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24X National Exchange filed an amended application to United States regulators to launch a securities exchange that could potentially bring 24/7 trading to cryptocurrency exchange-traded funds (ETFs), according to the Aug. 27 <a data-ct-non-breakable="null" href="https://www.sec.gov/files/rules/other/2024/34-100839.pdf" rel="noopener noreferrer nofollow" target="null" text="null">filing</a> and related <a data-ct-non-breakable="null" href="https://www.sec.gov/rules-regulations/other-commission-orders-notices-information/24x-form-1" rel="noopener noreferrer nofollow" target="null" text="null">exhibits</a>.&nbsp;
According to the filing, 24X “proposes to significantly expand trading outside of regular trading hours” for US-listed securities “by operating a national securities exchange 23 hours a day, seven days a week, 365 days a year, including holidays, subject to certain trading pauses.”
Pending the success of its application to register as a national securities exchange, “[a]ny security in the Nasdaq-100 Index, S&amp;P 500 Index, Russell 2000 Index, and the top 50 exchange-traded funds by average daily volume shall be eligible to become designated for trading on the Exchange during the 24X Market Session,” according to 24X.&nbsp;
24X declined to comment on this story, citing its pending application with US regulators.
<figure><img alt="24X Exchange files amended application that could bring 24/7 trading to crypto ETFs" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191a46b-0ea4-7c5e-b39f-60498f60dfc7">
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 Blackrock’s IBIT is among the most actively traded ETFs. Source: VettaFi
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-etfs-coming-what-you-need-know" rel="noopener noreferrer nofollow" target="null" text="null">Ethereum ETFs are coming — Here’s what you need to know</a>
Blackrock’s iShares Bitcoin Trust (IBIT) is currently among the most actively traded ETFs by daily volume, according to <a data-ct-non-breakable="null" href="https://etfdb.com/compare/volume/" rel="noopener noreferrer nofollow" target="null" text="null">data</a> from VettaFi, a fund researcher. It ranks 16th among ETFs, with 26 million shares trading hands daily, on average.&nbsp;
ProShares Bitcoin Strategy ETF (BITO), which replicates Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self" text="null">BTC</a>) performance using financial derivatives, ranks 48th, with more than 8.5 million shares trading each day, according to VettaFi. Several other funds — including Fidelity Wise Origin Bitcoin Fund (FBTC) — rank in the top 100.&nbsp;
24X’s proposal has not yet been greenlighted by the Securities and Exchange Commission (SEC). The most recent public <a data-ct-non-breakable="null" href="https://www.sec.gov/comments/10-242/10242-509515-1478562.pdf" rel="noopener noreferrer nofollow" target="null" text="null">comments</a>, filed on Aug. 31, focus on addressing issues such as navigating trading pauses and stress tests during an extended trading session.&nbsp;
In the US, spot cryptocurrency exchanges such as Coinbase operate continuously but securities exchanges — where crypto ETFs are traded — only handle trades between 9:30 am and 4:00 pm Eastern Time (ET). Advantages of ETFs over directly holding spot crypto include secure custody, robust investor protections, and easier accounting.&nbsp;
“Expanding operating hours will enhance investor participation, allowing realtime trading for both international investors and self-directed domestic retail investors, such as working parents and others whose busy schedules overlap with the core or extended market sessions,” financial technology firm DriveWealth <a data-ct-non-breakable="null" href="https://www.sec.gov/comments/10-242/10242-486471-1389614.pdf" rel="noopener noreferrer nofollow" target="null" text="null">said</a> in a July 28 comment letter in support of 24X’s application.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoiners-all-in-trump-since-bitcoin-2024-getting-risky/" rel="noopener noreferrer nofollow" target="null" text="null">Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky</a>

24X Exchange files amended application that could bring 24/7 trading to crypto ETFs

Cointelegraph

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