With the advent of a more cryptocurrency-friendly U.S. government and the departure of SEC chair Gary Gensler, asset management firms are now seizing the opportunity to apply for a broader range of exchange-traded funds (ETFs) covering altcoins, memecoins, and even NFTs.
Key points
Spot BTC and ETH ETFs have attracted billions in institutional funds, legitimizing cryptocurrencies in TradFi.
Asset management firms are actively applying for ETFs covering Solana, XRP, Litecoin, Cardano, and more.
ETFs for memecoins like DOGE, TRUMP, BONK, and PENGU have also been submitted.
Bloomberg and Polymarket estimate the approval chances for assets like SOL, XRP, and LTC to be between 75% and 90%, while the chances for funds based on SUI, APT, and memes are very low.
There are divisions in the crypto space. Opinions vary from liquidity to views on L1 supremacy. But if there is one thing that can unite all crypto enthusiasts, it is the hope that cryptocurrencies will be accepted by the mainstream.
Between 2024 and 2025, as cryptocurrency ETFs gain approval and rapidly expand, the dream of mainstream acceptance for cryptocurrencies has taken a significant step forward.
For the first time, investors will be able to directly invest in various digital assets through traditional brokerage accounts, without the need for complex crypto wallets or exchanges.
Institutional investors, previously hesitant due to regulatory uncertainty, poured billions into the market within weeks following the launch of Bitcoin and Ethereum ETFs. The impact was immediate. Bitcoin prices soared to new all-time highs, and the Ethereum ETF was quickly approved. These ETFs provided traditional financial participants with a more convenient investment channel and deeper market liquidity. This also set a precedent for the regulatory approval of other cryptocurrency ETFs.
Now, with Gary Gensler stepping down as SEC chair and the U.S. governed by a more cryptocurrency-friendly administration, asset management firms are seizing the opportunity to apply for more altcoin ETFs, such as Solana, Ripple, and even memecoins like Dogecoin, BONK, and Trump Memecoin.
This article provides a comprehensive overview of the current state of the cryptocurrency ETF frenzy.
Bitcoin ETF lays the foundation for the market
For a long time, Bitcoin has been the standard bearer of cryptocurrencies, and in 2024, with the approval of the first spot Bitcoin ETFs in the U.S., Bitcoin officially enters the mainstream financial system. Although Bitcoin futures ETFs have been around since 2021, the launch of spot ETFs represents a watershed moment, allowing investors to hold actual Bitcoin assets directly rather than derivative contracts.
In just a few days of trading, the spot Bitcoin ETF attracted billions in inflows. This influx of funds has significantly increased Bitcoin's liquidity and solidified its status as a legitimate asset class alongside traditional commodities like gold.
As multiple asset management firms roll out competitive Bitcoin ETFs, the market has quickly become a battleground for investor attention. While BlackRock's iShares Bitcoin Trust has dominated early fund inflows, firms like Fidelity, ARK Invest, and VanEck have also garnered significant participation.
As of 2025, several major asset management firms have launched spot Bitcoin ETFs. Below are details of the main funds and their Bitcoin holdings.
Source: Blockworks Bitcoin ETF Tracker
Key differences between futures Bitcoin ETFs and spot Bitcoin ETFs:
Futures Bitcoin ETF (e.g., BITO): Holds Bitcoin futures contracts on the Chicago Mercantile Exchange rather than actual Bitcoin. Due to contract rollovers, tracking errors can easily occur.
Spot Bitcoin ETF (e.g., IBIT): Directly holds Bitcoin and can accurately track the market price of Bitcoin.
Ethereum ETF
After the success of Bitcoin ETFs, the next major milestone in the cryptocurrency ETF space is the launch of Ethereum ETFs. While Bitcoin is often seen as 'digital gold,' Ethereum is the backbone of the DeFi and smart contract ecosystem.
Initially, regulators were hesitant to approve an Ethereum ETF. However, with the U.S. SEC approving a spot Bitcoin ETF in early 2024, the path for Ethereum has become clearer.
By May 2024, multiple Ethereum futures ETFs will receive regulatory approval, marking another watershed moment for cryptocurrency adoption. The spot Ethereum ETF will be approved in July 2024. In the months leading up to the approvals, Ethereum's price surpassed the $4,000 mark, paralleling the earlier surge of Bitcoin earlier this year.
As of 2025, the Ethereum spot ETF collectively holds a significant amount of Ether, making it one of the largest institutional investment vehicles for this asset.
Source: Blockworks Ethereum ETF Tracker
As of the time of writing, nearly 3 million ETH are held by ETFs, with institutional participation in ETH reaching new highs.
Altcoin ETF season is approaching
With spot Bitcoin and Ethereum ETFs firmly established, asset management firms are now turning their attention to a broader cryptocurrency ecosystem.
Encouraged by the U.S. SEC's increasingly open stance on cryptocurrencies and the improving regulatory structure of the market, asset management firms are applying for a batch of altcoin ETFs. These proposals aim to attract investors to popular tokens like Litecoin, XRP, Solana, Dogecoin, and Cardano.
Although the U.S. has not yet approved any altcoin ETF, several are in active review, and the regulatory stance is changing. Analysts and industry insiders believe that once the first is approved, other altcoin ETFs will quickly follow suit. This is very similar to the domino effect seen when Bitcoin and Ethereum were approved.
Solana (SOL) ETF
Solana has seen a surge in popularity over the past year, becoming one of the most sought-after candidates for altcoin ETFs. With its strong DeFi ecosystem, Solana is viewed as Ethereum's strongest competitor in the smart contract space.
However, a key regulatory obstacle remains: whether Solana is considered a security. Ongoing litigation and classification debates may delay the U.S. SEC's decision. Nonetheless, the infrastructure is forming—DTCC (the Depository Trust & Clearing Corporation) has already listed two Solana futures ETFs (SOLZ, SOLT), and the Chicago Mercantile Exchange is preparing to launch SOL futures contracts in 2025.
VanEck Solana Trust
Submission date: June 2024
Details: VanEck has submitted an S-1 registration statement to the U.S. SEC to launch a spot Solana ETF aimed at directly tracking the price of SOL. This is the first application for a spot Solana ETF in the U.S.
21Shares Core Solana ETF
Submission date: June 2024
Details: 21Shares has followed in VanEck's footsteps by submitting an S-1 filing to the U.S. SEC for a spot Solana ETF, which will be listed on the Cboe BZX exchange.
Bitwise Solana ETF
Submission date: November 2024
Details: Bitwise initially applied to establish a statutory trust for the Solana ETF in Delaware, later withdrawing the application and re-submitting the S-1 filing to the U.S. SEC.
Grayscale Solana ETF (spot ETF conversion)
Submission date: January 2025
Details: Grayscale has submitted an application to the U.S. SEC to convert its existing Solana trust (GSOL) into a spot ETF, which will be listed on the New York Stock Exchange Arca. This application is based on its $134 million asset under management trust.
Canary Solana ETF
Submission time: Late 2024 to early 2025
Details: Canary Capital has submitted an S-1 filing to the U.S. SEC for a Solana spot ETF, coinciding with increasing interest in altcoin ETFs following Trump's victory.
Franklin Templeton Solana ETF
Submission time: March 2025
Details: Franklin Templeton, managing over $1.5 trillion in assets, has submitted S-1 and 19b-4 forms to the U.S. SEC, planning to launch a spot Solana ETF on the Cboe Options Exchange BZX, making it the sixth large institution to apply for a U.S. spot SOL ETF.
According to Bloomberg industry research analysts, the probability of the Solana ETF being approved is high (75%).
Potential impact: Analysts predict that if the ETF is approved, it will bring in $3 billion to $6 billion in inflows.
XRP (Ripple) ETF
XRP faces a unique challenge: its legal status. Despite some legal victories for Ripple in 2023, the U.S. SEC's final stance on whether XRP is a security remains unclear. However, the massive filing of related documents in early 2025 suggests optimism that legal clarity is imminent or at least sufficient for the approval of exchange-traded funds (ETFs).
Bitwise XRP ETF
Submission date: October 2024
Details: Bitwise Asset Management has submitted an S-1 registration statement to the U.S. SEC, marking the first formal proposal for a U.S. XRP ETF.
Canary Capital XRP ETF
Submission date: October 2024
Details: Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg, has submitted an S-1 registration statement for a spot XRP ETF to the U.S. SEC.
21Shares Core XRP ETF
Submission date: November 2024
Details: Swiss-based cryptocurrency investment firm 21Shares has submitted an S-1 registration statement to the U.S. SEC for a spot XRP ETF.
WisdomTree XRP ETF
Submission date: December 2024
Details: Global asset management firm WisdomTree has submitted an S-1 registration statement to the U.S. SEC, planning to launch a spot XRP ETF that will be listed on the Cboe BZX exchange.
Grayscale XRP ETF (spot ETF conversion)
Submission date: January 2025
Details: Grayscale Investments has submitted an application to the U.S. SEC to convert its existing XRP trust (managing $16.1 million as of January 2025) into a spot ETF, which will be listed on the New York Stock Exchange Arca.
CoinShares XRP ETF
Submission date: January 2025
Details: European cryptocurrency investment firm CoinShares has submitted an S-1 listing application to the U.S. SEC for a spot XRP ETF.
ProShares XRP ETF
Submission date: January 17, 2025
Details: ProShares has submitted an S-1 listing application to the U.S. SEC for a spot XRP ETF, while also submitting three additional XRP-related investment products (details undisclosed).
Teucrium XRP ETF
Submission date: January 21, 2025
Details: Teucrium has submitted an S-1 listing application to the U.S. SEC for a spot XRP ETF.
MEMX XRP ETF
Submission date: February 2025 (specific date undisclosed)
Details: U.S.-based exchange MEMX has submitted an application to the U.S. SEC to launch an XRP ETF under the commodity trust category.
Volatility Shares XRP ETF
Submission date: March 10, 2025
Details: Volatility Shares has submitted an S-1 listing application to the U.S. SEC for a spot XRP ETF aimed at directly tracking XRP's price.
Franklin Templeton XRP ETF
Submission date: March 11, 2025
Details: Franklin Templeton (managing over $1.5 trillion in assets) has submitted an S-1 and 19b-4 form to the U.S. SEC, applying to launch a spot XRP ETF with Coinbase Custody as the custodian.
Will the XRP ETF be approved? The chances are slim (Bloomberg analysts predict a 65% approval probability). However, according to Polymarket data, the probability is higher, at 81%.
Potential impact: JPMorgan analysts estimate that if the XRP ETF is approved, it could attract $4 billion to $8 billion in ETF inflows, significantly boosting XRP's market cap and credibility.
Litecoin (LTC) ETF
If Bitcoin is 'digital gold,' then Litecoin is 'digital silver.'
Litecoin has been one of the longest-standing and most actively traded cryptocurrencies in the market. Created by Charlie Lee in 2011, it aims to offer faster transaction speeds and lower transaction fees than Bitcoin, making it an ideal choice for everyday transactions.
Canary Capital Litecoin ETF
Submission date: October 2024
Details: An S-1 registration statement has been submitted to the U.S. SEC, marking the first proposal for a spot Litecoin ETF in the U.S.
The Canary Litecoin ETF is currently viewed as the most likely altcoin ETF to be approved. LTC has a long history dating back to 2011 and meets several of the U.S. SEC's criteria regarding liquidity, history, and market maturity.
Grayscale Litecoin Trust (ETF conversion)
Submission date: January 2025
Details: Grayscale Investments has submitted an application to the U.S. SEC to convert its existing Grayscale Litecoin Trust (LTCN), managing $127.4 million in assets, into a spot ETF. The converted ETF will be listed on the New York Stock Exchange Arca.
Grayscale's move to convert its existing Litecoin trust into an ETF further reinforces market expectations that Litecoin will be among the first altcoins to gain ETF approval.
CoinShares Litecoin ETF
Submission date: January 2025
Details: European digital asset management firm CoinShares has submitted an S-1 listing application to the U.S. SEC for a spot Litecoin ETF, providing investment opportunities without direct custody. The ETF will be issued in basket units of 5,000 shares and traded on Nasdaq.
Will the Litecoin ETF be approved? High possibility (analysts estimate a 90% chance of approval in 2025).
Potential impact: As the ETF channel opens, the visibility, liquidity, and price of LTC will be enhanced.
Cardano (ADA) ETFs
Cardano is one of the top ten cryptocurrencies by market cap, with a large and loyal community. Its focus on peer-reviewed development and environmental sustainability is appealing to ESG-focused investors. However, the lack of a futures market in the U.S. may delay approval from the U.S. SEC.
Grayscale Cardano Trust (ETF conversion)
Submission date: February 2025
Details: The New York Stock Exchange Arca, representing Grayscale Investments, has submitted a 19b-4 form to the U.S. SEC to list and trade shares of the Grayscale Cardano Trust, ticker symbol GADA.
Will the ADA ETF be approved? According to Polymarket data, the outlook for the Cardano ETF is favorable, with a 65% approval probability.
Potential impact: Enhance staking participation, increase the number of validators, and stabilize long-term prices.
Avalanche (AVAX) ETF
Avalanche is another L1 blockchain competing with Ethereum. VanEck's trust setup indicates its intentions, but the lack of a formal SEC application means it is still in early stages.
VanEck Avalanche ETF
Submission date: March 2024
Details: Global investment management firm VanEck has submitted an S-1 registration statement to the SEC to push for a spot Avalanche ETF.
Will the AVAX ETF be approved? Bloomberg ETF analyst James Seyffart states that while the chances of a spot AVAX ETF are relatively low, this probability may increase significantly later this year.
Potential impact: Will largely depend on the approval environment for Solana and Cardano.
Aptos (APT) ETF
Aptos is an L1 blockchain built by former Meta engineers. The ETF application submitted by Bitwise is seen as a bold move aimed at capturing the next wave of altcoin growth.
Bitwise Aptos ETF
Submission date: March 2025
Details: Bitwise Asset Management has submitted an S-1 registration statement to the U.S. SEC.
Previously, Bitwise registered the 'Bitwise Aptos ETF' trust entity in Delaware on February 25, 2025, as a preliminary administrative step. The S-1 application submitted on March 5 formally confirmed the ETF proposal, with Coinbase Custody listed as the proposed custodian.
Will the APT ETF be approved? The chances are low to moderate (more likely after SOL, XRP, and ADA are approved).
Potential impact: If approved after other altcoin ETFs, the short-term impact may be minor, but it would symbolize a victory for emerging blockchains.
Sui (SUI) ETF
Sui, like Aptos, is an emerging L1 blockchain with a developing ecosystem. The ETF applications submitted so far are largely speculative, indicating long-term confidence rather than imminent approval.
Canary Sui ETF
Submission date: March 2025
Details: Canary Capital has submitted an S-1 registration statement to the U.S. SEC. The application documents do not specify the exchange or ticker symbol for the ETF. Previously, on March 6, 2025, Canary Capital registered a trust entity for the Sui ETF in Delaware, which was a preliminary step before submitting the S-1.
Will the SUI ETF be approved? The chances are extremely low (not expected to be approved before 2026).
Potential impact: Shortly after news of the SUI ETF application, its price surged over 10%. If this enthusiasm continues, the potential impact on SUI's price may exceed previous historical highs.
Move (MOVE) ETF
The MOVE ETF aims to track the price of the native token MOVE of the Move Network. Move Network is an Ethereum L2 protocol built on MoveVM (originally developed by Facebook's Diem team). Move focuses on faster, gas-saving smart contracts and positions itself as the next-generation blockchain infrastructure layer.
The MOVE ETF adopts the application strategy of previous L1 ETFs (like Aptos and Sui) but focuses more on technology and the developer community.
Rex-Osprey MOVE ETF
Issuers: Rex Shares and Osprey Funds
Details: REX Shares partnered with Osprey Funds to submit an S-1 registration statement for the 'REX-Osprey MOVE ETF' to the U.S. SEC on March 10, 2025. This ETF is awaiting confirmation of its 19b-4 form from the U.S. SEC to enter the formal review process.
Will the MOVE ETF be approved? The MOVE asset is still relatively new, lacking deep institutional liquidity or derivatives markets. Therefore, the chances of approval are not optimistic.
Potential impact: If approved, MOVE may become a template for ETFs based on infrastructure tokens (e.g., Optimism, StarkNet).
Meme coin ETF
Although meme coins are an anomaly in the cryptocurrency space, often seen as worthless internet jokes (which is a fair view), their resilience and cultural relevance are undeniable.
Now, asset management firms are testing the boundaries of regulatory permission by submitting ETF proposals for some of the most well-known meme coins, including Dogecoin, TRUMP coin, and BONK coin.
Can meme-based assets be issued in the form of regulated financial products? If so, how will regulators define the boundary between parody and security?
Dogecoin (DOGE) ETF
Few meme coins can transcend their 'meme status' and become tokens that have an impact on the real world. Dogecoin is one of them.
Dogecoin (DOGE) has consistently ranked among the top cryptocurrencies by market cap, demonstrating strong resilience through multiple market cycles. Its strong liquidity, broad exchange support, and high user activity make it an increasingly attractive asset in institutional products.
Rex Shares Osprey Dogecoin ETF
Submission date: January 2025
Details: This is part of a wave of applications targeting meme coins and other cryptocurrencies.
Grayscale Dogecoin Trust (ETF conversion)
Submission date: January 2025
Details: Grayscale Investments submitted an application to the U.S. SEC on January 31, 2025, to convert its existing private Dogecoin trust into a spot ETF, to be listed on the New York Stock Exchange Arca under Rule 8.201-E (based on commodity trust shares).
Bitwise Dogecoin ETF
Submission date: Entity registered, complete application pending
Details: As a preliminary move, Bitwise Asset Management registered the 'Bitwise Dogecoin ETF' trust entity in Delaware on January 23, 2025. They subsequently submitted an S-1 registration statement on January 28, 2025, to launch a spot Dogecoin (DOGE) ETF. The New York Stock Exchange Arca submitted a 19b-4 form to the U.S. SEC on March 3, 2025, to approve the ETF for listing, advancing the approval process.
Will the Dogecoin ETF be approved? Bloomberg ETF analyst Eric Balchunas believes the chances of approval for the Dogecoin ETF are 75%.
Potential impact: Approval of the Dogecoin ETF could serve as a catalyst for the recognition of memecoins in the mainstream market.
Trump Memecoin ETF
By the end of 2024, the TRUMP token rapidly gained popularity due to the collision of political discussions and meme culture.
Rex Shares Trump ETF
Submission date: January 21, 2025
Among all ETF applications in 2025, this is undoubtedly the most controversial, as it is the first serious attempt to package a clearly politically branded memecoin into an ETF.
Its ETF proposal promises to invest 80% or more of assets in this token or related derivatives.
Will the Trump ETF be approved? Due to the political nature of the underlying asset (i.e., Trump Memecoin), this ETF is likely to be rejected. Even Bloomberg's Eric Balchunas and other ETF experts label this application as 'absurd.' Most analysts believe this is merely a test case or publicity stunt, not a legitimate path to approval.
Potential impact: Approval of this ETF would pose a significant risk to the U.S. SEC's reputation.
BONK ETF
The BONK ETF application was submitted concurrently with the TRUMP ETF application as part of Rex Shares' strategy to expand its memecoin business.
Due to BONK's significant attention on Solana and its strong retail participation, it has the potential to become a candidate for a more 'serious' memecoin ETF.
Rex Shares BONK ETF
Application date: January 21, 2025
Issuers: Rex Shares / Osprey
Asset: BONK – a Shiba Inu-themed meme coin on Solana
Will the BONK ETF be approved? The chances of the BONK ETF being approved in the short to medium term are very low.
Potential impact: If the BONK ETF is approved, it may trigger a series of issues, leading to the entry of other memecoin ETFs (e.g., PEPE and FWOG) into the market.
PENGU ETF
PENGU is the official token of the Pudgy Penguins NFT series.
Canary Capital PENGU ETF
Submission date: March 2025
Details: The application for the Canary PENGU ETF is still in early stages, having only submitted an S-1 form. The next step is for the exchange (e.g., Nasdaq or the Chicago Options Exchange) to submit a 19b-4 form and obtain U.S. SEC approval.
Unlike other cryptocurrency ETFs focused on NFTs, this fund plans to hold both cryptocurrencies and NFTs. Specifically, its asset allocation will be:
80% to 95% of asset allocation will be given to the native token PENGU of the Pudgy Penguins ecosystem.
5-15% allocation to Pudgy Penguins NFTs.
The remaining allocation will be used for ETH and SOL to enhance liquidity.
If approved, it will become the first ETF in the U.S. to directly hold NFTs.
Importance:
First incorporation of NFTs into regulated investment tools.
Opens the door for other NFT series (e.g., Bored Apes and Azuki).
Provides a new investment avenue for speculators and cultural investors.
Will the PENGU ETF be approved? Possibility is low to uncertain. The U.S. SEC has never approved an ETF holding non-fungible assets, and questions remain about the valuation, storage, and settlement of such NFTs.
Potential impact: The first incorporation of NFTs into regulated investment vehicles could significantly increase interest in PENGU and Pudgy Penguins, raising the floor price.
Conclusion
The years 2024-2025 are a critical period for cryptocurrency ETFs.
Bitcoin and Ethereum funds have now become part of the financial landscape, and second-wave crypto assets are ready and waiting for the U.S. SEC's decision. Funds for crypto assets like Litecoin, XRP, Solana, and Dogecoin may emerge this year and next, significantly expanding the influence of crypto assets in traditional markets.
Whether each pending ETF can be approved depends on the degree of regulatory looseness and market maturity. If most ETFs are approved, by 2026, we can expect to witness a closer integration of the cryptocurrency industry with mainstream finance.
**This article represents the author's views only and does not constitute any investment opinion or advice.
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