29th June 2025 > > Spot crypto ETFs.

tl;dr

We are on the cusp of new crypto spot ETFs being launched on a range of cryptos that will include in-kind redemptions and staking, which is all very exciting.

Market Snap

Market Wrap

The spot BTC ETFs are now on a full three-week winning streak totalling over $4.5bn worth of new investment into BTC, which is nice.

Occasional Series – Techie nonsense

I only put this here because I want it to be true. Don’t get me wrong, $200k is baked in though the timing of that milestone is the big question. However, if you are yet to be convinced of this despite your near daily dose of the CCC setting out with clarity the indisputable future trajectory of the crypto markets, don’t fall for Guncel Kripto’s snake oil.

Curious Cryptos’ Commentary – spot DOGE ETF

Bitwise has filed an amended form S-1 for a spot DOGE ETF:

https://www.sec.gov/Archives/edgar/data/2053791/000121390025058120/ea0246815-s1a1_bitwise.htm

Such amendments are always highly indicative of an ongoing and, nowadays, constructive dialogue between the ETF sponsor and the SEC. The common view is that approval will come sooner rather than later. An interesting development is that one of the amendments is to allow in-kind redemptions rather than just cash. Restricting redemptions to just cash makes the whole process of issuing and retiring ETFs less efficient and therefore less juicy for the investor. It also makes for a more complicated tax situation for investors. It was, of course, Gary Gensler, when he was Chair of the SEC, who refused to countenance in-kind redemptions for the spot BTC ETFs as a last-gasp attempt to torpedo the launch of what has proved to be the most wildly successful set of ETFS ever.

Eric Balchunas, ETF analyst for Bloomberg, notes:

“You’re not adding in kind to the Doge ETF if they didn’t say it was probably kosher. And if it’s kosher for the Doge ETF, it’s going to be kosher for Bitcoin, which is a much bigger market. It’s got to be close to 100% that we’ll see in kind creations for all of [the funds].”

Investing in cryptos via ETFs is just about to get a whole lot more attractive.

Curious Cryptos’ Commentary – spot SOL ETF

ETF provider Rex Shares has filed an updated prospectus for a spot SOL ETF. The amendments in this case focus on providing staking rewards to investors in the ETF.  It was, of course, Gary Gensler, when he was Chair of the SEC, who refused to countenance staking for the spot ETH ETFs as a last-gasp attempt to torpedo the launch of what began as a slow-burn, but is quickly picking up pace.

Eric Balchunas, ETF analyst for Bloomberg, has this to say:

So, let me get this right.

We will soon have a range of spot crypto ETFs covering a decent number of different cryptos, with in-kind redemptions, and staking allowed within the ETF itself. Allied to that, increasing numbers of wealth managers are adding the spot BTC ETFs to their internal approved list, a process that will (slowly) extend to all these other crypto ETFs.

The latter half of 2025 is starting to shape up.