On 29 July 2025, the US Securities and Exchange Commission (SEC) approved a proposed rule change to list and trade shares of a multi-crypto asset exchange-traded product (ETP), under NYSE Arca Rule 8.201-E. This marks the first time that the SEC has approved the listing of an ETP that will invest in more than one type of crypto asset on a spot basis; until now, the SEC has only approved listing rules permitting single crypto asset ETPs to be listed. The approved multi-crypto asset ETP (the Trust) will invest in both bitcoin and ether on a spot basis.

In approving the proposed rule change, the SEC noted that it was consistent with the Securities Exchange Act of 1934 (Exchange Act) and rules and regulations thereunder applicable to national securities exchanges. Specifically, the SEC determined it was consistent with:

• Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of an exchange be designed to “prevent fraudulent and manipulative acts and practices” and “in general, to protect investors and the public interest;” and
• Section 11A(a)(1)(C)(iii) of the Exchange Act, which sets forth Congress’ finding that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities.

The SEC concluded that, for purposes of the foregoing, the Trust was substantially similar to other spot crypto ETP proposals that the SEC previously approved, including with respect to the Trust’s structure, terms of operation, trading of shares, representations of the exchange listing the shares, pricing information availability, portfolio holdings transparency, and types of surveillance procedures.

We anticipate additional rule change approvals in the near future, as exchanges have submitted similar applications on behalf of other multiple crypto asset ETPs. This approval is one more step in the US towards treatment of crypto asset ETPs in the same manner as traditional exchange traded products.