USDCrypto Funds Weekly Recap: XRP, ETH ETFs Gain Global Momentum
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SEC Delays Grayscale's Ethereum ETF Staking Decision Until June 1, 2025
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on allowing staking for Grayscale's Ethereum ETFs, which would enable them to earn staking rewards. This proposal could make Grayscale's ETFs the first in the U.S. to generate on-chain yield from Ethereum ($ETH). The SEC has extended the deliberation period for the proposed rule change affecting the Grayscale Ethereum Trust ETF and the Grayscale Ethereum Mini Trust ETF. The new deadline for the SEC's decision is June 1, 2025, reflecting ongoing regulatory deliberations around cryptocurrency investment products and their associated practices.
Canada Launches First Spot Solana ETFs
Canada has approved four spot Solana ETFs with staking, set to launch on the Toronto Stock Exchange on April 17, 2025, from issuers Purpose, Evolve, CI, and 3iQ. This move positions Canada ahead of the U.S., where issuers like Grayscale and Fidelity still await SEC approval for spot Solana ETFs. Currently, only two Solana futures ETFs trade in the U.S., with low volumes—around $5 million for SOLZ and $10 million for SOLT. In contrast, spot crypto ETFs have garnered billions, with bitcoin ETFs achieving unprecedented success, highlighting a growing trend in the crypto investment landscape.
ProShares to Launch XRP Futures ETFs by April 30, Boosting Spot ETF Prospects
ProShares plans to launch three XRP futures-based ETFs by April 30, including the ProShares UltraShort XRP ETF, the ProShares Ultra XRP ETF, and the ProShares Short XRP ETF, which will use futures contracts instead of holding XRP directly. This move follows the successful launch of the Teucrium 2x Long Daily XRP ETF on April 9. Crypto analytics firm Kaiko notes XRP as a top candidate for a US spot ETF, citing increased trading volumes and the introduction of leveraged funds. Prediction markets suggest a 75% chance of spot ETF approval this year, potentially attracting up to $8 billion in investments.
Bitwise Launches Ethereum Staking and Bitcoin ETPs on London Stock Exchange for Institutional Investors
On April 16, 2025, the London Stock Exchange launched four cryptocurrency-focused exchange-traded products (ETPs) from Bitwise Asset Management, including its flagship Ethereum Staking ETP, which offers daily staking rewards for institutional investors. Additionally, the offerings consist of Bitcoin Core, Physical Bitcoin, and Physical Ethereum ETPs, with the Bitcoin Core featuring a competitive 0.20% annual management charge. This strategic expansion into the UK market reflects Bitwise’s commitment to evolving digital asset investments for professional participants and demonstrates a growing synergy between traditional finance and cryptocurrencies, facilitating regulated access to these emerging markets.
VanEck's Onchain Economy ETF Secures SEC Approval, Launching May 14
VanEck has received U.S. SEC approval for its Onchain Economy ETF, set to debut on May 14, 2025, under the ticker $NODE. The fund will invest in 30 to 60 assets linked to the blockchain economy, including exchanges, miners, data centers, and companies holding cryptocurrencies in their treasuries. Digital asset exchange-traded products may represent up to 25% of the fund’s holdings, while "Digital Transformation Companies" could account for at least 80%. Matthew Sigel, Head of Digital Assets Research at VanEck, emphasized a shift towards a digital economy, asserting that NODE offers active equity exposure to businesses shaping that future. The launch comes amidst a surge in applications for blockchain-focused ETFs as investment firms seek to cater to U.S. investors following a pro-crypto regulatory environment under President Trump’s administration, which has prompted significant SEC reforms.
Huaxia Fund to Launch Asia's First Ethereum Staking ETF in May 2025
Huaxia Fund (Hong Kong) is set to launch Asia's first Ethereum staking ETF by May 15, 2025, pending approval from the Hong Kong Securities and Futures Commission (SFC). This initiative aims to enhance Hong Kong's status as a crypto hub, allowing investors to earn staking rewards without direct involvement. Collaborating with OSL Digital Securities and Kiln, the ETF reflects the SFC's new regulatory framework. Currently, Ethereum (ETH) is priced at $1,606.39, with a market cap of $193.89 billion and a trading volume of $14.61 billion. This development is expected to boost institutional interest and market competitiveness.
HashKey Capital Launches Asia's First XRP Tracker Fund in Partnership with Ripple
HashKey Capital launched Asia’s first XRP Tracker Fund on April 18, 2025, designed for professional investors looking to mirror XRP's performance. This fund, anchored by Ripple as its primary investor, simplifies access to XRP, the third-largest cryptocurrency with a market cap of approximately $121 billion. Participants can subscribe or redeem shares monthly through cash or in-kind contributions. Vivien Wong from HashKey highlighted XRP’s potential for transactions and tokenization, while Ripple’s Fiona Murray emphasized the fund's importance in delivering regulated crypto products to institutional investors. The initiative comes as anticipation grows for XRP-focused exchange-traded funds (ETFs), with Standard Chartered projecting potential inflows of $8 billion in the first year post-approval. With this fund, HashKey Capital further establishes itself in the crypto market, alongside its existing Bitcoin and Ether ETFs, reinforcing Asia’s emerging role as a leader in blockchain innovation and investment opportunities.
Canary Capital Files for SEC Approval of First U.S. Tron ETF Featuring Staking Benefits
Canary Capital has filed with the SEC to launch the first U.S. ETF based on Tron (TRX), proposing a fund that includes staking benefits for investors, aiming to enhance returns. The registration statement does not specify the exchange for trading. Canary is also pursuing approvals for ETFs focused on XRP, Solana, Sui, and Pudgy Penguins, amid a wave of applications for altcoin ETFs following the success of Bitcoin and Ethereum funds, which have attracted over $35 billion in net inflows. Currently, TRX, the ninth-largest cryptocurrency with a market cap of $23 billion, is trading at approximately $0.24, a 120% increase over the past year. Staking remains a contentious issue for crypto ETFs, with the SEC yet to approve any fund featuring this component. Market research suggests that XRP ETFs are likely to receive regulatory approval soon, given their high liquidity and recent volume increases.
This article has been refined and enhanced by ChatGPT.
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