Latest news with #Grayscale
Yahoo
2 days ago
- Business
- Yahoo
Why the SEC Keeps Putting Off Diversified Crypto ETFs
Another diversified crypto ETF has been moved to the back burner. Bitwise's application seeking the SEC's signoff to convert its crypto index fund to an ETF, which would offer investors exposure to a broader portfolio of digital assets including XRP and Polkadot, was delayed on Tuesday after being approved by the regulatory body's trading and markets division earlier that day. Other similar filings from Grayscale and 21Shares to launch diversified crypto ETFs have also been put on hold, the latest signs of hesitation from an agency operating in what is arguably the most crypto-friendly political environment to date. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation While the demurring showed the degree of scrutiny regulators are applying to new crypto products, it nonetheless raised some eyebrows. 'It honestly is really confusing. I don't think there's a clear reason why they've approved and then placed [Bitwise's application] on hold,' said Roxanna Islam, head of sector and industry research at VettaFi. 'It's not really a common occurrence to do that.' READ ALSO: What Coca-Cola's New Sugar-Cane Coke Means for a Sugar ETF and Faith-Based Firm Led by Bob Doll Adds First ETFs Holding Pattern The issue is less about the structure of the funds themselves than about internal regulatory disarray at the SEC, Islam said. 'There's still not a clear regulatory framework, especially for these newer types of products,' she added. 'They are trying to get some things sorted out internally before these are officially launched.' If the SEC approves both products simultaneously, it could blunt Grayscale's first-mover advantage. The two managers' crypto index ETF filings are: Bitwise's 10 Crypto Index Fund (BITW), which would hold 90% of its assets in Bitcoin and Ether, with the rest spread across other digital assets like Solana, XRP and Polkadot and rebalanced monthly. Grayscale's Digital Large Cap Fund (GDLC), which would place 80% of its assets into Bitcoin, with the rest devoted to Ether, XRP, Solana and Cardano. There are some ETFs on the market that hold Bitcoin and Ether — the Franklin Crypto Index ETF (EZPZ) and the Hashdex Nasdaq Crypto Index US ETF (NCIQ), for example — but nothing so far that holds anything else. Once pending proposals are approved, however, these issuers could launch their own multi-token indexes or add to current offerings. It's Not You, It's the SEC. Procedural rules may also be slowing things down, Islam said. 'Right now, the filing process is a little bit complex' since the agency recently updated its guidance on disclosures. 'Maybe in the future, that would be simplified.' This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter.
Yahoo
3 days ago
- Business
- Yahoo
SEC Delays Decision on Trump-Linked Truth Social Bitcoin ETF Until September
The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on whether to approve an exchange-traded fund (ETF) proposed by Truth Social, the social media platform affiliated with Donald Trump. The delay, announced Monday, gives the agency until September 18 to decide on whether to approve the Truth Social Bitcoin ETF. The fund application was submitted in June by Trump Media & Technology Group, which operates the social platform and has increasingly positioned itself as a player in the crypto market. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation Truth Social's bitcoin fund is one of several crypto ETFs caught in a broader regulatory pause under new SEC Chair Paul Atkins. Atkins' team on Monday also postponed decisions on the Grayscale Solana Trust and Canary Capital's proposed Litecoin ETF. This is the latest in a string of postponements by the SEC under newly appointed Chair Paul Atkins. The SEC typically takes the maximum amount of time — 270 days — to approve ETF applications. Behind the scenes, the agency has been in talks with fund issuers about key sticking points such as staking and the mechanics of in-kind redemptions — particularly those related to pending Solana-based ETF applications, CoinDesk previously reported. Truth Social's Bitcoin ETF comes a year and a half after the SEC, under former Chair Gary Gensler, greenlit a batch of spot bitcoin ETFs that have collectively drawn over $55 billion in investor inflows since launching in January. In its Monday filing, the SEC said it was extending the review period for the Truth Social Bitcoin ETF to 'allow sufficient time to consider the proposed rule change and the issues raised therein.' Truth Social is also pursuing additional crypto products. The company recently filed for the Truth Social Crypto Blue Chip ETF and a dual bitcoin and ethereum ETF. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Ethereum ETFs Pull In $8.7B in First Year After Almost $5B Rush in Past Two Weeks
The first wave of U.S.-listed spot Ethereum exchange-traded funds (ETFs) has racked up nearly $8.7 million in net inflows in its first year on the market, according to public data compiled since the funds launched on July 23, 2024, despite heavy outflows out of Grayscale's Ethereum Trust (ETHE). That performance, while modest compared to their bitcoin counterparts, arrives alongside a surge in investor activity and price momentum. Over the past two weeks alone, the ETFs brought in more than $4.6 billion — nearly half of their total annual inflows — coinciding with a sharp uptick in ether's (ETH) price. ETH gained 26% during the week of July 14, after rising 16% the week before, outpacing much of the broader market. It is now trading at $3,704, up 11% on the year. BlackRock's iShares Ethereum Trust (ETHA) stood out among the pack by crossing $10 billion in assets under management this week. The milestone makes ETHA the third-fastest ETF in history to reach that figure, according to Bloomberg Intelligence's Eric Balchunas. Only BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) got there faster. The spot Ethereum ETFs debuted just months after the blockbuster launch of spot bitcoin (BTC) funds, which attracted billions of dollars and renewed Wall Street's interest in crypto-based products. The Ethereum lineup includes offerings from financial giants like Fidelity, VanEck, Franklin Templeton, Grayscale, and others. The funds have now posted 15 straight days of net inflows, fueled by growing investor appetite and hopes for clearer crypto regulations in the U.S. The SEC has recently signaled openness to crypto legislation and industry engagement, prompting traders to rotate back into digital assets.
Yahoo
24-07-2025
- Business
- Yahoo
SEC Stays Bitwise Crypto ETF Launch Despite Approval
The Securities and Exchange Commission placed a stay on the Bitwise 10 Crypto Index Fund conversion to an exchange-traded fund despite approving the fund Tuesday, preventing the crypto product from launching until further notice. The stay creates uncertainty around when the second diversified crypto ETF will reach U.S. markets, with the delay mirroring actions the SEC took against Grayscale Investment Trust's Digital Large Cap Fund earlier this month. Read More: SEC Delays Grayscale Crypto ETF Launch Despite Approval The Bitwise fund tracks the Bitwise 10 Large Cap Crypto Index and holds Bitcoin at a 78.7% weighting, followed by Ethereum at 11.1%, according to Bitwise. The fund manages $1.4 billion in assets across 10 crypto holdings with a 2.5% expense ratio. Regulatory Framework Questions The SEC granted accelerated approval for the Bitwise fund to convert to an ETF trading on NYSE Arca, according to the filing. However, Assistant Secretary Sherry Haywood notified the exchange in a separate letter that the Commission will review the delegated action, automatically triggering a stay under Rule 431 of the Commission's Rules of Practice. The fund currently trades over-the-counter under the ticker BITW and has operated as a trust since November 2017, according to Bitwise. Public quotation began in December 2020 through the OTCQX market. Beyond Bitcoin and Ethereum, the fund holds smaller positions in XRP at 5%, Solana at 3% and Cardano at 0.8%, according to the fact sheet. Additional holdings include SUI at 0.4%, Chainlink at 0.3%, Avalanche at 0.3%, Litecoin at 0.2% and Polkadot at 0.2%. The approval order shows the fund must maintain at least 85% of its holdings in commodities that underlie Commission-approved exchange-traded products, with no more than 15% in other assets, according to the SEC filing. This structure mirrors requirements imposed on other crypto ETF approvals. The stay prevents trading until the SEC orders otherwise, according to the letter from Haywood. The Office of the Secretary will notify the exchange of any action taken by the agency. The delay follows a similar pattern to Grayscale's Digital Large Cap Fund, which received approval and an immediate stay earlier this month. That fund tracks the CoinDesk 5 Index and holds $774.8 million in assets under | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-07-2025
- Business
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$332 Million To Minus $85 Million: Why Are Ethereum ETFs Suddenly More Popular Than Bitcoin ETFs?
Ethereum ETFs attracted $332.18 million in net inflows on July 23, marking their fourteenth straight day of positive flows and signaling an intensifying institutional rotation from Bitcoin (CRYPTO: BTC) into Ether (CRYPTO: ETH). What Happened: BlackRock's (NASDAQ:ETHA) led the charge with a $324.63 million single-day net inflow, contributing to a cumulative $8.9 billion since launch. In contrast, Bitcoin spot ETFs posted net outflows of $85.9 million, extending a three-day streak of profit-taking. According to data from SoSoValue, Ethereum ETF net assets now stand at $19.6 billion, roughly 4.57% of the asset's market capitalization. This includes inflows from major sponsors such as Grayscale, Fidelity, VanEck, and Bitwise. Meanwhile, Bitcoin ETFs, including BlackRock's (NASDAQ:IBIT) and Fidelity's (BATS:FBTC), recorded a cumulative $54.4 billion in net inflows, but recent sessions have seen sentiment cool. Also Read: What Experts Are Saying: Marcin Kazmierczak, co-founder of RedStone, says this inflow streak into Ethereum reflects "growing confidence in Ethereum's utility beyond just a store of value." He noted over $2.1 billion in weekly inflows and a record $726 million surge on July 16, framing the shift as tactical rebalancing from Bitcoin, which recently saw 20% monthly gains, to Ethereum, which rallied over 50%. Bitfinex analysts added that Ethereum's unique yield-bearing features, particularly post-upgrade staking, are drawing attention from small-cap corporate treasuries. "This could redefine how such companies are valued," they noted, suggesting a shift toward ETH as a proxy asset. However, they warned that smaller firms may face greater risk due to volatility, regulatory uncertainty, and financial reporting challenges tied to crypto holdings. Iliya Kalchev, analyst at Nexo Dispatch, framed the ETF flows within a broader macro and market context. "Bitcoin held firm above $118,000 in a choppy session, even as momentum slowed," he said. Despite selective pullbacks, the total crypto market cap remains elevated at $3.84 trillion. "Institutional flows and macro cues are playing a bigger role in shaping sentiment," Kalchev added, pointing to the upcoming Federal Reserve meeting and White House crypto policy report as key catalysts. Ethereum dropped 4% on the day to $3,550 but maintained momentum in ETF markets. "ETH futures now account for 38% of aggregate open interest — their highest level since April 2023," Kalchev noted. He also flagged improving trade sentiment, earnings divergence in equities, and rate decisions in the U.S. and Japan as macro drivers that could impact digital asset flows in the days ahead. With institutional appetite rising and structural adoption accelerating, Ethereum's liquidity, yield mechanics, and increasing derivatives footprint appear to be cementing its status as the next major allocation after Bitcoin. Read Next: Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article $332 Million To Minus $85 Million: Why Are Ethereum ETFs Suddenly More Popular Than Bitcoin ETFs? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
