The cryptocurrency business notched two main victories final 12 months when a number of fund issuers secured long-awaited approvals to supply spot Bitcoin exchange-traded funds and their Ethereum-based counterparts within the U.S. However that does not imply issuers are able to relaxation on their laurels simply but.
In latest months, fund managers have proposed new funding choices immediately monitoring the costs of quite a lot of cryptocurrencies, from Dogecoin to XRP, Solana, and even Donald Trump’s meme coin.
Listed below are the assorted crypto-based ETFs that would quickly be supplied in america, and a have a look at the high-profile filings thus far for every asset.
Solana
Spot Solana exchange-traded funds are one potential various to Bitcoin and Ethereum ETFs that would start buying and selling within the U.S. this 12 months or subsequent.
The proposed funds, which embrace the VanEck Solana Belief, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, would immediately monitor the worth of the fourth-largest cryptocurrency by market capitalization.
Franklin Templeton joined the fray in February, as nicely, submitting an S-1 registration assertion with the SEC. In March, CBOE filed on behalf of Franklin Templeton for a rule change to checklist the proposed fund.
In the meantime, a handful of proposed Solana futures ETFs such because the ProShares Quick Solana, ProShares 2x Solana, and Vol Shares’ Solana ETF would allow buyers to make extra complicated bets on Solana’s value actions.
Nevertheless, each spot and futures Solana ETFs will possible not start buying and selling within the U.S. till 2026, in accordance to Bloomberg analyst James Seyffert. That’s as a result of the U.S. Securities and Alternate Fee nonetheless has to evaluate a batch of spot Solana ETF functions.
The SEC usually takes between 240 and 260 days to make choices on functions. However ongoing litigation over whether or not Solana is or is not a safety might lengthen that course of for a number of would-be Solana ETFs. The regulator acknowledged Grayscale’s Solana ETF software on February 6 and is searching for public touch upon the submitting, marking what one analyst known as “new territory” for the company.
Nonetheless, if and when spot Solana ETFs are permitted, the investor {dollars} they appeal to may very well be huge. JP Morgan analysts predict Solana ETFs might collectively usher in between $4 and $8 billion in investments.
Dogecoin
Just a few issuers have signaled that they plan to supply spot Dogecoin ETFs following a wave of political occasions that slingshotted the Shiba Inu-inspired meme coin to a three-year-high value of $0.48 in December.
Alternate-traded fund supplier Rex Shares utilized in January to launch the Rex-Osprey DOGE ETF, the corporate’s submitting with federal regulators reveals.
In the meantime, Bitwise Asset Administration has registered a Dogecoin ETF entity in Delaware, a significant step in the direction of making use of for permission to launch an exchange-traded fund based mostly on Elon Musk’s beloved cryptocurrency. However Bitwise nonetheless must file a complete software with the SEC earlier than any potential fund might come to market.
Lastly, crypto-focused funding agency Grayscale has additionally signaled its intention to launch a Dogecoin ETF. The asset supervisor launched in late January a Dogecoin Belief, enabling institutional and accredited buyers to allocate funds to the meme coin. Shortly thereafter, Grayscale filed a 19b-4 type to transform that Belief into an ETF, becoming a member of a number of of its rivals in planning to roll out such a fund.
The SEC acknowledged Grayscale’s submitting in February, however then in March delayed its resolution, giving the company till Might 21 to make a name both method.
Analysts are bullish that it will not take lengthy for Dogecoin ETFs to hit the market, nevertheless. Bloomberg senior ETF analyst Eric Balchunas mentioned in January {that a} spot Dogecoin ETF might theoretically launch as early as April, because of a rule that permits federal regulators to weigh in on funding providing proposals inside an expedited 75-day timeframe, moderately than the standard evaluate interval of eight to 9 months.
XRP
Funds created across the Ripple-linked XRP—such because the Rex-Osprey XRP ETF, Canary XRP ETF, and 21Shares Core XRP Belief—are up for evaluate within the U.S.
In early February, Chicago’s Cboe Alternate utilized with federal regulators to checklist and commerce 4 spot XRP ETFs — an indication of rising investor curiosity in funds monitoring Ripple Lab’s crypto asset. The spot XRP ETFs can be issued by WisdomTree, Bitwise, 21Shares, and Canary Capital, respectively.
Franklin Templeton joined the get together in March, proper because the SEC punted on making a call on Grayscale’s XRP submitting.
The SEC acknowledged a number of XRP functions in late February, saying that feedback can be submitted inside 21 days of the filings. That brings the ETFs one step nearer to be permitted within the U.S.
Nevertheless, it stays unclear whether or not the ETFs will probably be permitted or not. A rash of anticipated rule modifications on the SEC level to the next probability that regulators might quickly inexperienced gentle the funds within the U.S.
If XRP ETFs are permitted, then the funds might collectively usher in between $3 and $6 billion in investments, in accordance with a January estimate from J.P. Morgan analysts.
Past spot XRP ETFs, XRP futures-based exchange-traded funds such because the ProShares Quick XRP and ProShares 2x XRP are additionally up for consideration within the U.S.
The previous would permit buyers to quick XRP, whereas the latter would allow buyers to make leveraged bets on the cryptocurrency’s future value actions.
Bitcoin Plus ETF
Trump Media and Know-how Group’s Fact.Fi has utilized to register a trademark for 2 “Bitcoin Plus” merchandise, along with 4 different funding automobiles. The funds are known as Fact.Fi Bitcoin Plus ETF and Fact.Fi Bitcoin Plus SMA.
It stays unclear which property the Bitcoin Plus ETFs would maintain, if permitted. It is doable the “plus” a part of their names might refer to a different cryptocurrency which the funds would monitor alongside Bitcoin. Fact.Fi didn’t reply to Decrypt‘s request for remark and clarification.
Crypto Index ETF
In early February, asset supervisor Franklin Templeton filed an amended petition to supply its “Franklin Crypto Index ETF.”
If permitted, the exchange-traded fund will monitor Bitcoin and Ethereum, weighting the property 86.31% and 13.69%, respectively. It might additionally embrace extra cryptocurrencies sooner or later, Franklin Templeton mentioned in its submitting.
Aptos
Crypto asset supervisor Bitwise submitted an S-1 submitting with the Securities Fee in early March, signaling its plans to launch an exchange-traded fund monitoring the worth of Aptos (APT).
The submitting got here only a few days after the asset supervisor had mode strikes to determine a Delaware belief—laying the groundwork for its Aptos ETF.
Sui
Sui, one other brainchild of ex-Meta stablecoin undertaking members, might quickly turn into obtainable to buyers within the type of an exchange-traded fund.
Canary Capital took an early step towards spinning up a SUI-based ETF in early March, submitting for a Delaware Belief.
Motion
Rex Shares and Osprey Funds teamed up in early March to file for approval to supply an exchange-traded fund (ETF) that tracks MOVE, the native token of the Motion Community.
The asset managers submitted their submitting for a MOVE-based ETF to U.S. regulators because the Ethereum layer-2 community launched its mainnet in beta.
HBAR
Canary Capital filed for the primary HBAR ETF final November. HBAR is the native cryptocurrency of the Hedera community.
In an X publish in December, Bloomberg analyst Eric Balchunas expressed optimism a couple of spot HBAR ETF’s odds of receiving approval within the U.S., saying that such a fund might launch earlier than its higher-profile Solana and XRP-based counterparts. Regardless of that, it stays unclear whether or not there may be ample investor demand for such a fund, he mentioned.
Litecoin
A rash of Litecoin-based ETF functions had been filed following President Donald Trump’s inauguration, because the chilly crypto regulatory surroundings reveals indicators of thawing.
CoinShares filed two registration statements for a “CoinShares Litecoin ETF” and “CoinShares XRP ETF,” whereas the New York Inventory Alternate signaled that Greyscale is making an attempt to convert its current Litecoin Belief into an ETF.
The brand new filings got here roughly two months after Canary Capital filed for its personal Litecoin ETF, and days after Canary submitted an modification to its software for the fund.
Litecoin is a peer-to-peer cryptocurrency created to enhance verification time for blockchain transactions. Very like its spot HBAR ETF counterpart, Canary Capital’s Litecoin ETF is more likely to get permitted earlier than Dogecoin, XRP, and Solana-based funds, in accordance with Bloomberg analyst Eric Balchunas.
That is as a result of Litecoin’s regulatory standing is much less disputed than that of different altcoins comparable to Solana, which stay on the heart of a authorized battle between the SEC and main crypto business gamers, in accordance with Balchunas.
BONK, Trump, and past
Rex Shares filed with federal regulators in January to launch spot Trump and BONK-based ETFs, respectively.
The proposed funds type a part of a rising checklist of meme coin-based funding merchandise spun up by issuers, who’re apparently desperate to capitalize on buyers’ rising curiosity within the digital property market amid the most recent crypto bull run.
Bloomberg analysts predict that TRUMP, BONK, and different meme coin-based ETFs might start buying and selling as quickly as April—that’s, if issuers’ proposals bear and move an expedited evaluate course of with federal regulators.
Edited by Andrew Hayward
Editor’s notice: This story was first revealed on January 26, 2025 and final up to date with new particulars on March 12.
