SEC delays decision on event ETFs, including Bitcoin price funds

Crypto investors may soon see a new type of ETF, one built around yes-or-no event contracts rather than spot assets. The SEC is still reviewing more than 24 filings from Roundhill, Bitwise, and GraniteShares, including Bitwise products tied to Bitcoin reaching $100,000 and Ethereum reaching $3,500 in 2026.

The filings were submitted in February, but the SEC has not allowed them to take effect under the usual 75-day window. Instead, the agency is taking more time to assess how these funds would work, how they should be valued, and whether retail disclosures are enough for products with binary payouts.

These ETFs would hold event contracts directly or use swaps linked to them. A contract pays $1 if the event happens and $0 if it does not, so a wrong call can erase most or all of a fund's value. Roundhill's election filings also describe an early decision process: if a contract trades above $0.995 or below $0.005 for five straight trading days, the fund may treat the outcome as decided and roll into the next cycle before formal settlement.

The SEC is reviewing the ETF structure itself, while the CFTC oversees the underlying event contracts. If approved, event-based ETFs could bring prediction market exposure into standard brokerage accounts and retirement portfolios.