Cryptocurrency
Bitcoin ETF applications: Who is filing and when the SEC may decide
The race to list the first spot-traded Bitcoin (BTC) exchange-traded fund (ETF) in the United States has seen the entrance of major financial institutions like BlackRock, Fidelity and VanEck.
While the U.S. Securities and Exchange Commission (SEC) first approved a Bitcoin-linked Futures ETF in October 2021, the current filings are for spot Bitcoin ETFs. Following Grayscale’s recent legal victory against the SEC’s review of its spot Bitcoin ETF proposal, many now believe approval of the investment funds is more likely.
The interest of BlackRock — the world’s largest asset manager with over $8 trillion worth of assets under management — prompted several other institutions to refile for a spot Bitcoin ETF.
Most of these asset managers had to either withdraw their spot Bitcoin ETF filings or face rejection due to the SEC’s reservations concerning a spot-derived ETF. Here are the key Bitcoin ETF applicants:
- BlackRock: BlackRock filed for a spot Bitcoin ETF on June 15, with Coinbase as the crypto custodian and spot market data provider and BNY Mellon as its cash custodian. The filing shocked the crypto and traditional finance world, and the firm’s CEO, Larry Fink, had previously called BTC an index for money laundering. On July 15, the SEC formally accepted BlackRock’s spot Bitcoin ETF application for review.
- WisdomTree: The New York-based asset manager first filed for a spot Bitcoin ETF in the U.S. on Dec. 8, 2021, which was rejected by the SEC in 2022. The agency claimed the ETF fell short in terms of investor protection; however, with BlackRock’s entry in the spot Bitcoin ETF race, WisdomTree refiled with the SEC on July 19.
- Valkyrie Investments: Asset management firm Valkyrie filed its first spot Bitcoin ETF application in January 2021 but faced rejection from the SEC, like many other asset managers. However, with the rejuvenated enthusiasm around a spot Bitcoin ETF, Valkyrie refiled its application on June 21. The ETF would refer to the Chicago Mercantile Exchange’s (CME) reference price for Bitcoin and trade on NYSE Arca, with Xapo as the crypto custodian.
- ARK Invest: ARK filed an application for its ARK 21Shares Bitcoin ETF in June 2021. ARK Invest has partnered with Swiss-based ETF provider 21Shares to offer the fund, and it will launch on the Chicago Board Options Exchange (Cboe) BZX Exchange under the ticker symbol ARKB if approved.
- VanEck: VanEck is one of the earliest Bitcoin ETF applicants, making its first filing in 2018. The asset manager withdrew its application in September 2019 and made a second attempt with the SEC in December 2020, with shares of the trust set to trade on the Cboe BZX Exchange. The firm filed a new application in July 2023.
- Fidelity/Wise Origin: Fidelity Investments first applied for a spot Bitcoin ETF in 2021 and refiled for its Wise Origin Bitcoin Trust on July 19, 2023. The Wise Origin Bitcoin Trust would see Fidelity Service Company serving as the administrator while Fidelity Digital Assets will act as the BTC custodian.
- Invesco Galaxy Bitcoin ETF: Invesco first filed an application for its Invesco Galaxy Bitcoin ETF jointly with Galaxy Digital on Sept. 22, 2021. The joint venture refiled its application in July. The joint Bitcoin ETF would be “physically backed” by Bitcoin, with Invesco Capital Management as the sponsor.
- Bitwise: Bitwise first filed for a spot Bitcoin ETF in October 2021, only to face rejection from the SEC. The asset manager refiled its application in August 2023.
- GlobalX: Fund manager GlobalX joined the ETF race in 2021, along with several other financial giants, when it filed for a spot Bitcoin ETF. The fund manager refiled its application in August 2023, becoming the ninth applicant. The firm named Coinbase as its surveillance-sharing partner.
In light of Grayscale’s recent legal victory and the wave of renewed applications, ETF analysts at Bloomberg have raised their expected approval chances for a spot Bitcoin ETF to 75% from 65%.
NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of ’24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w “very little wiggle room” via @NYCStein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023
As expected, the SEC has delayed its decision on all seven applicants. Analysts had predicted that the SEC may not decide on an ETF until early 2024 when the final deadlines approach (listed below).
John Glover, chief investment officer at crypto lending platform Ledn, told Cointelegraph that the ARK 21Shares “verdict slated for Jan. 10 will be the first real indicator as to whether the SEC is ready to start approving these types of applications. The final deadline is up at that point, and a decision will need to be made one way or another.”
Why has the SEC rejected spot Bitcoin ETFs in the past?
In its earlier rejection of VanEck’s spot Bitcoin ETF, the SEC claimed that the Bitcoin market is not big or mature enough to sustain ETF market demand. The commission also said the price volatility and inadequate level of trading surveillance could potentially leave the market prone to fraud and manipulation.
However, with the entrance of BlackRock, market pundits have started to believe that the chances of a spot Bitcoin ETF being approved are good.
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One of the major factors preventing a spot ETF from getting approved is the nature of the fund.
A futures ETF is based on futures contracts rather than the digital asset itself, which is an important distinction. The futures markets are already heavily regulated to prevent market manipulation, thus making it easier for the SEC to approve such ETFs.
At the heart of these spot ETF rejections is the issuer’s requirement to incorporate a “surveillance-sharing agreement” with a sufficiently large and regulated Bitcoin-related market. Such agreements are integral in ensuring that the SEC can conduct exhaustive investigations in the event of any market irregularities.
A Bitfinex Alpha analyst told Cointelegraph that one of the vital concerns behind the rejection of spot Bitcoin ETFs is the regulator’s ability to track and continuously ensure asset safety and custody. However, for that to happen, the U.S. needs more regulatory and legal infrastructure before the “SEC or other involved parties would be comfortable in allowing an ETF provider to handle it.”
“If not, then the entire purpose of an ETF (which is to circumvent dealing with digital asset wallets or crypto exchanges) is defeated. Thus, it would not be fair to say that spot Bitcoin ETFs do not propose manipulation concerns in the SEC’s eyes. The ProShares Bitcoin ETF disapproval dated back to 2018 clarifies this very point. Another concern with regard to the document’s literature was the ability of the Bitcoin market to handle the volume that would be brought in via the introduction of a spot ETF,” the analyst added.
The SEC is mainly concerned about the robustness of the trading venues. The regulator oversees futures exchanges like the CME and the Cboe, and any futures ETFs will be restricted to only trading on those regulated venues. Whereas there are no SEC-regulated spot exchanges.
However, not everyone agrees with the SEC’s assumptions about the vulnerabilities of the spot crypto ETF market. James Koutoulas, the founder of a futures-focused hedge fund Typhon, told Cointelegraph:
“I can attest that the crypto futures are far inferior to the spot in terms of tracking error. The concept that a U.S. regulator can provide adequate ‘surveillance’ against market manipulation on a global 12-figure market is delusional. So, honestly, it probably comes down to passing the buck to the CFTC rather than retaining accountability. Given the SEC has an ‘investor protection’ mandate.”
He added that by continuing to reject the simplest products like a BTC ETF, the ”SEC keeps pushing demand for crypto offshore and unregulated players. While a BTC ETF may not be perfect, it is much safer than buying BTC with Gensler’s family friend SBF [Sam Bankman-Fried] at FTX.”
Richard Gardener, CEO of tech infrastructure firm Modulus, believes futures ETFs have long been seen as more palatable for regulators and that the decision over a spot ETF is a matter of when not if.
He told Cointelegraph that a spot BTC ETF is “coming, sooner rather than later, and the heavy investment from major players like BlackRock and Fidelity signal this. As long as the major players are in the hunt, the industry is seen as viable in the long term, despite any short-term setbacks. If the SEC continues to refuse to act, politicians will be forced to act and develop their own answer to the crypto dilemma.”
Ether futures ETF have more chances of approval
While crypto enthusiasts would prefer to see spot ETFs, which would legitimize crypto as an asset class, U.S. regulators seem more likely to support futures ETFs.
Bloomberg analysts have predicted that the chances of approval for an Ether (ETH) futures-derived ETF are over 90%, with nearly a dozen institutions lined up for approval.
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Reports in financial media suggested a high possibility of the SEC approving an Ether futures-based ETF as soon as October.
This not surprising to us, we had said they would approve Ether Futures early on in race. Nice to be validated. Now what does it mean for spot? Hard to say beyond it shows that their views/policy/tolerance can change. https://t.co/JXCxNUpj2U
— Eric Balchunas (@EricBalchunas) August 17, 2023
Ken Timsit, managing director at blockchain startup accelerator Cronos Labs, told Cointelegraph that the “thesis in favor of futures is that futures would enable investors to send signals about the price evolutions expected by the market, which in turn would help to dampen the volatility of Bitcoin and Ethereum price and counterbalance the large price swings that we have seen recently.”
Doug Schwenk, CEO of Digital Asset Research, told Cointelegraph that the “near-term psychological impact would most likely give a boost to crypto markets as another proof point that regulators remain open to evolving the listed space and continued hope for the elusive spot ETF.”
In early March, a Truth Social post by President Donald Trump promoting a “Crypto Strategic Reserve” went viral in the United States.
However, within hours of its going up, the post backfired on one of Washington, D.C.’s most well-connected lobbyists, Brian Ballard.
Truth Social Post Drama
According to a report from Politico, the idea for the post came from a staff member at Ballard’s lobbying firm who had spoken to Trump several times during a weekend donor event at Mar-a-Lago. She allegedly urged the president to back the crypto industry publicly and even suggested the language he would use.
Unknown to Trump at the time, Ripple, whose native XRP token was mentioned in the message, was a client of Ballard’s firm. CEO Brad Garlinghouse has made no secret of his desire to see XRP included in a proposed digital asset reserve.
Once the President learned of the connection, he was furious. “He is not welcome in anything anymore,” Trump reportedly told White House associates later that month, referring to Ballard.
As a result, staff were allegedly quietly directed to avoid meetings with him, effectively freezing him out of the West Wing.
Since Trump’s return to power, Ballard Partners has gained 130 new customers. The firm earned $14 million in the first three months of 2025, more than three times what it made in the same period last year.
However, some people in Trump’s circle now believe the influence peddler has gone too far. According to Politico, they think he uses his past ties to the President and his team to get more clients, even though those relationships may not be as close as he claims.
“One way to get yourself in the doghouse is for the President to think you are trading on his name,” one Trump ally told the media outlet, adding that the lobbyist overstates his “importance and value.”
Ballard Denies Accusations
In a statement to the media outlet, the 65-year-old rejected the criticisms and denied that he has been sidelined. “I have never touted my relationships with people in the West Wing to try to win clients,” he noted.
Regarding the Truth Social incident, someone from his team said they never tried to trick Trump with the message. Despite this, the situation seems to have caused Ballard some trouble with his business. A few of his clients have reportedly begun seeking alternative routes to gain access to the President and his advisers.
After opening his Washington office in 2017, Ballard quickly became one of the city’s most successful lobbyists. He is a well-known figure in Trump’s world, having helped raise tens of millions of dollars for the politician’s campaigns.
He also used to represent the Trump Organization, and his firm also employed two of the President’s close allies, Susie Wiles and Pam Bondi.
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There are certain altcoin season vibes going on in the crypto market over the past weeks, as many representatives have marked notable price surges.
The trend is led by none other than the largest of them all – Ethereum, which has soared by another 8% in the past day, and trades well above $2,500.
ETH’s Roll Continues
ETH’s price plunged hard just over a month ago as it dropped to its lowest levels in over a year on April 9 at $1,400. It managed to bounce off in the following weeks but still struggled to reclaim $1,800 decisively. After the latest positive macro developments and the Pectra upgrade, its price finally started to climb hard.
On a daily scale, ETH has soared by nearly 9%, but its weekly surge is a lot more impressive – almost 40%. This has put its price tag at well above the psychological resistance of $2,500.
Many altcoins have followed suit with notable price increases as well. DOGE is in a league of its own from the larger ones, having surged by over 16% and now trading above $0.24. ADA, AVAX, LINK, SHIB, HBAR, TON, and PEPE are other impressive examples.
PI, UNI, and NEAR have also had double-digit price pumps over the past day, while LEO is among the few in the red.
The total crypto market cap has added another $70 billion and is up to $3.470 trillion on CG.
Bitcoin Back to $104K
Although BTC is still in the green on a daily scale, its increase is a lot more modest. BTC has jumped by less than 1% and trades above $104,000 after it was stopped at $105,000 earlier.
On a weekly scale, though, bitcoin has jumped by almost 9%. It finally managed to break through the $100,000 barrier this week for the first time in over three months.
However, its dominance over the alts has taken a big hit. Recall that the metric was riding high at roughly 62% just until several days ago but has dropped to under 60% as of now.
Its market cap, on the other hand, continues to increase and is up to $2.070 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
MyStonks Launches Industry-Leading On-Chain U.S. Stock-Token Marketplace with 100% Custody Backing
[PRESS RELEASE – New York, United States, May 10th, 2025]
MyStonks.org, a decentralized trading platform, announced the official launch of a fully custody-backed, on-chain U.S. stock token marketplace in the crypto industry. Cryptocurrency users can purchase U.S. stocks on MyStonks. Global asset management giant Fidelity provides custodial services for platform users, with an initial custody asset total of $50 million.
MyStonks has successfully established a complete operational cycle that links U.S. stock assets under Fidelity Custody to the Base blockchain for token minting and burning. Users can initiate purchases of Stonks100 stock tokens on MyStonks by transferring USDC or USDT from their self-custodied crypto wallets. Upon confirmation, MyStonks converts these stablecoins into USD and purchases the corresponding stock shares. These are then tokenized 1:1 into ERC-20 tokens via Base smart contracts. For example, when buying Apple shares, users receive AAPL.M tokens minted by MyStonks.org, representing the exact number of shares held. Token pricing utilizes Chainlink oracles.
If users wish to redeem their stock tokens, they can initiate a sell request for AAPL.M or other supported assets directly from their wallets. MyStonks will then convert the tokens back into stablecoins and burn the equivalent tokens in a 1:1 ratio.
To ensure the security of user assets, MyStonks has partnered with Fidelity, which provides custody services (Fidelity Custody) for platform users’ U.S. stock holdings.
According to a custodial statement dated April 29, 2025, Fidelity Custody holds over $50 million in U.S. equities ($50,473,199.00) on behalf of MyStonks Holding Limited. The initial batch of 95 tokenized equities includes major names such as AAPL, AMZN, DIS, GOOGL, META, MSFT, NFLX, and NVDA, each of which is mirrored on-chain by its respective token.
A representative from MyStonks explained that when users purchase U.S. stock tokens on the platform, the corresponding stocks are managed by Fidelity Custody, ensuring the authenticity, compliance, and auditability of assets. Through integration with Fidelity Custody’s infrastructure, MyStonks has achieved a seamless connection between on-chain tokens and off-chain stock assets.
As a trusted institution in TradFi, Fidelity plays a key role in safeguarding asset security and compliance, making it an important partner for MyStonks in the tokenization of stock trading.
Additionally, MyStonks has upgraded its on-chain trading security and user experience. When users initiate buy or sell orders, the platform executes the corresponding operations on the blockchain, including cross-chain asset management, real stock transactions, and the minting or burning of tokens. The entire process is transparent, traceable, and decentralized, enabling users to purchase U.S. stocks in a fully digital and tokenized manner.
All trading operations are governed by smart contracts to ensure immutability and auditability. A Decentralized Identity System (DID) safeguards account uniqueness and prevents fraudulent transactions. Core smart contracts have undergone security audits and are modularly designed to isolate risk. According to MyStonks.org, off-chain fund transfers require multisignature (multisig) wallet authorization to avoid single points of failure. Cross-chain asset movements are executed through audited protocols. Additional protections include a time-lock mechanism for transaction confirmation and HTTPS/HSTS enforcement for frontend encryption.
New user experience upgrades include support for on-chain limit orders, improved wallet connectivity, a refined user account dashboard, and optimized UI layouts.
“The launch of the Stonks100 tokenized U.S. stock marketplace marks an important milestone in our ongoing journey of innovation. As we continue to expand access to tokenized equities, our focus remains on offering secure, professional, and transparent trading infrastructure. We believe MyStonks users and our global community will grow alongside us as we push the boundaries of decentralized finance,” a MyStonks.org representative said.
About MyStonks.org
MyStonks.org is a decentralized crypto asset trading platform born out of a Community Takeover (CTO) effort by the Stonks community. It is an industry-leading platform to offer fully custody-backed, 1:1 tokenized U.S. equities on-chain. MyStonks aims to become the decentralized “NASDAQ” of the crypto world—supporting new token projects and reshaping the DeFi landscape for healthier market growth.
About the Stonks Community
The Stonks community draws inspiration from the GameStop ($GME) movement and the ethos of crypto resistance.
Whitepaper: https://main.mystonks.org/pc/whitepaper.html
Fidelity Custody Report:
https://main.mystonks.org/static/pdfjs/web/viewer.html?file=/static/Proof.pdf
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