Crypto Funds Weekly Recap: ETH Options, XRP ETF, SUI Bets Rise

Van Thanh Le

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Apr 12 2025

3 days ago5 minutes read

Robot hops across SUI tokens to stake on ETF [SUI]

SEC Approves Options Trading on Spot Ethereum ETFs

The SEC approved options trading on spot Ethereum ETFs, including offerings from BlackRock, Bitwise, and Grayscale, marking a significant regulatory milestone. Following this announcement, Ethereum's price rebounded sharply from a low of $1,400, peaking at $1,687 before stabilizing above $1,550, indicating renewed market confidence. The approval allows investors to speculate on price movements and hedge against volatility without directly trading Ethereum. Analysts, such as James Seyffart from Bloomberg, noted that this development was anticipated, while Nate Geraci of ETF Store signaled potential future innovations like covered-call strategies and buffered ETFs. Additionally, discussions are underway regarding the SEC's potential approval for Ethereum staking within ETFs, which could enhance yields. With regulatory deadlines approaching in May, August, and October, the evolving relationship between traditional finance and digital assets is becoming increasingly complex and dynamic.

Teucrium Launches 2x Leveraged XRP ETF Following SEC Case Drop Against Ripple

Teucrium Investment Advisors is launching a 2x leveraged XRP ETF, named the Teucrium 2x Long Daily XRP ETF, trading under the ticker XXRP, starting Tuesday. This new fund aims to deliver twice the daily performance of XRP, which is currently valued at approximately $111 billion, with an expense ratio of 1.85%. The launch follows the U.S. Securities and Exchange Commission's (SEC) decision to drop its case against Ripple Labs, a significant development occurring during Donald Trump's administration, known for its reduced regulatory oversight in the crypto sector. Although the ETF currently does not include XRP futures, Teucrium’s filing indicates potential future offerings tied to XRP may be considered. Sal Gilbertie, Teucrium’s CEO, noted the strong investor interest in XRP amidst a market downturn and emphasized that launching during such times could attract more investors.

Cboe to Launch FTSE Bitcoin Index Futures on April 28 Pending Approval

Cboe is set to launch FTSE Bitcoin Index futures on April 28, 2025, pending regulatory approval. This new cash-settled product is linked to VanEck’s XBTF ETF and represents one-tenth of the FTSE Bitcoin Index's value, with monthly settlements on the last business day. This launch marks the first collaboration between Cboe and FTSE Russell, following the introduction of their Bitcoin US ETF Index Options. Catherine Clay, Cboe's global head of derivatives, emphasized the growing demand for capital-efficient crypto exposure as a driving factor for this launch. Cboe, a significant player established in 1973, has a history of Bitcoin product innovations, having first introduced futures contracts in December 2017. The relevance of Bitcoin futures remains strong in the market, ongoing product development continues, as evidenced by Coinbase's plans for 24/7 Bitcoin and Ether futures trading. Other exchanges are also expanding their crypto futures offerings.

Canary Capital Seeks SEC Approval for First SUI ETF Featuring Staking Rewards

Canary Capital is seeking SEC approval for the Canary SUI ETF, aiming to be the first exchange-traded fund focused on the SUI digital asset, which has a fully diluted market cap exceeding $22.5 billion. The proposed ETF will stake portions of its holdings through trusted providers, enabling the fund to earn staking rewards that may be considered income. The Cboe BZX Exchange has submitted a proposal under a 19b-4 filing to list the ETF, which would track the spot prices of SUI, currently the 21st largest crypto asset with a market cap of approximately $6.7 billion. This initiative follows the SEC's prior approvals of spot Bitcoin and Ethereum ETFs, with Canary Capital also planning a range of crypto ETFs linked to assets like Litecoin and XRP. Additionally, Canary’s Litecoin ETF is already listed with the Depository Trust and Clearing Corporation (DTCC) under the ticker LTCC.

21Shares Launches First Regulated Dogecoin ETP on SIX Swiss Exchange

21Shares is set to launch the first fully backed Dogecoin ETP on the SIX Swiss Exchange, under the ticker DOGE, in collaboration with the Dogecoin Foundation. This initiative marks a notable institutional endorsement for Dogecoin, originally a meme coin, now widely adopted for micropayments and everyday transactions. Each unit of the ETP will be 100% physically backed by Dogecoin holdings and will charge a management fee of 2.5%. The move aims to provide regulated access for institutions to engage with the Dogecoin ecosystem, promoting the “Dogecoin is Money” vision. Currently, Dogecoin is trading at $0.1535, following a 14.6% monthly pullback, maintaining a solid market cap of over $21.7 billion. The listing expands on recent Trends, including Valour’s Dogecoin ETP launch in Sweden, reflecting heightened demand largely spurred by interest from figures like Elon Musk.

Cboe Files for First US SUI ETF as Altcoin Fund Interest Grows

On April 8, 2025, Cboe Exchange filed a 19b-4 application with the SEC for the Canary Capital Sui ETF, marking the first attempt to launch a SUI ETF in the US. The SEC has 45 days to review the proposal, and there's optimism among investors as numerous altcoin ETF applications await approval. The SUI ETF will track the SUI token's performance through the Coindesk SUI USD CCIX 60 Min NY Rate, with potential staking of token holdings to generate income for the Trust. Despite a significant 55% drop in SUI's value this year, interest in the altcoin remains high. Canary Capital is not alone; it has also filed for ETFs on several other altcoins like Litecoin, XRP, and Solana. Additionally, the newly launched Teucrium XXRP 2x XRP ETF saw over $5 million in trading volume on its first day, highlighting ongoing investor engagement despite current market challenges.

VanEck Files to Launch Avalanche ETF on Nasdaq for Indirect AVAX Exposure

VanEck has submitted a 19b-4 application to the Nasdaq for the VanEck Avalanche ETF, which aims to offer investors indirect exposure to Avalanche (AVAX) without the need for crypto wallets or exchanges. This move represents a significant advancement in merging cryptocurrency with traditional financial markets, allowing a wider range of investors to access the cryptocurrency sector. The ETF is designed to facilitate investment in AVAX, catering to those interested in the potential growth of this digital asset without the complexities of direct cryptocurrency handling. This filing underscores increasing institutional interest in cryptocurrency investments.

HashKey Gains Hong Kong Approval to Offer ETH Staking Services for Spot ETFs

HashKey, a cryptocurrency exchange, has received approval from Hong Kong's Securities and Futures Commission (SFC) to offer crypto staking services, becoming one of the first regulated exchanges in the region. Approved on April 10, this move allows HashKey to provide ETH staking for spot exchange-traded funds (ETFs), enhancing institutional interest in proof-of-stake investments. The SFC's guidance, influenced by the China Securities Regulatory Commission's recognition of staking's benefits, positions Hong Kong ahead in enabling passive yields on digital assets, unlike the U.S., where staking with Ether ETFs is currently not allowed. Potential U.S. approvals may emerge as soon as May.

This article has been refined and enhanced by ChatGPT.