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08/29/2024

24X Exchange Files Amendment That Could Bring 24/7 Trading to Crypto ETFs

For the first time, crypto ETF shares may be traded after hours in the U.S. 24X National Exchange has filed an amendment with U.S. regulators to establish a stock exchange capable of bringing 24/7 trading to crypto ETFs, according to filings and related documents dated August 27. According to the filing, 24X "proposes to significantly expand trading outside of standard trading hours" for U.S.-listed securities "by operating a national securities excha

24X Exchange Files Amendment That Could Bring 24/7 Trading to Crypto ETFs

For the first time, crypto ETF shares may be traded after hours in the U.S.

24X National Exchange has filed an amendment with U.S. regulators to establish a stock exchange capable of bringing 24/7 trading to crypto ETFs, according to filings and related documents dated August 27.

According to the filing, 24X "proposes to significantly expand trading outside of standard trading hours" for U.S.-listed securities "by operating a national securities exchange 23 hours a day, seven days a week, 365 days a year, including holidays, with certain trading halt periods."

If its application to become a national securities exchange is approved, "[a]ny security in the Nasdaq-100 Index, S&P 500 Index, Russell 2000 Index, and the top 50 ETFs by average daily trading volume will be eligible for designation to trade in the 24X Market Session," according to 24X.

24X declined to comment on this story, citing its pending filing with U.S. regulators.

BlackRock's IBIT is one of the most actively traded ETFs. Source: VettaFi

Related: Ethereum ETFs Are About to Launch — Here's What You Need to Know

BlackRock's iShares Bitcoin Trust (IBIT) is currently one of the most actively traded ETFs by daily volume, according to data from VettaFi, a fund research firm. It ranks 16th among all ETFs, with an average of 26 million shares traded daily.

The ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin's performance using derivatives, ranks 48th, with more than 8.5 million shares traded per day, according to VettaFi. Several other funds — including the Fidelity Wise Origin Bitcoin Fund (FBTC) — rank in the top 100.

24X's proposal has not yet been approved by the Securities and Exchange Commission (SEC). Recent public comments, submitted on August 31, focused on addressing issues such as managing trading halt periods and stress testing during extended trading sessions.

In the U.S., spot crypto exchanges like Coinbase operate around the clock, but stock exchanges — where crypto ETFs trade — only process transactions from 9:30 a.m. to 4:00 p.m. Eastern Time (ET). The advantages of ETFs over holding spot crypto include secure custody, stronger investor protections, and simpler accounting.

"Expanding operating hours will enhance investor participation, enabling real-time trading for both international investors and domestic self-directed retail investors, such as working parents and those with busy schedules that overlap with core or extended market sessions," fintech firm DriveWealth said in a July 28 comment letter supporting 24X's filing.