BlockBeats reports a surge in spot ETF applications for various cryptocurrencies, with nine altcoins—SOL, XRP, LTC, ADA, AVAX, APT, SUI, MOVE, and TRX—and four meme tokens—DOGE, TRUMP, BONK, and PENGU—recently seeking approval. SOL and XRP have emerged as frontrunners, attracting applications from six and ten institutions, respectively. Notably, Canary Capital filed the latest application for a TRX spot ETF on April 19.
This trend follows earlier milestones in crypto ETF approvals. BlackRock pioneered the first Bitcoin spot ETF application in June 2023, gaining SEC approval by January 2024. Similarly, VanEck’s Ethereum spot ETF application, submitted in September 2023, was greenlit on May 23, 2024. Among the altcoins now seeking ETFs, SOL, XRP, LTC, ADA, and SUI are classified as projects with strong U.S. ties, either through American-based teams or significant operational presence. The remaining altcoins—AVAX, APT, MOVE, and TRX—are holdings within WLFI’s investment portfolio.
The application process mandates exchanges, rather than issuers, to file a 19b-4 form with the SEC. Following this, drafting the S-1 registration statement incurs costs around $100,000. While the regulatory timeline theoretically spans 240 days, delays may occur if the SEC demands revisions or supplementary information. The sequence involves submitting the 19b-4 form, undergoing SEC review, securing S-1 approval, and finally launching the ETF for public trading.
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