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Crypto firms are now waiting to hear back on 72 active applications for new crypto-related exchange-traded funds (ETFs).
James Seyffart, an ETF analyst at Bloomberg Intelligence, compiled the list of submissions to the U.S. Securities and Exchange Commission (SEC).
ETFs awaiting approval include funds tied to Solana (SOL), XRP (XRP), Sui (SUI), Litecoin (LTC), Axelar (AXL) Hedera (HBAR), BNB, Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), Polkadot (DOT), Aptos (APT), Chainlink (LINK), Pudgy Penguins (PENGU), Official Trump (TRUMP), Melania (MELANIA) and Bonk (BONK).
Other potential new ETFs are tied to a basket of currencies, and a few are based on Bitcoin (BTC) and/or Ethereum (ETH), assets that have already been approved for inclusion in other spot ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, predicts that BTC ETFs will remain dominant regardless of the number of altcoin funds that are approved.
“No Second Best? Bitcoin ETFs command 90% of all the crypto fund assets globally. While a TON of alt/meme coin ETFs are likely going to hit market this year, they will only make a minor dent, Bitcoin likely to retain at least 80-85% share long-term.”
The SEC greenlit the first spot market Bitcoin ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap, and the regulator subsequently approved Ethereum ETFs for trading last July.
