The US Securities and Exchange Commission (SEC) has announced extensions on decision deadlines for three significant cryptocurrency ETFs, underscoring ongoing focus in this market segment.
Delayed SEC Decisions
The SEC has set new decision dates for the following ETFs: October 8 for the Truth Social Bitcoin and Ethereum ETFs, October 16 for 21Shares and Bitwise's Solana ETFs, and October 19 for the 21Shares Core XRP Trust. This delay is part of the agency’s standard practice regarding ETFs.
Structure and Purpose of ETFs
The Truth Social Bitcoin and Ethereum ETF, filed on June 24, is a commodity-based trust that directly holds Bitcoin (BTC) and Ether (ETH) and issues shares backed by those assets. Although branded under the Truth Social platform, it operates similarly to existing ETFs on the market. Additionally, Cboe BZX seeks approval to launch the first US spot Solana ETFs using SOL tokens to provide investors access to that asset.
Crypto ETF Market in the US
Currently, the US market counts about a dozen spot Bitcoin ETFs, several Ether ETFs, and an increasing number of applications for Solana, XRP, and other tokens. Globally, over a hundred crypto-related ETFs are already listed. BlackRock’s iShares Bitcoin Trust dominates the market with more than $87 billion in assets under management.
The SEC’s extension of decision deadlines for crypto ETFs indicates ongoing regulatory interest in this segment, while the ETF market continues to grow and evolve.
