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SEC flooded with filings: 92 new crypto ETFs in the pipeline

The U.S. regulator SEC currently has as many as 92 applications under review for new crypto exchange-traded products (ETPs).

By Mike Hesp
• 4 min read
SEC flooded with filings: 92 new crypto ETFs in the pipeline

The U.S. regulator SEC currently has as many as 92 applications under review for new crypto exchange-traded products (ETPs). That suggests fund managers are more interested than ever, and it keeps the tension rising over whether the market will open up to a broader set of cryptos beyond Bitcoin and Ethereum.

Solana and XRP in demand

According to Bloomberg analyst James Seyffart, these are applications for ETPs tracking several major crypto assets. Not just Bitcoin (BTC) and Ethereum (ETH) are on the list, but coins like Solana (SOL), XRP, and even Dogecoin (DOGE). Collectively, they represent a multi-hundred-billion-dollar market.

Solana leads the pack with eight applications, followed by XRP with seven. Well-known fund houses like 21Shares and Grayscale are backing part of these plans. The wave doesn’t stop there: there’s now an application for a SEI ETF, and Bitwise filed the first request for a Chainlink ETF this week.

“The number of filings is huge,” says ETF expert Nate Geraci of NovaDius Wealth Management. “It looks like the floodgates for crypto ETFs could open soon.”

BlackRock as the standout

The interest isn’t happening out of the blue. The past two years saw the two most successful ETF launches being crypto-related: the iShares Bitcoin ETF (IBIT) and the iShares Ethereum ETF (ETHA).

Data from Farside shows BlackRock, the provider of both funds, now owns more than 3% of the total Bitcoin supply. Since launch, IBIT has drawn more than $58 billion in inflows. The fund now generates more annual income than BlackRock’s flagship S&P fund IVV.

The Ethereum fund ETHA is also pulling in a lot of capital: with $13 billion in inflows, it’s on pace to overtake Coinbase as the biggest holder of Ether.

A new phase for the crypto market

If the SEC approves part of the new filings, it could usher the crypto market into a new phase. Investors would get easy access to a broader range of digital assets through the exchange, without needing to custody the coins themselves.

For now, the question remains whether the regulator will actually swing the doors open, or if the market will have to wait a bit longer.

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