The fund industry continues to imagine crypto-ETFs that they plan to launch by 2025.
Recently, we highlighted Bitwise’s application for an ETF that invests in Bitcoin Standard Corporations with 1,000 BTC or more.
Strive Asset Management has filed a Bitcoin ETF last week that will seek to invest in convertible securities from MicroStrategy, and other companies who are expected to spend a large portion of the proceeds on BTC.
REX Advisers announced plans to launch an ETF for Bitcoin Corporate Treasury Treasury Convertible bonds that would (you’ve guessed it!) invest in the convertible bonds of companies with the biggest cryptocurrency asset.
ProShares has also plotted out three funds that are bitcoin related. A so-called S&P 500 Bitcoin ETF would take a long position in S&P 500 stocks and a short US dollar/long bitcoin position. Bitcoin futures are used to achieve the latter. “to currency hedge the US dollar exposure of the S&P 500 stocks position,” A company’s filing notes
The two other products are also designed to mimic the bitcoin performance in Nasdaq stocks, gold and Nasdaq 100.
Volatility Shares also filed for an ETF which would invest in Solana Futures Contracts. “that trade only on an exchange registered with the Commodity Futures Trading Commission.” They do not exist yet.
My request for a comment was not returned immediately by the company.
Volatility shares, the company that offers BTC and ETH ETFs with leverage, was also responsible for reviving the efforts to launch ether funds by mid-2023. It ditched its plans after many others followed by resubmitting for similar products. However, it was credited as a key player in gaining approval for those products (and spot ETH).
Several firms — VanEck, 21Shares, Canary Capital, Bitwise and Grayscale — have active filings for spot solana ETFs.
It remains uncertain whether the SEC will deviate from its precedent of requiring a regulated futures market — such as those available for BTC and ETH but not for solana — before approving other spot crypto funds.
Eric Balchunas, Bloomberg Intelligence’s Eric Balchunas on X: “Damn. ETF issuers don’t sleep (or take the week [between] xmas and new years off).”This is probably an indication that there will be many more filings in the coming year.
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