On April 20, according to on-chain analyst ai_9684xtpa, a total of 9 altcoins and 4 meme tokens have submitted applications for spot ETFs. The altcoins are SOL / XRP / LTC / ADA / AVAX / APT / SUI / MOVE / TRX, and the meme tokens are DOGE / TRUMP / BONK / PENGU. The most popular spot ETF applications are for SOL and XRP, with 6 and 10 institutions applying, respectively. The most recent application was submitted on April 19 by Canary Capital for a TRX spot ETF.
The BTC spot ETF was first submitted for approval by BlackRock in June 2023 and was officially approved on January 10, 2024. The ETH spot ETF was first submitted for approval by VanEck in September 2023 and was officially approved on May 23, 2024. Among the altcoins that have submitted spot ETF applications, SOL / XRP / LTC / ADA / SUI are all so-called 'American coins', with teams that have rich American resources or are originally teams related to American projects, while the remaining AVAX / APT / MOVE / TRX belong to the WLFI investment portfolio.
Spot ETF applications need to be submitted by exchanges on behalf of the issuer using the 19b-4 form, rather than being submitted directly by the issuer. The subsequent S-1 form will cost about $100,000 to draft. Theoretically, the application process for a U.S. spot ETF can take a maximum of 240 days, but if the SEC requests multiple modifications or additional materials, the final timeline may be extended. The process includes: submission of the 19b-4 form; SEC review period (up to 240 days); approval of the S-1 registration statement; and final listing and trading.