Fund managers seem to be struggling to meet investor demand as big cryptocurrencies like Bitcoin (BTC) and Ether (ETH) hover around record highs. More than 40 crypto-exchanged funds, or ETFs, are currently awaiting listing in the United States, according to screenshots from the Bloomberg Terminal captured by Bloomberg Intelligence analyst James Seyfarth.
The source noted that four have already been approved by the Securities and Exchange Commission, most notably the Bitcoin ETF Ark 21Shares, which was jointly created with 21 Shares and ARK Invest.
The latest request for funds from AXS Investments was received on October 27. This is the AXS ETF for Bitcoin strategy and ETF for the AXS Bitcoin short strategy. The vast majority of outstanding funds seek to buy BTC outright or its futures and derivatives contracts. Some funds operate according to a hybrid strategy, investing only part of their assets in BTC, and investing the rest in US stocks or blockchain stocks. However, there are also three funds that focus on measuring the performance of ETH. These are the VanEck Ethereum Trust, Wisdomtree Ethereum Trust, and Kryptcoin Ethereum Trust. All three applications were submitted earlier this year and are now awaiting approval.
It took eight years for the Securities and Exchange Commission to approve such financial products in the United States, and they have already gained huge popularity among investors. Earlier this month, Proshare’s Bitcoin Strategy ETF became the first cryptocurrency ETF to be listed in the country. At press time, the total assets of the managed fund have exceeded $2 billion.