Following the launch of US ETFs for bitcoin and ether in 2024, there were proposals to create funds that hold solana and other coins such as HBAR, XRP, and even Solana. If approved, others would diversify their holdings across several coins.
Canary Capital Group amended its litecoin ETF this week. Nasdaq submitted a 19b-4 form on Canary’s behalf — with some considering this step a positive sign for the product’s fate.
Canary CEO Steven McClurg said to me that he had “a high level of confidence” This year there will be more ETFs that track spot crypto in the US, but we won’t go into specificity.
You’ve probably heard industry observers offer their views. “when, not if” optimism. The SEC is a digital age. Did you know this?The key question to ask is: What will it take for them to be approved?
With a new SEC, do we talk weeks, months, or years?
James Seyffart of Bloomberg Intelligence (who I spoke with and Felix about recently) stated on X, that a litecoin ETF may be launched before SOL/XRP.
One of the reasons would be that the SEC — in lawsuits against Coinbase and Binance, for example — has not labeled litecoin as a security.
SOL is still included under the securities category. The agency is also well-known for its legal struggle with Ripple. Casey, yesterday’s SEC spokesperson, provided a brief recap of the SEC’s appeal.
Sumit Roy of ETF.com agreed with the analyst that an LTC ETF might have better odds. “its simpler use case and history,” Avoiding some regulatory scrutiny related to XRP or SOL. He also said approval by 2025 could be possible.
“That said, the SEC remains cautious about market manipulation and custody risks, which apply to all crypto ETFs,” Roy said to me.
Amplify’s Transformational Data-Sharing ETF (BLOK), which was launched seven years ago, is also celebrating its seventh birthday today.
It’s interesting to me to know what kind of flow this fund will have in 2025. Assets under management are just short of $1 billion.
When more blockchain and crypto companies become public, we could possibly see BLOK acquire new shares. As of now, BLOK’s co-portfolio manger Dan Weiskopf said he is watching companies that are buying/holding BTC and miners who dive deeper into the AI sector.
BLOK’s five largest holdings include Galaxy, Robinhood Core Scientific Coinbase MicroStrategy.
Metaplanet is the six-spot winner. It’s a MicroStrategy Jr.-type company based in Japan that plans to increase its bitcoin holdings this year to 10,000 BTC.
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