Beyond Bitcoin: the race for crypto ETFs and how other digital assets are following

The once-fringe world of cryptocurrency has seen a surge of legitimacy in recent years with a significant milestone being the advent of exchange-traded funds (ETFs) tied to digital assets being allowed to be issued in 2024. Indeed, time and time again at the Goldman Sachs Digital Asset conference in London in June institutions spoke of how significant the creation of Bitcoin ETFs has been. Many spoke that since this happened, US regulators appear to be looking at crypto in a slightly more positive manner. Although ProShares had launched the first US Bitcoin futures ETF in October 2021, the SEC has only approved spot Bitcoin ETFs this year. And, according to Bloomberg, leading up to the beginning of June, Bitcoin ETFs accounted for 26% of BlackRock’s and 56% of Fidelity’s new funds, thus highlighting the importance of these ETFs for such sizable asset management firms.

This journey, however, has not been straightforward. Whilst acknowledging the potential of these ETFs, regulators have …