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Crypto ETF filings made before the elections that were not limited to bitcoin or ether but also included solana,XRP, and other crypto assets. Fund firms appeared to be betting on Trump’s victory and a new SEC leadership.
Trump’s victory has made ETF issuers optimistic about the potential approval of more types of funds.
People were thus on the lookout for more filings — ETF Store president Nate Geraci included:
In fact, this week we saw some interesting fund plans.
Canary Capital filed a proposal on Tuesday to create an ETF that will hold HBAR – the native asset for the Hedera Network. Canary Capital had filed previously for XRP and litecoin focused products.
Bitwise announced plans to convert its crypto index fund into an ETF on Thursday. If the SEC approves, it would be traded on NYSE Arca.
The announcement came a few days after NYSE Arca asked for a change in the rules to enable Grayscale’s Digital Large Cap Fund (GLCF) to be traded on its exchange. Hashdex planned an ETF in June that would include both BTC (and possibly other cryptoassets as regulations develop) and ETH.
The Bitwise 10 Crypto Index Fund also holds: XRP (Solana), cardano (Avalanche), bitcoin cash, chainlink (Uniswap), polkadot, and uniswap.
Given the impending administration change, it makes sense that issuers will try to launch new US crypto products. We won’t likely see any SEC decisions for some time (and we don’t know who Trump will choose to replace SEC Chairman Gary Gensler).
ETF.com’s senior analyst Sumit Roy referred to this Bitwise/NYSE Arca document “a major test of the new administration’s views on crypto ETFs and crypto more broadly,” It is worth noting that the SEC considered XRP a securities in the past.
Roy added “An approval would suggest that the new administration will be much more permissive when it comes to crypto, while a rejection could temper some of the enthusiasm among crypto bulls and clarify what the SEC will allow going forward.”
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