Crypto
crypto
Jack Morse

Crypto fans rejoice as the SEC approves ethereum ETFs

Ethereum’s officially joining the spot ETF party. 

The Securities and Exchange Commission approved eight applications for spot ethereum ETFs Thursday afternoon. The regulator still needs to approve a second set of forms, dubbed S-1 forms, before the ETFs can start trading.

The approval capped a surprising 180 by the regulator, which had before this week been viewed by crypto-industry insiders as unlikely to give the green light to these funds. Prediction markets had already flipped their outlook from negative to very, very positive as the deadline for the SEC’s decision neared.

Ethereum co-founder Joseph Lubin said shifting political winds could provide an explanation for the change of heart. On Wednesday, a bipartisan group of lawmakers in the US House passed a bill that’d make the CFTC the primary regulator responsible for crypto (as opposed to the SEC). 

The price of ether whipsawed and crypto Twitter celebrated on news of the approval.

SEC Approves Spot Ether ETF Listing, Still Needs to Approve Issuers' Filings

SEC Approves Spot Ether ETF Listing, Still Needs to Approve Issuers' Filings

The approval capped a surprising 180 by the regulator, which had before this week been viewed by crypto-industry insiders as unlikely to give the green light to these funds. Prediction markets had already flipped their outlook from negative to very, very positive as the deadline for the SEC’s decision neared.

Ethereum co-founder Joseph Lubin said shifting political winds could provide an explanation for the change of heart. On Wednesday, a bipartisan group of lawmakers in the US House passed a bill that’d make the CFTC the primary regulator responsible for crypto (as opposed to the SEC). 

The price of ether whipsawed and crypto Twitter celebrated on news of the approval.

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$1.2B
Yaël Bizouati-Kennedy

XRP ETFs have now crossed $1 billion in assets since the funds launched, according to SoSoValue, which shows total assets of $1.18 billion.

In September, the SEC approved generic listing standards, which paved the way for speedier listings and opened the floodgates for these products, and shortly after, Rex-Osprey launched the first spot XRP ETF available in the US.

Canary followed suit in November, launching an ETF trading on the Nasdaq under the ticker XRPC, which saw a record $58.5 million in trading volume on its first day. It’s the largest XRP ETF in the US, with $342 million in assets.

Grayscale, Bitwise, and Franklin Templeton also launched their own XRP ETFs in November. On December 11, 21Shares joined the XRP fund party.

It’s a noteworthy green shoot in the crypto space, as bitcoin and its ETFs have struggled, and XRP itself is down nearly 15% over the past month.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood News that he is not surprised to see this level of interest in the XRP ETFs.

“We have long held that XRP and the Ripple ecosystem present a unique investment case among crypto assets. Crossing the $1 billion mark is yet another signal of the significant vote of confidence investors have in this increasingly important asset and ecosystem,” Hanley said.

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Sage D. Young

New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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