New Crypto ETF Proposals Include Aptos and Axelar Tokens
Recent months have seen ETF issuers propose US products that include cryptocurrencies such as Solana, XRP, Litecoin, and Dogecoin. The SEC is currently reviewing these proposals.
New filings include:
- Bitwise filed for an ETF to hold Aptos (APT)
- Canary Capital proposed a product focused on Axelar (AXL)
Aptos, developed by Meta's Diem engineers, is a layer-1 blockchain with a smart contract language called Move. Axelar provides interoperability between blockchains and financial infrastructure.
The market caps are approximately:
- APT: $3.6 billion
- AXL: $400 million
Bitwise has additional filings for ETFs involving SOL, XRP, and DOGE. Canary is also developing products for SOL, XRP, LTC, and HBAR.
Expectations for new crypto ETF approvals in 2024 remain cautious, with predictions of only two or three launches in the first half of the year. Investors are encouraged to identify promising projects for the future.