USDWeekly Crypto ETF Frenzy: Key Filings and Delays Shaping 2025’s Market
Bitwise Launches Bitcoin Standard ETF Focusing on Firms Holding Over 1,000 BTC
Bitwise Asset Management has launched the Bitwise Bitcoin Standard Corporations ETF (OWNB), which targets companies holding over 1,000 BTC as part of their treasury strategies. This ETF, based on the Bitwise Bitcoin Standard Corporations Index, aims to provide investors with diversified exposure to firms that consider Bitcoin a strategic reserve asset, particularly in light of the US government’s significant budget deficit. The index limits individual company exposure to a maximum of 20% and applies a 1.5% weighting to firms where Bitcoin constitutes less than 33% of total assets. At launch, Strategy led the index with a 20.87% share, followed by MARA Holdings (12.12%), CleanSpark (6.26%), and Riot Platforms (6.23%). Notably, firms such as Boyaa Interactive (5.75%) and Metaplanet (5.25%) represent international participation, alongside Bitcoin mining entities like Bitfarms and Galaxy Digital, rounding out the index’s diverse portfolio.
Cboe BZX Seeks Approval to Add Staking to Fidelity’s Ethereum ETF Amid Market Decline
Cboe BZX Exchange has proposed a rule change to allow staking for Fidelity’s Ethereum ETF (FETH), as the fund faces a decline in assets under management in line with the broader crypto market downturn. The 19b-4 form, submitted to the U.S. Securities and Exchange Commission, aims to amend the Fidelity Ethereum Fund to permit staking of ether held by the Trust. Currently the third largest ether ETF in the market, FETH’s value is shrinking due to falling ether prices. If approved, the rule change would enable the fund to stake all or a portion of the Trust’s ether through trusted providers, treating rewards from staking as income. Staking was excluded from prior approvals for spot Ethereum ETFs by the SEC last July, which allowed firms like BlackRock and Grayscale to launch ETH-based funds, following the earlier launch of spot Bitcoin ETFs in January.
VanEck Seeks SEC Approval for First U.S. Avalanche ETF
VanEck has filed for the "VanEck Avalanche ETF," aiming to become the first U.S. exchange-traded fund tracking the price of AVAX, the native token of the Avalanche network. The registration was submitted in Delaware, marking a significant step as the firm seeks approval from the SEC. The Trust intends to reflect the performance of AVAX, minus operational expenses. This filing comes amidst broader efforts by various firms to obtain SEC approval for multiple crypto ETFs, including those tracking SOL, XRP, DOGE, and LTC. Recent regulatory shifts indicate a more favorable environment for crypto assets, as the SEC approved spot Bitcoin ETFs in January 2024 and Ethereum ETFs in July. Analysts note that the agency has adopted a more amicable stance toward the industry, having rescinded controversial crypto accounting guidelines and ceased enforcement actions against major players. This evolving landscape may facilitate future approvals for additional crypto funds.
Franklin Templeton Files for XRP & Solana ETFs Amid SEC Delays
Franklin Templeton, a $1.5 trillion asset manager, filed for an XRP ETF with Coinbase Custody Trust as the custodian, alongside an application for a Solana ETF through Cboe BZX Exchange. The SEC has delayed decisions on multiple crypto ETFs, including XRP, Solana, Litecoin, and Dogecoin, requiring more review time. XRP ETF approval could boost demand and market value, despite ongoing legal issues surrounding Ripple, with a response deadline of April 16, 2025. The Solana ETF filing is part of a growing trend of altcoin ETFs following Bitcoin and Ethereum approvals. Bloomberg analysts estimate a 70% approval chance for Solana ETFs and 65% for XRP. Solana's price increased by 2.5% to $125.84 following the filing. The SEC's eventual decision will shape the crypto ETF landscape, with Franklin Templeton's involvement signaling growing institutional interest in alternative digital assets beyond Bitcoin and Ethereum.
SEC Delays Grayscale XRP ETF Decision; Franklin Templeton Joins Approval Race Amid 64 Altcoin Filings
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale's spot XRP ETF, with the next deadline set for May 21. The SEC's review process, which can extend up to 240 days, initially began in January. In a competitive move, Franklin Templeton has submitted its own XRP ETF proposal, aiming to offer exposure to XRP’s spot price, with assets custodied by Coinbase Custody. These ETF shares would be traded on the Cboe BZX Exchange. This comes amid an increasing number of asset managers—including Bitwise, 21Shares, and WisdomTree—seeking XRP ETF approval, marking the 64th altcoin ETF filing awaiting SEC review, according to analyst Eric Balchunas. The ETF approval process requires coordination between asset managers and exchanges, with the SEC empowered to extend its evaluation period significantly before arriving at a final decision.
SEC Acknowledges Grayscale's HBAR Trust ETF Proposal, Boosting Institutional Interest in Hedera
The SEC has acknowledged Nasdaq’s proposal for the Grayscale Hedera Trust ETF, marking a significant milestone for regulated investment in HBAR, Hedera's native token. The trust offers exposure through a commodity-based structure that directly holds HBAR, although shares cannot be redeemed directly, potentially leading to price discrepancies in the market. BNY Mellon will manage the trust’s administration and compliance, while Coinbase Custody will handle asset custody. The development has spurred positive market sentiment, with HBAR's price increasing over 7% within 24 hours of the announcement. This acknowledgment follows a cautious SEC approach, with ongoing reviews of other crypto-focused ETFs, including Grayscale’s XRP ETF. The favorable regulatory environment under the current administration signals potential momentum for institutional investments in HBAR, which could significantly impact the token's long-term performance if the trust gains full approval.
REX Shares and Osprey Funds File for MOVE ETF to Track New Cryptocurrency
REX Shares and Osprey Funds have filed to launch the REX-Osprey MOVE ETF, which aims to track the recently launched MOVE cryptocurrency, introduced on December 9, 2024. This ETF is designed to offer at least 80% exposure to MOVE, allowing both institutional and retail investors to invest without dealing with the complexities of crypto ownership. Set to launch on May 21, 2025, pending regulatory approval, the ETF responds to the increasing demand for crypto investment products, particularly as major firms like BlackRock and Fidelity enter the market. Although the MOVE token gained initial attention for its practical use cases and blockchain technology, its price has recently declined by 3.16%, highlighting the volatile nature of the crypto market despite the growing adoption of financial products like ETFs. Overall, this initiative signifies a trend towards combining traditional finance with digital assets, though its impact on market stability remains uncertain.
REX Launches Bitcoin Corporate Treasury Convertible Bond ETF, Aims to Expand Retail Investor Access
On March 14, 2025, REX Shares launched the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) on Nasdaq, aimed at providing retail investors access to convertible bonds from U.S. companies, primarily from Strategy (formerly MicroStrategy), which holds a significant amount of Bitcoin. The ETF debuted with $24.8 million in assets, heavily concentrating 81% of its portfolio in Strategy's convertible notes, while also including debt from Bitcoin miners Marathon Digital and Riot Platforms. This fund, described by REX Financial CEO Greg King as a solution to accessibility issues for individual investors, is actively managed and can invest up to 20% in equities linked to Bitcoin treasury reserve strategies. Additionally, REX has ventured into meme coins and has submitted proposals for several spot crypto ETFs, including plans for an ETF tracking President Trump’s meme coin and other crypto assets.
BlackRock Poised to Enter Solana and XRP ETF: Nate Geraci
BlackRock, the largest asset manager globally, is anticipated to enter the Solana and XRP ETF market, as posited by Nate Geraci of The ETF Store. He predicts a Solana ETF filing "any day" and an XRP ETF likely post the resolution of Ripple's SEC legal battles. Despite BlackRock's previous declarations against expanding beyond Bitcoin and Ether ETFs, competition pressure may shift this stance. Currently, nine firms, including Franklin Templeton and Bitwise, have applied for XRP ETFs, following the backdrop of legal victories and ongoing regulatory scrutiny. The SEC has also acknowledged Solana ETF applications, with various firms like VanEck and 21Shares participating. Polymarkets suggests a 52% probability for Solana ETF approval by July 31, 2025, while XRP's chances are estimated at 36%. The evolving landscape indicates potential ETF approvals in 2025, possibly reshaping the cryptocurrency investment landscape.
21Shares to Liquidate Bitcoin and Ethereum Futures ETFs by March 2025
21Shares US LLC is set to liquidate two exchange-traded funds (ETFs) focused on Bitcoin and Ethereum futures: the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (Cboe BZX: ARKY) and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF (Cboe BZX: ARKC) by March 2025. Shareholders can sell their holdings until the end of the trading day on March 27, 2025, with liquidation anticipated around March 28, 2025. Those holding shares until the liquidation will receive a distribution reflecting their proportional equity in the funds, which may yield a capital gain or loss based on the net asset value. This decision stems from a routine evaluation of 21Shares’ product lineup to adapt to market trends and customer needs. Despite this liquidation, 21Shares and ARK Invest remain dedicated to developing regulated cryptocurrency products in the U.S. market, indicating ongoing commitment to the digital asset ecosystem.
This article has been refined and enhanced by ChatGPT.
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