At least 92 cryptocurrency exchange-traded products are currently awaiting decisions from the US Securities and Exchange Commission.
Among these, Solana (SOL) and XRP (XRP) are the most popular, with SOL having eight ETF applications pending and XRP seven, according to recent data from Bloomberg Intelligence’s ETF Analyst James Seyffart.
Source: James Seyffart
Bloomberg’s Senior ETF Analyst Eric Balchunas reported on April 21 that 72 crypto-related ETFs were pending with the SEC, indicating an additional 20 ETFs have been filed in the last four months.
Among the pending ETFs, three seek to provide exposure to Bitcoin (BTC) and Ether (ETH), while the remainder focus on various altcoins.
The applications include those from 21Shares and Grayscale, who are pursuing approval for their Ether staking ETFs. Earlier this month, the SEC clarified that specific liquid staking activities are beyond its jurisdiction.
Grayscale is also aiming to convert five of its trusts into ETFs, covering three publicly traded funds and two privately traded ones. These funds will provide exposure to Litecoin, Solana, Dogecoin, XRP, and Avalanche.
“Consider all the crypto ETF filings… This is what I mean by ‘crypto ETF floodgates about to open soon,’” said Nate Geraci, president of NovaDius Wealth Management, commenting.
On Monday, analysts at Bitfinex pointed out that a broader rally for altcoins is not likely until more crypto ETFs secure approval.
Related: 21Shares files to launch SEI ETF, joining race with Canary Capital
BlackRock Leads the Field
BlackRock, a global asset manager, currently leads in the crypto ETF space.
The company’s Bitcoin fund, iShares Bitcoin Trust ETF (IBIT), has experienced a net inflow of $58.28 billion since its launch, whereas its Ethereum fund, iShares Ethereum Trust ETF (ETHA), has seen a net inflow of $13.12 billion during the same period, according to Farside Investors.
A report released on Wednesday suggests that ETHA may soon surpass Coinbase as the largest holder of ETH.
Meanwhile, the IBIT fund now holds over 3% of Bitcoin’s total circulating supply.
Interestingly, BlackRock now generates more revenue annually from its IBIT fund than from its flagship S&P fund (IVV), with IBIT’s expense ratio at 0.25% compared to IVV’s much lower rate of 0.03%.
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