New ETF Filings Hint at Broader Crypto Product Boom Ahead
- August 25, 2025
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Investment firms have started flooding regulators with applications for sophisticated crypto exchange-traded funds, pivoting from basic spot products to leveraged and actively managed strategies for broader institutional crypto exposure.
Bloomberg ETF analyst Eric Balchunas pointed to the trend, tweeting Sunday, "New filings from 21Shares for an active crypto ETF (something I think we'll see a ton of in the next 12 months) and a 2x Doge and 2x Sui."
Invest in Gold
The filings show how issuers are trying to stay one step ahead of regulators while preparing for an October window that could see multiple approvals land at once.
Multiple issuers also updated XRP ETF applications, which are “almost certainly due to feedback from SEC. Good sign, but also mostly expected," Bloomberg's James Seyffart tweeted Saturday.
Industry experts widely agree with Balchunas's assessment of the coming wave.
Charmaine Tam, head of OTC sales and trading at Hex Trust, told Decrypt that the approval of spot Bitcoin and Ethereum ETFs has “created regulatory precedent, giving issuers confidence to pursue more sophisticated offerings.”
"Active ETFs are a logical next step" for professional management, while "leveraged products serve clients seeking more aggressive exposure,” she said.
Bridget Nichols, chief commercial officer at Monochrome, told Decrypt that Balchunas “generally has his finger on the pulse of USA ETF and regulatory developments” and that his outlook “rings true in a fast-moving digital assets landscape.”
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She explained actively managed crypto ETFs face the same issues as their traditional counterparts, noting “taking directional bets is a clear win/lose strategy,” and with Bitcoin’s volatility, passive funds often perform better over time.
“Passive ETFs generally perform better over most time horizons,” Nichols said, adding Bitcoin in particular has “a track record of being very hard to outperform.”
Any edge in crypto markets is "extremely rare," she noted, typically stemming from early token investments that prove “unsustainable.”
ETFs all round
Recent reports revealed JPMorgan is exploring offering clients financing against crypto ETFs, which Tam called "a profound sign of mainstream acceptance" that introduces new capital efficiency for institutions.
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Yet delays continue across multiple fronts, with the SEC pushing back decisions on Trump Media's Bitcoin-Ethereum ETF until October 8, while extending deadlines for spot XRP funds from Grayscale, CoinShares, Canary Capital, Bitwise, and 21Shares.