At least 92 cryptocurrency exchange-traded funds (ETFs) are awaiting approval from the U.S. Securities and Exchange Commission (SEC).
According to the latest data from Bloomberg Intelligence ETF analyst James Seyffart, Solana (SOL) and Ripple (XRP) are the most closely watched cryptocurrencies, with 8 ETF applications for SOL and 7 for XRP currently under review.
Bloomberg senior ETF analyst Eric Balchunas stated on April 21 that the SEC had 72 crypto-related ETFs pending approval at that time, indicating that 20 more ETFs have submitted applications in the past four months.
Currently, three pending ETFs aim to provide exposure to Bitcoin (BTC) and Ethereum (ETH), while the others focus on various altcoins.
The list also includes 21Shares and Grayscale, both of which are seeking approval for Ethereum staking ETFs. Earlier this month, the SEC made it clear that certain liquid staking activities do not fall under its regulatory purview.
Meanwhile, Grayscale plans to convert five of its trust products into ETFs, including three publicly traded funds and two private funds. This conversion will cover funds providing exposure to Litecoin (LTC), Solana (SOL), Dogecoin (DOGE), Ripple (XRP), and Avalanche (AVAX).
Nate Geraci stated, "The floodgates for crypto ETFs are about to open."
Bitfinex analysts noted on Monday that only with more crypto ETFs approved can the altcoin market expect a broader rally.
Global asset management firm BlackRock currently dominates the crypto ETF space.
Farside Investors data shows that its Bitcoin fund, iShares Bitcoin Trust ETF (IBIT), has seen net inflows of $58.28 billion since its inception, while the Ethereum fund, iShares Ethereum Trust ETF (ETHA), has net inflows of $13.12 billion since its inception.
A report on Wednesday indicated that ETHA may soon surpass Coinbase to become the largest holder of Ethereum (ETH) assets.
Additionally, the IBIT fund currently holds more than 3% of the total Bitcoin supply.
Notably, BlackRock's annual management fee revenue from the IBIT fund has already exceeded that of its flagship S&P fund (IVV), which is the iShares Core S&P 500 ETF. The fee rate for IBIT is 0.25%, while IVV's fee rate is only 0.03%.
Related: Hedge fund Numerai secures $500 million funding commitment from JPMorgan, driving the fusion of cryptocurrency and AI.
Original article: “92 crypto-related ETPs are in the works: ‘The floodgates are about to open’”
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