Wannabe Bitcoin ETFs are mushrooming and getting more creative

With at least nine applications for Bitcoins ETFs collecting dust in the Securities and Exchange Commission’s in-box and clients baying to buy crypto funds, U.S. issuers in the $6.4 trillion industry are cobbling together a growing number of workarounds.

A slate of companies are releasing or planning “Bitcoin adjacent” products that skirt U.S. regulators’ refusal to allow the largest cryptocurrency to be put in an exchange-traded fund wrapper. Invesco became the latest on Wednesday, announcing a pair of funds packed with crypto-linked equities.

It’s the only way U.S. firms can cash in on the unrelenting clamor for digital coins, and it may stay that way for a while.