Planned crypto ETF fleet grows after options milestone

Bitwise on Tuesday filed an S-1 for an ETF that would hold both bitcoin and ether, nearly half a year after Hashdex plotted a similar product

article-image

Bitwise Asset Management CEO Hunter Horsley | Mike Lawrence for Blockworks

share


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


First came the SEC’s approval of US spot bitcoin ETFs in January. Then, ether fund launches in July. 

In November alone, crypto-friendly Donald Trump (and a slew of segment-friendly congressional candidates) won their races for office. Options on the BTC ETFs started trading and Gary Gensler said he would step down from his SEC chair post in January. 

These events have contributed to momentum around even more crypto ETF filings, and it might not slow down anytime soon. Let’s review the latest:

Bitwise on Tuesday filed an S-1 for an ETF that would hold both bitcoin and ether. That comes nearly half a year after Hashdex plotted a similar product. And about two weeks after Bitwise revealed plans to convert its index fund (holding 10 crypto assets) to an ETF. 

Also over the past week, ETF issuer First Trust revealed its intention to launch bitcoin-focused defined-outcome (aka buffer) funds that protect against losses while capping upside.

Loading Tweet..

Around the same time as the First Trust filings, Calamos Investments filed for 14 bitcoin buffer ETFs and Innovator ETFs shared its own plans for various BTC-related offerings.

And we shouldn’t forget Grayscale’s amended ETF filing for a Bitcoin Covered Call ETF that came when options on the US spot bitcoin ETFs got final regulatory approval.

These filings are not exactly surprising. In fact, The ETF Store president Nate Geraci noted in a September X post to expect a “flurry” of new ETF plans once options trading on spot BTC funds started. He specifically predicted buffer and covered call strategies, among others.  

Fast forward, and Geraci argued Monday that bitcoin volatility is “a huge feature, not a bug in context of portfolio construction.”

“But ETF issuers will offer every strategy under the sun to try [and] minimize that vol,” he added.

Beyond the more complex planned funds that would offer differentiated exposure to bitcoin, firms continue trying to break new ground in terms of which crypto assets can be held directly in the ETF wrapper.   

Following up on Bitwise’s solana ETF plans last week, WisdomTree — a fund group with more than $100 billion assets under management — registered with the state of Delaware for an XRP fund. It appears to have joined Bitwise, 21Shares and Canary Capital in trying to launch such an ETF.

While the SEC could mull the solana and XRP ETF filings for 240 days, we may see the bitcoin ETFs that use options strategies start trading much sooner.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 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.

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.

recent research

Unlocked Advisory-min.png

Research

This report distills Blockworks Advisory’s research on incentive programs and their analysis, offering a foundation for designing future initiatives and advancing industry-wide standards. By highlighting key lessons and methodologies, we aim to empower protocols to make informed, data-driven decisions.

article-image

Will investors take a 10% lower return to get access to a regulated investment wrapper?

article-image

Brian Armstrong called out the hire of Gurbir Grewal, who had been the SEC’s enforcement division director since 2021

article-image

Certain senators will be interested to learn about Atkins’s private sector business interests, specifically those related to crypto

article-image

Innovative smart debt and collateral features are fueling Fluid’s rise to $1.2 billion TVL, reshaping the Instadapp brand

article-image

Crypto’s liquidity engine is now worth over $300 billion

article-image

Bitcoin Jesus is arguing that the Department of Justice’s tax fraud charges are “unconstitutional”