The US Securities and Exchange Commission (SEC) has delayed rulings on three high-profile crypto exchange-traded funds (ETFs), extending evaluate deadlines into October.
In notices filed Aug. 18, the company set new resolution dates of Oct. 8 for NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, Oct. 16 for 21Shares’ and Bitwise’s Solana ETFs, and Oct. 19 for the 21Shares Core XRP Trust.
The Truth Social Bitcoin and Ethereum ETF, submitted on June 24, is structured as a commodity-based belief holding Bitcoin (BTC) and Ether (ETH) immediately and issuing shares backed by these belongings. While branded below US President Donald Trump’s Truth Social platform, it capabilities like different spot Bitcoin and Ether ETFs already in the marketplace.
Cboe BZX additionally seeks approval for the primary US spot Solana ETFs via filings from 21Shares and Bitwise. These merchandise would maintain Solana (SOL) tokens and provides traders a safe option to acquire publicity to Solana’s worth efficiency.
A separate software from 21Shares goals to launch the Core XRP Trust, designed to carry (XRP) and observe its market worth. First filed in February and later amended, the belief was approaching its 180-day deadline on Wednesday earlier than the SEC granted itself an extra 60 days to evaluate.
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October shaping up as a giant month for ETF rulings
The most up-to-date ETF extensions are usually not out of the bizarre. The SEC has been submitting ETF extensions all summer time, and lots of of them are shaping as much as be selected this fall.
In March, Cointelegraph reported that the SEC had delayed selections on a number of altcoin ETF proposals, together with merchandise tied to XRP, Litecoin (LTC) and Dogecoin (DOGE).
Among them was CoinShares’ software for a spot Litecoin ETF, which might maintain LTC immediately and concern shares backed by the token. Cointelegraph famous that the SEC’s extension positioned its deadline in the identical cluster of fall evaluations as different altcoin filings.
Separately, the SEC prolonged its evaluate of Bitwise’s request to permit in-kind creations and redemptions for its spot Bitcoin and Ethereum ETFs. Now slated for September, that call would decide whether or not traders can trade ETF shares immediately for the underlying crypto fairly than money.
The SEC usually makes use of its full extension intervals to guage new merchandise and gather public suggestions. Bloomberg ETF analyst James Seyffart wrote in a put up on X on May 20 that the SEC “sometimes takes the total time to reply to a 19b‑4 submitting.” He added that “virtually all of those filings have last due dates in October,” and an early resolution can be “out of the norm.”
Ether ETFs smash information as crypto merchandise see $3.75B inflows
BlackRock dominates as ETF funds develop in recognition
The US market now counts a dozen spot Bitcoin ETFs, a number of Ether merchandise, and a rising roster of purposes for SOL, XRP and different tokens. Globally, over 100 crypto-related ETFs are listed.
BlackRock’s iShares Bitcoin Trust dominates the sphere, with greater than $87 billion in belongings below administration (AUM). Its scale, liquidity and model power have set it aside, drawing the majority of flows whereas rivals stay far smaller.
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