Fund managers seem to be struggling to match investor demand like major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) teeter around record price levels. According to a screenshot from Bloomberg Terminal taken By Bloomberg Intelligence analyst James Seyffart, more than 40 exchange-traded cryptocurrency funds, or ETFs, are now waiting to be listed in the US.
The source indicated that four have already been approved by the Securities Exchange Commission, or SEC. The most notable of which is the Bitcoin Ark 21Shares ETF, created in a joint effort of 21 Shares and ARK Invest.
The latest requests for funds came from AXS Investments on October 27. They are the AXS Bitcoin Strategy ETF and the AXS Short Bitcoin Strategy ETF, respectively. The vast majority of pending trading funds seek to buy BTC directly or its futures and derivatives. Some funds operate on a mixed strategy, only placing a portion of their assets in BTC while deploying the remainder in US-based stocks or blockchain stocks. However, there are also three funds that focus on matching ETH's performance. They are VanEck Ethereum Trust, Wisdomtree Ethereum Trust, and Kryptcoin Ethereum Trust. All three were submitted earlier this year and are currently awaiting approval.
The SEC took eight years to authorize such financial products in the US, and they have already gained significant popularity between investors. Earlier this month, the Proshares Bitcoin Strategy ETF became the first crypto ETF to list in the country. At the time of publication, the fund's total assets under management have been overcome $ 2 billion.
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