How close are crypto markets to first spot bitcoin, ether ETFs?
Word "Crypto" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights
Nov 20 (Reuters) - A spate of filings for spot bitcoin and ether exchange-traded funds (ETFs), including from traditional finance heavyweights, has revived the crypto market that had been crushed by a series of meltdowns last year.
A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without having to buy the currency. The SEC has previously denied all spot bitcoin ETF applications citing potential for fraud, but that could soon change after it lost a legal battle in August.
Here is a pipeline of filings for spot bitcoin ETFs awaiting approval:
Company | Trust/ETF name | Filed on | Exchange | Latest development |
|---|---|---|---|---|
BlackRock (BLK.N) | iShares Bitcoin Trust | June 2023 | If approved, will trade on Nasdaq and use Coinbase Custody as crypto custodian and BNY Mellon as cash custodian | The world's largest asset manager filed for the spot bitcoin ETF in June buoying crypto markets globally. |
Grayscale Investments | Grayscale Bitcoin Trust | Is seeking to convert its spot Grayscale Bitcoin Trust (GBTC.PK) into an ETF | NYSE Arca | In August, a federal appeals court ruled the SEC was wrong to reject an application from Grayscale to create a spot bitcoin exchange-traded fund. |
Fidelity | Wise Origin Bitcoin Trust | June 2023 | Cboe Global Markets (CBOE.Z) | Fidelity refiled its application in late June after media reports said the SEC found the initial paperwork to be incomprehensive. |
Ark Invest and 21Shares | ARK 21Shares Bitcoin ETF | June 2023 | Cboe BZX Exchange with Coinbase Custody as the custodian of the trust | The paperwork was refiled on June 28 for the third time with the SEC after the regulator said its initial prospectus didn't meet the requirements to prevent fraud and market manipulation. |
WisdomTree | WisdomTree Bitcoin Trust | June 2023 | Cboe BZX Exchange with U.S. Bank, N.A. as custodian | It was refiled for approval on June 20 after two previous rejections. |
Valkyrie Digital Assets | Valkyrie Bitcoin Fund | June 2023 | Nasdaq with Coinbase Custody as the custodian of the trust | It filed with the SEC on June 21 to launch under the ticker BRRR. The SEC had in Dec 2021, rejected a previous filing by NYSE Arca to list a spot bitcoin ETF by Valkyrie. |
Invesco and Galaxy Digital | Invesco Galaxy Bitcoin ETF | Amended Oct 2023 | Cboe BZX | Invesco reactivated its Sept 2021 application to launch the ETF. |
HashDex | HashDex Spot Bitcoin ETF | In Sept, 2023, filed to convert bitcoin futures ETF into a spot bitcoin ETF | NYSE Arca | SEC has delayed the decision on the application. |
Here is a pipeline of spot ether ETFs awaiting approval:
Company | Trust/ETF name | Filed on | Exchange | Latest development |
|---|---|---|---|---|
Ark Invest-21Shares | Ark 21Shares Ethereum ETF | Sept 2023 | Cboe BZX Exchange | Awaiting SEC approval. Both the companies partnered to launch another suite of crypto-tied ETFs this month. |
BlackRock | iShares Ethereum Trust | Nov 2023 | Nasdaq | Officially filed on Nov. 16, awaiting SEC approval. |
Here are some ether futures-tied ETFs that have been approved recently:
Company | Managed by |
|---|---|
VanEck Ethereum Strategy ETF (EFUT.Z) | VanEck |
Bitwise Ethereum Strategy ETF (AETH.P) | BitWise Asset Management |
Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP.P) | BitWise Asset Management |
Valkyrie Bitcoin and Ether Strategy (BTF.O) | Valkyrie Funds |
ProShares Ether Strategy (EETH.P) | ProShares |
ProShares Bitcoin & Ether Equal Weight ETF (BETE.P) | ProShares |
ProShares Short Ether Strategy ETF (SETH.P) | ProShares |
ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH.P) | ProShares |
Sources: filings, media reports, company statements
Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Michelle Price and Shounak Dasgupta
Our Standards: The Thomson Reuters Trust Principles.
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