Crypto ETFs filings to test an SEC likely to change

Trump’s win appears to have made ETF issuers more optimistic of potential approval across more types of funds

article-image

Bitwise CEO Hunter Horsley | DAS 2022 for Blockworks

share

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Pre-election crypto ETF filings that went beyond bitcoin and ether (focused on solana, XRP, etc.) appeared to be fund firms betting on a Trump victory and a change in SEC leadership. 

The election outcome is no longer unknown, and Trump’s win appears to have made ETF issuers more optimistic of potential approval across more types of funds.

People were thus on the lookout for more filings — ETF Store president Nate Geraci included:

Loading Tweet..

We indeed saw some fund plans this week.

Canary Capital filed on Tuesday for an ETF that would hold HBAR, the native asset of the Hedera Network. The firm had previously filed for XRP- and litecoin-focused products

Then, Bitwise revealed plans on Thursday to have its crypto index fund converted to an ETF. If the SEC allows that, it would trade on NYSE Arca. 

This came about a month after NYSE Arca sought a rule change to have the Grayscale’s Digital Large Cap Fund trade on its exchange. Hashdex in June plotted an ETF that would hold both BTC and ETH (and potentially other crypto assets as regulations evolve). 

Along with bitcoin and ether, the Bitwise 10 Crypto Index Fund’s holdings include: solana, XRP, cardano, avalanche, bitcoin cash, chainlink, uniswap and polkadot.

It makes sense for issuers to attempt new US crypto launches given the upcoming administration change. Still, we likely won’t see an SEC ruling for a while (and don’t even know yet who Trump will pick to replace SEC Chair Gary Gensler). 

ETF.com senior analyst Sumit Roy called this Bitwise/NYSE Arca filing “a major test of the new administration’s views on crypto ETFs and crypto more broadly,” noting the SEC has considered XRP a security in the past.

Roy added: “An approval would suggest that the new administration will be much more permissive when it comes to crypto, while a rejection could temper some of the enthusiasm among crypto bulls and clarify what the SEC will allow going forward.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful