The SEC already has 23 applications for BTC or ETH ETFs on its table2 min read
VanEck and ProShares have filed new applications for the ETH Futures ETF with the US Securities and Exchange Commission (SEC). This increased the number of ETF applications for cryptocurrency assets to a record 23.
New requests from VanEck a ProShares relate to ETH futures ETFs, ie applications for the authorization of an ETF of a fund linked to futures contracts ETH traded on the Chicago Stock Exchange CME. It is therefore not an ETF linked to the more typical spot trading of the underlying asset.
While applications are traditional spot Bitcoins ETF and ETH ETF grew like mushrooms after rain, especially in the first half of the year, applications for cryptocurrency “futures ETFs” began to emerge only after SEC chief Gary Gensler made it clear 2 weeks ago that this type of cryptocurrency ETF was more likely to be approved. However, analysts point out that this type of ETF is more expensive for the issuer and less attractive to investors who are more interested in making a direct exposure to the underlying asset than to futures contracts.
Nate Geraci from Blockworks believes that the first BTC futures ETF could be approved later this year (currently 5 companies are applying for it). Subsequently, the ETH futures ETF could also have a chance to be approved.
As for the more sought-after spot ETFs on BTC or ETH, which are already successfully traded in Canada and Brazil, for example, the words of SEF chief Gary Gensler suggest that we will not see their permission so soon. But as the saying goes, “hope dies last” – the SEC currently has up to 14 such requests on the table, which it must comment on by the end of the year – including requests from giants such as Fidelity, NYDIG, Valkyrie and SkyBridge Capital.