92 Crypto ETPs Pending SEC Approval: Solana & XRP Lead

XRP and Solana Dominate Pending Crypto ETPs: Report

The US Securities and Exchange Commission (SEC) is sitting on a large queue of cryptocurrency exchange-traded products, with 92 applications pending approval. Among these crypto ETPs, Solana and XRP are leading the charge, with multiple filings awaiting the SEC nod.

As the regulatory landscape continues to evolve, the fate of these pending applications hangs in the balance, leaving investors and market watchers eagerly anticipating the SEC's next move.

92 Crypto ETPs Await SEC Approval

According to a recent X post shared by Bloomberg analyst James Seyffart, the US SEC currently has at least 92 ETPs pending review.

Reportedly, Solana and XRP-related products emerge as the most in-demand. While SOL holds eight ETF applications, XRP is closely following with seven filings. Grayscale, 21Shares, Bitwise, and Franklin Templeton have filed for both XRP and Solana exchange-traded funds. While investor giants like VanEck, Fidelity, and Invesco Galaxy have applied for the SOL fund, Canary Capital, WisdomTree, and CoinShares are awaiting approval for the XRP products.

As of April 21, 72 crypto ETPs were awaiting the SEC’s green light. This indicates that 20 more applications have been filed afterwards, bringing the total to 92. Notably, three pending ETFs propose to offer exposure to both Bitcoin and Ether, while the majority target other altcoins. Companies like 21Shares and Grayscale are also seeking approval for their Ether staking ETFs, following the SEC's recent clarification that certain liquid staking activities don't fall under its jurisdiction.

$1.4B Loss

Interestingly, this comes on the heels of the recent $1.4 billion loss in crypto exchange-traded products. Last week, crypto ETPs experienced nearly $1.5 billion in outflows, breaking a two-week streak of $4.3 billion in inflows. This reversal coincided with a dip in Bitcoin's price from over $116,000 to $112,000, as well as a decline in Ether's value from around $4,250 to below $4,100.

21Shares Launches First Hyperliquid ETP

Adding more intrigue to the development, 21Shares has launched the Hyperliquid ETP (HYPE) on the SIX Swiss Exchange. This product offers institutional investors a secure way to gain exposure to Hyperliquid. Acknowledging HYPE’s potential, Mandy Chiu, Head of Financial Product Development, noted,

Hyperliquid is doing for decentralized derivatives what the best ETF issuers did for traditional markets – building at the infrastructure level with a long-term vision. Its growth has been nothing short of extraordinary, and the underlying economics are among the most compelling we’ve seen in the space.