The US Supervisor SEC now has nearly a hundred applications for new Crypto Exchange-Traded Funds (ETFs). Investors look tense: will the regulator open the market for a broader group of crypto coins? Or will the doors remain closed for the time being?
Solana and XRP most popular
According to figures from Bloomberg’s James Seyffart, 92 crypto-networks are currently being treated. This is not only about Bitcoin (BTC) and Ethereum (ETH), but also about coins such as Solana, XRP and even Dogecoin. Together they represent a market value of hundreds of billions of dollars.
An ETF is a listed fund that follows such a crypto coin and that gives investors the opportunity to easily enter via the stock market, without having to possess the crypto itself.
Solana and XRP lead the list with eight and seven ETF applications respectively. Well -known fund houses such as 21shares and Grayscale are behind some of these plans. The series is now being expanded with an application for an ETF around SEI, the crypto coin of the SEI network. Bitwise came this week with the scoop by submitting the first application for a Chainlink-ETF.
“The amount of applications is huge,” says ETF analyst Nate Geraci of Novadius Wealth Management. “It seems that the Floodgates are about to open for crypto-etf’s.”
BlackRock at the top
The two most successful ETF launches of the past two years are the Ishares Bitcoin ETF (IBIT) and the Ishares Ethereum ETF (ETHA). More than 1,600 new ETFs have come on the market during that period, but these two are by far the most investors.
BlackRock now manages more than 3 percent of the total Bitcoin stock and since the start there have been more than 58 billion dollars in the fund, according to Farside figures. With IBIT, the company now receives more annual fees than with its flagship S&P fund IVV.
Etha also shows strong growth, with an influx of more than 13 billion dollars. This makes the Fund on its way to deduct Coinbase as the greatest holder of Ether.
Source: https://newsbit.nl/92-nieuwe-crypto-etps-in-de-maak-de-sluizen-gaan-binnenkort-open/
