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 filing and related exhibits.
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&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.
24X declined to comment on this story, citing its pending application with US regulators.
Blackrock’s IBIT is among the most actively traded ETFs. Source: VettaFi
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Blackrock’s iShares Bitcoin Trust (IBIT) is currently among the most actively traded ETFs by daily volume, according to data from VettaFi, a fund researcher. It ranks 16th among ETFs, with 26 million shares trading hands daily, on average.
ProShares Bitcoin Strategy ETF (BITO), which replicates Bitcoin’s (BTC) 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.
24X’s proposal has not yet been greenlighted by the Securities and Exchange Commission (SEC). The most recent public comments, filed on Aug. 31, focus on addressing issues such as navigating trading pauses and stress tests during an extended trading session.
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.
“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 said in a July 28 comment letter in support of 24X’s application.
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