Shortly
- SEC has delayed its decision about proposed changes to rule 19b-4, which would allow ETFs to be traded based on Hadera’s and Polkadot’s spot price.
- It has also delayed a decision regarding a proposal to create a fund which would track the performance of Bitcoins and Ethereum.
- The 72 crypto-related applications currently before the regulator include these two.
According to Thursday’s filings, the U.S. Securities and Exchange Commission delayed making a decision about applications that sought rule changes that could allow the listing of exchange traded funds (ETFs) tracking spot prices for Polkadot and Hedera as well as a third ETF based on Bitcoin and Ethereum performance.
Nasdaq Exchange submitted 19b-4 requests to the regulator by June 11, 2018. Canary HBAR ETF Conversion of an Grayscale Polkadot Trust. They will decide by 10 June on the New York Stock Exchange’s filing for an identical application. Bitwise Bitcoins and Ethereum ETF.
Canary Capital Grayscale Investments Bitwise Investments filed the fund filings earlier this year. These ETFs are part of a number of new products that have been proposed by issuers in the last few months. They track altcoins after last year’s hugely successful launch of products that tracked Bitcoin and Ethereum. The SEC has approved 72 ETFs that are crypto-related.
Canary filed an application last week for a TRX-tracking fund that would also include stake benefits. The company has filed applications for ETFs based on spot Solana and PENGU. Grayscale proposed funds based upon Solana and Cardano. Bitwise applied for ETFs that track DOGE, Aptos and Litecoin.
Some issuers, such as crypto-focused firms and traditional finance companies, applied for funds that are based on option trading and publically traded companies in the area.
In a recent interview, Eric Balchunas, Senior ETF analyst at Bloomberg said: “It’s going to be an exciting year.” The X Post.
Grayscale Bitcoin Trust, (GBTC), manages AUM of nearly $18 Billion. It is the second largest among the 11 Bitcoin ETFs which received SEC approval in the last year. This conversion was from an existing trust. Bitwise Bitcoin ETF has about $3.6 Billion in AUM and is the fifth largest product amongst these.
The Bitcoin ETFs have a total of about $100 billion AUM and are among the fastest growing products in ETF history’s past 32 years, spurring the demand for more crypto funds.
Hedera rose about 5% over the course of the day while Polkadot soared nearly 7% in the past 24 hour.
Andrew Hayward edited the book
