The approval of U.S. Bitcoin and Ethereum ETFs last year was just the beginning: major issuers are planning to launch a wider variety of U.S. funds designed to directly track the prices of a variety of cryptocurrencies including Dogecoin, Solana, XRP, and even TRUMP coin.
Recently, traditional financial giant Franklin Templeton submitted a proposal for an XRP spot ETF, which is undoubtedly an important signal in the field of cryptocurrency ETFs. Although cryptocurrency native institutions such as Grayscale, Bitwise, and WisdomTree have previously submitted similar applications, Franklin Templeton's entry marks the beginning of the formal entry of traditional financial giants into this emerging field.
Franklin Templeton is an asset management giant that manages about $1.5 trillion in assets. Although it is not as important as BlackRock, its influence in the market cannot be underestimated. In contrast, BlackRock has not yet joined the competition for altcoin ETFs.
Roger Bayston, head of quantitative investment solutions at Franklin Templeton, said in December last year that the ETF legal team will be extremely busy in the first half of 2025. The company launched a cryptocurrency index fund last month (currently limited to holding BTC and ETH) and has applied for the Solana ETF.
Below is a list of cryptocurrency ETF products that may be launched in the United States.
Solana ETF
The spot Solana exchange-traded fund (ETF) could be a potential alternative to Bitcoin and Ethereum ETFs.
The proposed funds include the VanEck Solana Trust, 21SharesCore Solana ETF, Canary Solana ETF and BitwiseSolana ETF, which will directly track the price of Solana.
Franklin Templeton filed its S-1 registration statement in February, and the Chicago Board Options Exchange (CBOE) filed a listing rule change application on behalf of Franklin Templeton in March.
Additionally, some proposed Solana futures ETFs (such as the ProSharesShort Solana, ProShares 2x Solana, and the Vol Shares Solana ETF) would enable investors to make more complex bets on Solana’s price movements.
However, Bloomberg analyst James Seyffart said that spot and futures Solana ETFs may not start trading in the United States until 2026 because the U.S. Securities and Exchange Commission (SEC) still needs to evaluate a batch of spot Solana ETF applications. The SEC admitted Grayscale's Solana ETF application on February 6 and is seeking public comments on the application, which one analyst said marked the agency's entry into "new territory."
The SEC typically takes 240 to 260 days to make a decision, but litigation over whether Solana is a security could prolong the process. Nevertheless, if the spot Solana ETF is approved, the investment funds it attracts could be huge. JPMorgan analysts predict that the Solana ETF could bring in $4 billion to $8 billion in investment.
Dogecoin ETF
Some issuers have expressed plans to launch spot Dogecoin ETFs.
Rex Shares applied to launch the Rex-Osprey DOGE ETF in January, and Bitwise Asset Management also registered a Dogecoin ETF entity in Delaware. In addition, cryptocurrency investment company Grayscale also plans to launch a Dogecoin ETF, and launched the Dogecoin Trust Fund at the end of January, and then submitted an application to convert it into an ETF.
The SEC approved Grayscale’s application in February but delayed its decision in March, extending the deadline for a final decision to May 21.
Bloomberg senior ETF analyst Eric Balchunas said in January that in theory, a spot Dogecoin ETF could launch as early as April, depending on a rule that enables federal regulators to weigh investment product proposals in a fast 75-day period, rather than the typical eight- to nine-month review period.
XRP ETF
Funds centered around Ripple-related XRP, such as the Rex-Osprey XRP ETF, the Canary XRP ETF, and the 21Shares Core XRP Trust, are under review.
In early February, Chicago-based Cboe Trading Platform applied to federal regulators to list and trade four spot XRP ETFs, showing growing investor interest in funds tracking Ripple Labs’ crypto assets. Franklin Templeton also joined the ranks in March.
The SEC acknowledged multiple XRP ETF applications in late February and said it would submit comments within 21 days. If the XRP ETF is approved, JPMorgan analysts expect these funds could bring in $3 billion to $6 billion in investments.
Additionally, XRP futures ETFs such as ProShares ShortXRP and ProShares 2xXRP are also under consideration, with the former allowing investors to short XRP and the latter enabling investors to make leveraged bets on XRP’s future price movements.
Bitcoin Plus ETF
Trump Media and Technology Group’s Truth.Fi has applied to register trademarks for two “Bitcoin Plus” products, the Truth.Fi Bitcoin Plus ETF and the Truth.Fi Bitcoin Plus SMA. It is not clear what assets these ETFs will hold.
Cryptocurrency Index ETFs
Franklin Templeton filed an amended application in early February to launch the Franklin Cryptocurrency Index ETF. The ETF will track the prices of Bitcoin and Ethereum, with weights of 86.31% and 13.69% respectively, and may include other cryptocurrencies in the future.
Suitable ETFs
Cryptocurrency asset management company Bitwise filed an S-1 document with the Securities Commission in early March, planning to launch an ETF that tracks the price of Aptos (APT).
About ETFs
Canary Capital filed a Delaware trust application in early March to launch a Sui-based ETF.
Movement ETF
Rex Shares and Osprey Funds filed applications in early March to launch ETFs that track the Movement Network’s native token, MOVE.
HBAR ETF
Canary Capital filed the first HBAR ETF application in November last year. HBAR is the native cryptocurrency of the Hedera network.
Litecoin ETF
After Trump took office, a series of Litecoin ETF applications were filed. CoinShares filed two registration statements for the "CoinShares Litecoin ETF" and the "CoinShares XRP ETF," and the New York Stock Exchange also stated that Grayscale is trying to convert its existing Litecoin Trust into an ETF.
The new application comes about two months after Canary Capital submitted its Litecoin ETF application and a few days after Canary submitted an amendment to its fund application.
Bloomberg analyst Eric Balchunas believes that similar to the spot HBAR ETF, Canary Capital's Litecoin ETF may be approved earlier than funds based on Dogecoin, XRP and Solana because Litecoin's regulatory status is not as controversial as other coins such as Solana.
BONK、TRUMP ETF
Rex Shares filed an application with federal regulators in January to launch spot TRUMP and BONK coin ETFs.
Summarize
Bloomberg Intelligence analyst Seyffart pointed out that the SEC is unlikely to make a decision on these applications until Paul Atkins, the SEC chairman nominated by Trump, is confirmed by Congress, and Atkins' confirmation hearing has not yet been scheduled. In addition, the approval of spot Bitcoin and Ethereum ETFs took several years. The SEC previously used the maturity of the futures market of related assets as an important approval standard, and none of the ETF applications currently under review meet this standard.
Nevertheless, analysts speculate that Litecoin ETF has the highest probability of being listed before the end of this year (90%), higher than Dogecoin (75%), Solana (70%) and XRP products (65%), but the final result still depends on the confirmation of the new helmsman and his policy direction.
