Main Takeaways:
- The SEC postponed its ruling on proposed 19b-4 rule shifts that would allow the trading of ETFs depending on the spot price of Hadera and Polkadot.
- The agency has also postponed a decision on a proposal for assets depending on the results of Bitcoin and Ethereum.
- There are 72 applications related to crypto currently waiting for approval, and these are part of that group.
The U.S. Securities and Exchange Commission (SEC) has decided to wait longer before making a decision on requests to change the rules. These changes would allow new exchange-traded funds (ETFs) that follow the current price of Polkadot and Hedera, and another fund that tracks how Bitcoin and Ethereum are doing. This update was shared in official documents on Thursday.
The SEC has until June 11 to make a decision on rule change requests from the Nasdaq Exchange. These requests are for launching the Canary HBAR ETF and turning the Grayscale Polkadot Trust into an ETF. The SEC also has until June 10 to decide on a similar request from the New York Stock Exchange for a Bitwise Bitcoin and Ethereum ETF.
Canary Capital, Grayscale Investments, and Bitwise Investments submitted paperwork for the funds earlier this year. They are part of a wave of ETFs that applicants have suggested in previous months to monitor major altcoins following last year’s highly successful launch of products monitoring the price of Bitcoin and Ethereum. Applicants have 72 crypto-related or crypto-focused ETFs waiting for SEC approval.
Last week, Canary filed an application for a fund monitoring Tron’s TRX token, which would include staking advantages. It has additionally suggested spotting Solana, PENGU, and Sui ETFs within its submissions. Grayscale has put forward funds linked to Solana, Cardano, XRP, Dogecoin, Litecoin, and Avalanche, while Bitwise has submitted a request for ETFs monitoring DOGE and Apots, including several others.
Applicants, including crypto-focused companies and established financial organisations, have requested funds that focus on options trading and companies that are publicly listed and operate in that field.
“It’s going to be an exciting year,” joked Bloomberg Senior ETF Analyst Eric Balchunas in a recent post on X (formerly Twitter).
The Grayscale Bitcoin Trust (GBTC) manages nearly $18 billion in assets, making it the second largest among the 11 spot Bitcoin ETFs approved by the SEC last year. It was converted from an existing trust. The Bitwise Bitcoin ETF manages about $3.6 billion in assets, ranking fifth among these products.
These Bitcoin assets manage about $100 billion in AUM and have been some of the quickest expanding products in the ETF industry’s 32-year history, creating a need for more crypto funds.
Hedera surges around 5% on a single day, while Polkadot has climbed nearly 7% in the last 24 hours.
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