Word "Crypto" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration
(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 Filed on Exchange Latest
name development
BlackRock iShares June 2023 If The world's
Bitcoin approved, largest asset
Trust will trade manager filed
on Nasdaq for the spot
and use bitcoin ETF in
Coinbase June buoying
Custody as crypto markets
crypto globally.
custodian
and BNY
Mellon as
cash
custodian
Grayscale Grayscale Is seeking NYSE Arca In August, a
Investments Bitcoin to convert federal
Trust its spot appeals court
Grayscale ruled the SEC
Bitcoin was wrong to
Trust into reject an
an ETF application
from Grayscale
to create a
spot bitcoin
exchange-trade
d fund.
Fidelity Wise June 2023 Cboe Fidelity
Origin Global refiled its
Bitcoin Markets application in
Trust late June
after media
reports said
the SEC found
the initial
paperwork to
be
incomprehensiv
e.
Ark Invest ARK June 2023 Cboe BZX The paperwork
and 21Shares Exchange was refiled on
21Shares Bitcoin with June 28 for
ETF Coinbase the third time
Custody as with the SEC
the after the
custodian regulator said
of the its initial
trust prospectus
didn't meet
the
requirements
to prevent
fraud and
market
manipulation.
WisdomTree WisdomTree June 2023 Cboe BZX It was refiled
Bitcoin Exchange for approval
Trust with U.S. on June 20
Bank, N.A. after two
as previous
custodian rejections.
Valkyrie Valkyrie June 2023 Nasdaq It filed with
Digital Bitcoin with the SEC on
Assets Fund Coinbase June 21 to
Custody as launch under
the the ticker
custodian BRRR. The SEC
of the had in Dec
trust 2021, rejected
a previous
filing by NYSE
Arca to list a
spot bitcoin
ETF by
Valkyrie.
Invesco and Invesco Amended Cboe BZX Invesco
Galaxy Galaxy Oct 2023 reactivated
Digital Bitcoin its Sept 2021
ETF application to
launch the
ETF.
HashDex HashDex In Sept, NYSE Arca SEC has
Spot 2023, delayed the
Bitcoin filed to decision on
ETF convert the
bitcoin application.
futures
ETF into a
spot
bitcoin
ETF
Here is a pipeline of spot ether ETFs awaiting approval:
Company Trust/ETF Filed Exchange Latest
name on development
Ark Ark Sept Cboe BZX Awaiting SEC
Invest-21S 21Shares 2023 Exchange approval. Both
hares Ethereum the companies
ETF partnered to
launch another
suite of
crypto-tied
ETFs this
month.
BlackRock iShares Nov Nasdaq Officially
Ethereum 2023 filed on Nov.
Trust 16, awaiting
SEC approval.
Here are some ether futures-tied ETFs that have been approved recently:
Company Managed by
VanEck Ethereum VanEck
Strategy ETF
Bitwise Ethereum BitWise Asset Management
Strategy ETF
Bitwise Bitcoin BitWise Asset Management
and Ether Equal
Weight Strategy
ETF
Valkyrie Bitcoin Valkyrie Funds
and Ether
Strategy
ProShares Ether ProShares
Strategy
ProShares ProShares
Bitcoin & Ether
Equal Weight ETF
ProShares Short ProShares
Ether Strategy
ETF
ProShares ProShares
Bitcoin & Ether
Market Cap
Weight Strategy
ETF
Sources: filings, media reports, company statements
(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Michelle Price and Shounak Dasgupta)
