Planned Crypto ETF Filings Increase Following Options Trading Milestone
First, the SEC approved US spot bitcoin ETFs in January, followed by ether fund launches in July. In November, crypto-friendly candidates, including Donald Trump, won elections. Options on BTC ETFs began trading, and Gary Gensler announced plans to step down from his SEC position in January.
Recent Developments in Crypto ETFs
These events have spurred momentum for more crypto ETF filings. Notable updates include:
- Bitwise filed an S-1 for an ETF holding both bitcoin and ether, following a similar proposal from Hashdex and Bitwise's plan to convert its index fund into an ETF.
- First Trust intends to launch bitcoin-focused defined-outcome funds that limit losses while capping potential gains.
Calamos Investments filed for 14 bitcoin buffer ETFs, and Innovator ETFs announced plans for various BTC-related offerings. Grayscale amended its filing for a Bitcoin Covered Call ETF coinciding with the regulatory approval of options on US spot bitcoin ETFs.
Nate Geraci from The ETF Store anticipated a surge of new ETF plans once options trading commenced, particularly for buffer and covered call strategies. He noted that bitcoin volatility is advantageous for portfolio construction, though ETF issuers will seek to minimize it.
Emerging Crypto Asset ETFs
Firms are also exploring which crypto assets can be held directly within ETF structures. WisdomTree registered for an XRP fund, joining Bitwise, 21Shares, and Canary Capital in this effort. The SEC may take up to 240 days to review the solana and XRP ETF filings, but bitcoin ETFs utilizing options strategies could start trading sooner.