Over 40 digital currency ETFs are awaiting regulatory clearance in the United States

Competitors are fast following suit after the introduction of the first Bitcoin ETF in the United States earlier this month.

Fund managers seem to be hurrying to meet investor demand as major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) teeter on the brink of new all-time highs. According to a Bloomberg Terminal image acquired by Bloomberg Intelligence analyst James Seyffart, more than 40 cryptocurrency exchange-traded funds, or ETFs, are now awaiting US listing.

According to the source, four have already been authorized by the Securities and Exchange Commission, with the most significant being the Ark 21Shares Bitcoin ETF, which was formed in collaboration with 21 Shares and ARK Invest.

AXS Investments submitted the most recent fund applications on Oct. 27. The AXS Bitcoin Strategy ETF and the AXS Short Bitcoin Strategy ETF are two such funds. The overwhelming majority of funds awaiting listing are interested in purchasing bitcoin directly or in its futures and derivatives. A few funds use a hybrid approach, investing a part of their assets in BTC and the remainder in US equities or blockchain companies. There are, however, three funds dedicated to replicating the performance of ETH. VanEck Ethereum Trust, Wisdomtree Ethereum Trust, and Kryptcoin Ethereum Trust are the three. Each of the three applications was submitted earlier this year and is still awaiting approval.

The SEC took eight years to legalize such financial products in the United States, but they have already achieved substantial investor interest. Earlier this month, the country’s first crypto ETF, the Proshares Bitcoin Strategy ETF, was listed. The fund’s total assets under management exceeded $2 billion at the time of publishing.

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