Crypto ETF issuers are jumping on every opportunity, hoping to take advantage of a more crypto-friendly SEC.
This year, the U.S. Securities and Exchange Commission will have its hands full with ETF applications. On Monday, April 21, Bloomberg analyst Eric Balchunas pointed out that 72 crypto exchange-traded funds are currently waiting for approval.
The list includes altcoins, NFT tokens, memecoins, as well as a leveraged fund that bets on the Melania Trump token. The Melania 2x fund is one of ten leveraged memecoin and altcoin funds by Turtle Capital, registered in the Cayman Islands. Due to the number of these filings, Balchunas predicted a “wild year” for crypto.
“There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between. Gonna be a wild year.”
XRP leads with ETF filings
While the list of ETF filings is diverse to say the least, there are clear leaders in the space. Notably, altcoins like XRP (XRP), Solana (SOL), and Litecoin (LTC) are in the lead when it comes to the number of individual filings. Specifically, by April 15, there were 10 individual filings for XRP and five for Solana. As some of the biggest altcoins on the market, they have attracted institutional attention.
At the same time, Litecoin and Dogecoin (DOGE) were tied in third place, with three prospective issuers. Both of these tokens benefit from their decentralization, while Doge also gained mainstream attention thanks to its association with Elon Musk.
ETFs are becoming a key narrative for crypto adoption as they offer an easier way for both retail and institutional investors to gain exposure to digital assets. Instead of holding the assets directly, the fund holds underlying assets, while also having to adhere to stringent regulatory requirements over its custody.
