SEC Reviews Litecoin, Solana, XRP ETF Filings Amid Crypto Shift
A flurry of new cryptocurrency exchange-traded fund (ETF) filings has hit the desks of U.S. regulators, signaling a renewed push to expand the range of digital assets accessible to mainstream investors. Asset managers like VanEck, ProShares, and others are proposing funds that would track everything from Litecoin and XRP to Solana, reflecting a growing appetite for altcoin exposure and a potential shift in the regulatory landscape.
From Onchain Economy to Litecoin: A Diverse Range of Proposals
The recent wave of filings began with VanEck's proposal for an "Onchain Economy ETF," a unique fund that, instead of holding cryptocurrencies directly, will invest in companies actively involved in the digital asset space and financial products that provide indirect exposure. This includes crypto exchanges, payment gateways, mining firms, and companies with significant crypto holdings.
Following VanEck, Canary Capital made headlines with an amended filing for a spot Litecoin ETF, accompanied by a crucial 19b-4 form submission from Nasdaq. This form is a key step in the SEC approval process, and Bloomberg analyst Eric Balchunas has predicted that a Litecoin ETF could be the next approved spot crypto fund.
Expanding the Crypto Universe: Index Funds and Debt Strategies
Adding to the mix, CoinShares Valkyrie proposed a "Digital Asset ETF" designed to track an index of the top 10 digital assets, including potential investments in Bitcoin, Ethereum, Solana, and XRP through exchange-traded products. Meanwhile, Oasis Capital filed for an "Actively-Managed Digital Asset Debt Strategy ETF," focusing on convertible bonds of companies involved in the digital asset sector.
Leveraged Bets and Inverse Plays: ProShares Targets Solana and XRP
Perhaps the most ambitious filings came from ProShares, which proposed a suite of leveraged, futures, and inverse ETFs for both Solana and XRP. These filings follow ProShares' earlier move to launch similar funds for Bitcoin and the first short Ether futures ETF. The proposed funds include an XRP futures ETF, an Ultra XRP ETF (2x leverage), a Short XRP ETF, and an Ultra Short XRP ETF (-2x leverage). Similar filings were made for Solana, encompassing a futures ETF and leveraged and inverse options.