Crypto ETF Applications Double Post Gensler’s Resignation, Doge and Trump ETFs Emerge

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Sujha Sundararajan

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Crypto ETFs double

Crypto-based exchange-traded fund (ETF) applications have reportedly doubled after former SEC Chair Gary Gensler’s resignation this week.

According to Bloomberg analyst Eric Balchunas, 33 crypto asset ETFs have been submitted to the US SEC currently.

“The list doubled since Gensler left the building on Friday. Won’t be surprised if it hits 50 within a week or two,” he wrote on X.

The list of crypto ETFs filed with the regulator does not include only Bitcoin and Ether products. Asset managers have filed Solana, Litecoin, Doge and even a Trump exchange-traded fund.

Balchunas wrote “it’s getting crazy,” adding that the bulk of the money will still be in and “go to spot Bitcoin ETFs” even if all of the crypto ETFs filed gets approved.

He compared the crypto tokens to that of commodities, where “gold dominates, silver does ok but then there’s fringe stuff like palladium, corn, wheat, coffee, cocoa, live cattle.”

“The market picks the winners and losers and it generally favors the more mainstream stuff. I see something similar playing out here.”

The crypto ETF filings come barely 24 hours after Trump’s inaugural ceremony and his appointment of the new SEC Commissioner Mark Uyeda.

REX Shares Files Trump, Bonk, Doge ETFs

Investment holding firm REX Shares has filed a slew of new crypto ETFs. The products will track the recently launched Trump memecoin, Bonk and Dogecoin.

Dubbed TRUMP ETF, the product will be the first of its kind for investors, offering exposure to the price of the new memecoin. Per the filing, it will invest 80% of its net assets in the TRUMP meme coin. It would also invest in the shares of other cryptos, including non-US crypto ETFs.

However, according to JPMorgan, the next wave of crypto exchange-traded funds could see weaker demand.

“We don’t see a next wave of cryptocurrency [exchange-traded product] launches as being meaningful for the crypto ecosystem given much smaller market capitalisation of other tokens and far lower investor interest,” JPMorgan analyst Kenneth Worthington wrote in a note last week.

Notably, spot Bitcoin ETFs, led by BlackRock’s iShares Bitcoin Trust, outperformed last year, making “the greatest launch in ETF history.”

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