USDCrypto ETF Weekly: Dogecoin, Hedera, Sui, Aptos, Axelar, and More
NYSE Arca Files for Bitwise Dogecoin ETF Amid Price Drop and Market Volatility
On March 3, 2025, NYSE Arca filed to list the Bitwise Dogecoin ETF, marking a significant step towards creating a regulated investment product for Dogecoin. The SEC is expected to make a decision by mid-October 2025, with market predictions showing a 67% to 75% likelihood of approval. The ETF aims to simplify crypto investing by partnering with Coinbase for asset custody and Bank of New York Mellon for cash management.
Despite this optimism, Dogecoin's price has fallen 15% to $0.19 amid broader market volatility, with trading volume decreasing by 16.80%. Alongside the Bitwise ETF, the SEC is also reviewing Grayscale’s Dogecoin Trust and other altcoin ETFs, suggesting a growing trend towards regulation in the cryptocurrency space. Approval of these products could further legitimize Dogecoin as an investment, yet market instability continues to challenge its price stability.
NASDAQ Files to List Grayscale Hedera (HBAR) ETF
NASDAQ has filed a 19b-4 form with the SEC to list the Grayscale Hedera (HBAR) ETF, aiming to enhance crypto investment options in traditional finance. If approved, this ETF would facilitate investor access to Hedera, a blockchain network noted for its speed, security, and cost-efficiency. Grayscale, a major player in crypto asset management known for its successful Bitcoin ETF, seeks to leverage the growing interest in digital assets through this new offering. The SEC will review NASDAQ's filing, a crucial step toward potential approval, and it remains uncertain whether the ETF will meet regulatory standards.
The introduction of the HBAR ETF would simplify the process for investors, enabling them to buy and sell HBAR shares without the complexities of setting up crypto wallets or navigating exchanges. This move represents a significant development in crypto adoption within traditional financial markets, appealing to a wider range of investors.
Bitwise Files for Spot Aptos ETF, Targeting 36th Largest Cryptocurrency
Bitwise has filed to list a spot Aptos exchange-traded fund (ETF) in the US on March 5, 2025, following the registration of a related trust in Delaware on February 28. Aptos, developed by two former Facebook employees, ranks as the 36th largest cryptocurrency with a market capitalization of $3.8 billion. The Aptos blockchain, launched in October 2022, aims to be a high-speed, low-cost alternative, although its current market cap is significantly smaller than Solana's.
The proposed Aptos ETF will not feature a staking option, and Coinbase Custody is designated as its custodian, with specific stock exchange details and fees yet to be disclosed. Bitwise, which offers spot ETFs for Bitcoin and Ether, also plans additional filings for altcoins like Solana, XRP, and Dogecoin. Aptos has a total value locked of $1.03 billion and has seen a 14.4% increase in value over the past 24 hours, trading at approximately $6.25.
Canary Capital's Axelar ETF Filing Sparks Surge in AXL Token Price
Canary Capital has filed an S-1 form with the SEC for the first exchange-traded fund (ETF) tracking Axelar’s AXL token, leading to a 15% surge in AXL's price, reaching $0.44. This development signals potential increased demand for AXL among investors. Axelar is focused on cross-chain interoperability, facilitating seamless asset and data transfers across networks like Ethereum and Arbitrum. The platform has garnered support from major investors, including Binance and Coinbase, and achieved over $1 billion in total value locked (TVL), highlighting growing institutional interest.
The successful filing of multiple altcoin ETFs by Canary Capital, including for Solana and Litecoin, indicates a rising trend in crypto-based ETFs, which allow investors to engage in the crypto market without directly holding cryptocurrencies. Regulatory clarity is essential for fostering institutional adoption, according to co-founder Sergey Gorbunov, positioning Axelar favorably for future growth amidst expanding partnerships and compliance focus.
Canary Capital Registers 'Sui ETF' in Delaware, Signaling Potential SEC Filing
A new entity titled "Canary Sui ETF" has been registered in Delaware, indicating that Canary Capital may be preparing to file an S-1 registration with the U.S. Securities and Exchange Commission for a new exchange-traded fund (ETF). This registration follows Canary's recent S-1 filing for an AXL ETF and its intentions to launch additional ETFs that track cryptocurrencies such as Hedera, Litecoin, XRP, and Solana. The registration of the Sui ETF on March 6 raises questions about its legitimacy, especially given past instances of false filings, notably the "iShares XRP Trust."
Meanwhile, the Sui Foundation announced plans to collaborate with the World Liberty Financial crypto project, associated with former President Donald Trump. In terms of performance, Sui has outperformed its competitors, boasting a one-year gain of 79%, with its current price at $2.83 following a 5.4% increase over the past 24 hours.
21Shares Pushes Forward Polkadot ETF Plans with Updated SEC Filing
21Shares has advanced its plans for a spot Polkadot ETF by submitting an updated S-1 registration statement to the SEC on March 6, following its initial application on January 31. The ETF would potentially trade on the Cboe BZX Exchange, with Coinbase as the custodian. This initiative reflects a growing trend in the crypto industry as more firms, like Grayscale, file for altcoin ETFs. However, Polkadot's performance faces challenges, having seen a 56% decline in the past year and a 2.9% drop in the last month, directly impacting the ETF's expected success.
Regulatory uncertainties persist, particularly regarding DOT's classification as a security. The upcoming Polkadot 2.0 upgrade aims to enhance scalability and adoption. With shifting SEC dynamics and increased ETF filings following the resignation of SEC Chair Gary Gensler, the landscape for crypto ETFs is evolving, potentially paving the way for broader institutional investment in digital assets.
This article has been refined and enhanced by ChatGPT.
