New crypto ETF paperwork is landing at regulators even as the industry digests uneven demand for the biggest products. In the latest wave, multiple issuers updated or filed registrations tied to a growing list of tokens, stretching well beyond Bitcoin and Ethereum.
One of the more eye-catching moves involves a proposed spot ETF linked to Uniswap’s UNI token, with an issuer submitting a registration statement to the U.S. Securities and Exchange Commission.
Around the same time, Grayscale amended an S-1 tied to a proposed Sui-focused ETF, a step traders often read as progress in the back-and-forth that typically precedes a decision.
The filings underscore how quickly the “spot crypto ETF” concept is being generalized into a template for many large-cap and emerging assets. Grayscale also took early-stage steps toward funds tied to BNB and Hyperliquid’s HYPE by registering statutory trusts in Delaware—an administrative precursor that often comes before formal SEC submissions.
Elsewhere, Canary Capital amended paperwork tied to a proposed TRUMP-branded meme-coin ETF, a niche product that nonetheless drew attention after the token briefly popped on the update.
Separately, a Truth Social-linked entity sought SEC approval for crypto ETFs with exposure to Bitcoin, Ethereum and Cronos, adding another politically adjacent set of filings into an already crowded queue.
Big-ticket ETFs Wobble, But Options & Structure Advance
The push comes amid mixed signals in the flagship market.
Industry data has shown periods of sizable outflows from U.S. spot Bitcoin and spot Ethereum ETFs in recent sessions, suggesting risk appetite has cooled at times and capital has rotated toward other trades. Yet derivatives activity around the largest spot Bitcoin ETF has been building, with options volume and open interest pointing to persistent institutional engagement even when spot flows turn fickle.
For investors, the immediate takeaway isn’t that every proposed product will be approved—or that every token deserves an ETF wrapper. It’s that the regulatory-and-market plumbing for crypto exposure is still expanding. As more filings stack up, the next phase is likely to be defined by which assets regulators deem robust enough for mainstream packaging, and whether liquidity holds up when volatility returns.
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