A slate of companies are releasing or planning “Bitcoin adjacent” products that skirt US regulators’ refusal to allow the largest cryptocurrency to be put in an exchange-traded fund wrapper.
It’s the only way US firms can cash in on the unrelenting clamour for digital coins, and it may stay that way for a while.
For instance, the Bitwise Crypto Industry Innovators ETF has already drawn about $45 million in assets less than a month after its launch.
Then there’s a slate of older products finding new life amid the coin craze.
“There is a high demand for a Bitcoin product that has all the features that people love about ETFs — that they trade on an exchange, that they’re liquid,” said Ross Mayfield, investment strategy analyst at Robert W.
Two days before the Invesco filing, there was an application for the Volt Bitcoin Revolution ETF, which would include companies with Bitcoin exposure.
More funds tracking the crypto industry — instead of actual Bitcoin — may debut in the coming months, as the SEC continues to voice concerns about the market.
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