#Binance news
Altcoins and Meme Tokens Join the Race for Spot ETF Approval Amid Rising Demand
According to BlockBeats, a total of nine altcoins and four meme tokens have recently filed for spot exchange-traded fund (ETF) approvals. The altcoins include Solana SOl, Ripple (XPR), Litecoin (LTC), Cardano (ADA), Avalanche (AVAX), Aptos (APT), (Sui ), Move (MOVE), and Tron (TRX). The meme tokens in the mix are Dogecoin (DOGE), TrumpCoin (TRUMP), Bonk (BONK), and Pengu (PENGU). Among these, SOL and XRP have attracted the most institutional attention, with six and ten applications filed, respectively. The most recent filing came from Canary Capital for a TRX spot ETF on April 19.
The trend follows the success of earlier approvals. BlackRock led the way with the first Bitcoin (BTC) spot ETF application in June 2023, receiving approval on January 10, 2024. Similarly, VanEck submitted the first Ethereum (ETH) spot ETF application in September 2023, approved on May 23, 2024.
Among the newly submitted altcoin ETF applications, SOL, XRP, LTC, ADA, and SUI are seen as “American coins,” backed by U.S.-based teams or significant U.S. operations. In contrast, AVAX, APT, MOVE, and TRX are associated with WLFI’s investment portfolio.
Spot ETF applications in the U.S. must be submitted by exchanges through a 19b-4 filing on behalf of the issuer. Issuers must also draft an S-1 registration statement, which costs around $100,000. The entire approval process can take up to 240 days, although this can be extended if the SEC requests revisions or further documentation. The process includes the 19b-4 submission, SEC review, S-1 approval, and final ETF listing.
#DOGE: #BTC #AVAX✈️ #BONK❓ #ETF