24X Exchange Files Updated Application for 24/7 Crypto ETF Trading

September 02, 2024 09:15 PM AEST | By Team Kalkine Media

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24X Exchange Files Updated Application for 24/7 Crypto ETF Trading — Image source: shutterstock

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24X National Exchange has submitted an amended application to U.S. regulators for the launch of a new securities exchange that could enable 24/7 trading of cryptocurrency exchange-traded funds (ETFs). This move, detailed in an August 27 filing, represents a potential shift in the trading landscape for digital assets in the United States.

According to the filing, 24X proposes to extend trading hours significantly beyond the traditional market schedule, operating 23 hours a day, seven days a week, including holidays. This initiative aims to broaden trading opportunities for U.S.-listed securities, including ETFs tied to major indices like the Nasdaq-100, S&P 500, and Russell 2000, as well as the top 50 ETFs by average daily volume.

24X’s proposal is still under review by the Securities and Exchange Commission (SEC), and the exchange has not yet received approval. The most recent public comments on the application, filed on August 31, address concerns related to trading pauses and stress testing during extended trading sessions.

Currently, while spot cryptocurrency exchanges like Coinbase operate around the clock, traditional securities exchanges in the U.S. are limited to trading hours from 9:30 am to 4:00 pm Eastern Time (ET). This restricted schedule impacts ETFs linked to cryptocurrencies, such as BlackRock’s iShares Bitcoin Trust (IBIT) and the ProShares Bitcoin Strategy ETF (BITO), which are among the most actively traded ETFs.

The proposed 24X exchange aims to enhance market accessibility by allowing continuous trading, which could benefit both international and domestic participants, including those whose schedules conflict with standard trading hours. Financial technology firm DriveWealth has supported this initiative, noting that extended operating hours would facilitate real-time trading and potentially increase overall market participation.

If approved, 24X could introduce a significant change in how cryptocurrency ETFs are traded, offering more flexibility and accessibility for traders and potentially broadening market engagement.

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