#etf

🚨 Big News for Crypto ETFs! 🚀

Major ETF issuers like 21Shares, Fidelity, Franklin Templeton, Galaxy, VanEck, and WisdomTree have filed amendments with the SEC to allow in-kind creations and redemptions for their spot Bitcoin and Ethereum ETFs. This move signals positive momentum at the SEC, according to Bloomberg’s James Seyffart. 📈

Why it matters:

• In-kind redemptions will make crypto ETFs more efficient, aligning them with other ETPs.

• Only authorized participants (like Wall Street firms) will trade ETF shares for underlying assets, but retail traders won’t see much change since these ETFs already trade efficiently.

• SEC Commissioner Hester Peirce hinted last month that in-kind redemptions are “on the horizon.”

With spot $BTC ETFs (Jan 2024) and $ETH ETFs (Jul 2024) already live, the SEC is also exploring a faster approval framework for dozens more crypto ETFs. The floodgates for crypto investment products could be opening! 🌊