Over 40 Digital Currencies Are Pending, Waiting For US Stock Exchange Commission Approval

JAKARTA- Fund managers appear to be scrambling to match demand from investors as major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) teeter around record price levels.

According to a screenshot of the Bloomberg Terminal taken by Bloomberg Intelligence analyst James Seyffart, more than 40 cryptocurrency exchange-traded funds, or ETFs, are now awaiting listing in the United States.

The source points out that four have been approved by the Securities Exchange Commission, the most famous of which is the 21Shares Bitcoin Ark ETF, created in a joint effort by 21 Stocks and ARK Invest.

The latest funding application came from AXS Investments on 27 October. They are the AXS Bitcoin Strategy ETF and the AXS Short Bitcoin Strategy ETF. Most of the pending funds on the list seek to buy BTC directly, or futures and derivatives.

Some funds operate on a mixed strategy, but only place part of their assets in BTC while spreading the rest in US-based equities or blockchain stocks. However, there are also three funds that focus on matching the performance of ETH. They are VanEck Ethereum Trust, Wisdomtree Ethereum Trust, and Kryptcoin Ethereum Trust. All three were submitted earlier this year and are currently awaiting approval.

It took the SEC eight years to certify such financial products in the US, and they have already gained significant popularity among investors. Earlier this month, the Proshares Bitcoin Strategy ETF became the first crypto ETF to be listed in the country. At the time of publication, the total assets of the fund under management had exceeded USD 2 billion.