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Crypto ETFs to Surge in U.S. as SEC Eases Approval Rules

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Asset managers are rushing to launch cryptocurrency exchange-traded funds (ETFs) in the United States after regulators streamlined the approval process, potentially ushering in a wave of new products tied to digital assets.

The U.S. Securities and Exchange Commission (SEC) announced updated standards for ETFs last week, a move expected to encourage demand for funds linked not just to bitcoin and ethereum but also to cryptocurrencies such as solana, XRP, and even dogecoin.

Bitcoin and ethereum ETFs were launched in 2024 under stricter rules, but the new standards lower barriers for issuers. Currently, 21 ETFs in the U.S. hold bitcoin, ethereum, or both, with dozens of new filings pending for funds tied to other coins. Analysts expect the first products under the new rules—likely ETFs tied to solana and XRP—to launch in early October.

“We’ve got about a dozen filings with the SEC now, and more coming,” said Steven McClurg, founder of Canary Capital Group. “We’re all getting ready for a wave of launches.”

The SEC’s changes eliminate the need for case-by-case reviews of each ETF application. Instead, any fund meeting preset standards can move forward automatically. Approval timelines are expected to shrink to 75 days or less, compared with up to 270 days previously.

Industry insiders say the fourth quarter of 2025 could be a breakout period for crypto ETF issuers. Grayscale Investments has already converted its private fund into a public ETF, the Grayscale CoinDesk Crypto 5, holding bitcoin, ethereum, XRP, solana, and cardano.

To qualify for approval, ETFs must meet at least one of three main criteria: the underlying cryptocurrency must either trade on a regulated market, have U.S. Commodity Futures Trading Commission-regulated futures contracts with at least six months of trading history, or already be tied to another ETF with at least 40% direct exposure to the coin.

However, questions remain about investor appetite for funds tied to lesser-known tokens. “There will be a flood of tokens that many folks have never heard of, and instead of years as with bitcoin, there will be weeks or months to provide that education,” said Kyle DaCruz of asset manager VanEck.

Pattern valued at $2.4B as shares dip in Nasdaq debut

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E-commerce accelerator Pattern Group made its Nasdaq debut on Friday with a valuation of $2.38 billion, though its shares slipped 3.6% in early trading, closing at $13.50 versus the $14 offer price. The performance bucks the recent trend of strong first-day rallies for tech IPOs.

Pattern and existing shareholders raised $300 million by selling 21.4 million shares, priced within the marketed range of $13–$15. The Utah-based firm joins a wave of high-profile listings—such as Klarna and blockchain lender Figure—that have helped restore investor confidence in the U.S. IPO market after months of volatility tied to trade and tariff concerns.

Founded in 2013 as iServe by David Wright and Melanie Alder, Pattern positions itself as an “e-commerce accelerator.” It buys inventory directly from brands and resells it on platforms including Amazon, Target, Walmart, and eBay, using AI-driven tools and global marketplace expertise to optimize sales.

Analysts caution, however, that Pattern’s heavy dependence on Amazon leaves it vulnerable to changes in fee structures or marketplace policies. Trade policy shifts, such as the removal of the de-minimis import exemption, could also raise costs for cross-border sellers and complicate growth strategies.

IPO experts said the mixed debut reflects a selective investor environment, where companies with strong fundamentals and clearer risk profiles are being rewarded, while others face tougher scrutiny amid persistent inflation and labor market concerns.

Netskope raises $908.2 million in U.S. IPO, valued at $7.26 billion

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Cloud cybersecurity firm Netskope raised $908.2 million in its U.S. initial public offering, the company said on Wednesday. The Santa Clara-based firm sold about 47.8 million shares at $19 each, pricing at the top of its target range of $17 to $19 per share.

The IPO gives Netskope a valuation of $7.26 billion, slightly below the $7.5 billion it reached in a 2021 funding round led by ICONIQ. Investor demand for new listings has surged in recent weeks, following a string of strong debuts that helped ease earlier concerns tied to President Donald Trump’s tariffs, which had delayed several offerings earlier this year.

A wave of companies—from crypto platforms and fintechs to biotechs and coffee chains—has hit the market since Labor Day, signaling renewed appetite for IPOs. Earlier Wednesday, StubHub (STUB.N) also began trading on the NYSE in a closely watched consumer-focused debut.

Founded in 2012, Netskope develops cloud-based cybersecurity software that protects apps, websites, and data against digital threats. Cybersecurity has become a core budget item for global enterprises as attacks grow in frequency and sophistication.

Netskope reported revenue of $328 million in the six months ending July 31, up from $251 million a year earlier, while narrowing its net loss to $170 million from $207 million.

Morgan Stanley and J.P. Morgan led the offering, with Netskope set to trade on the Nasdaq under the ticker “NTSK.”