled by Bloomberg ETF expert James Seyffart, bespeak a wide manufacture effort to bring a wide scope of integer assets to the US ETF market. 

Some proposals see spot ETFs for Solana, Dogecoin, and XRP, and leveraged and inverse products tied to Solana and XRP derivatives. 

Additionally, issuers are seeking support to connection options trading connected recently launched oregon projected crypto ETFs, peculiarly those linked to Ethereum (ETH) and Bitcoin (BTC).

Balchunas also compared the effect of ETF support to a set gaining entree to large euphony streaming services. 

He said:

“Having your coin get ETF-ized is similar being successful a set and getting your songs added to each the euphony streaming services. Doesn’t warrant listens but it puts your euphony wherever the immense bulk of the listeners are.”

The filings screen a wide array of strategies beyond accepted spot ETFs. 

Several issuers, including ProShares and Tuttle Capital, person projected leveraged, inverse, and thematic products targeting speculative traders and those seeking tailored vulnerability to crypto terms movements.

Bitcoin’s dominance expected to persist

While the influx of altcoin and memecoin-related funds whitethorn broaden the crypto ETF landscape, the projection is that Bitcoin volition support its dominance wrong the segment. 

According to Balchunas, Bitcoin ETFs account for astir 90% of planetary crypto money assets. Even if galore caller products scope the market, Bitcoin is expected to clasp a commanding share, apt betwixt 80% and 85% implicit the agelong term.

The reflection reflects Bitcoin’s entrenched presumption arsenic the superior organization introduction constituent into the crypto market. The pending approvals could make a much diverse, yet inactive Bitcoin-centered, ETF market. 

The SEC’s upcoming decisions, galore of which person deadlines extending into mid-2025, volition signifier however broadly accepted concern markets integrate crypto exposure.

The station SEC reviewing 72 crypto-related ETF applications, including derivatives arsenic of April 21 appeared archetypal connected CryptoSlate.