SEC Watershed Moment? 2025 Could Be the 'Altcoin ETF' Year, Which Tokens Are Most Likely to Be Approved

Original Article Title: "Every U.S. Crypto ETF You Need to Know About in 2025"

Original Source: Coingecko

Original Translation: Felix, PANews

With a more crypto-friendly U.S. government in power and the departure of SEC Chairman Gary Gensler, asset management firms are now rolling out a broader range of exchange-traded funds (ETFs), covering altcoins, memecoins, and even NFTs.

Key Points

· BTC and ETH spot ETFs have attracted billions of dollars in institutional inflows, legitimizing cryptocurrency 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 for approval.

· Bloomberg and Polymarket estimate approval odds for assets like SOL, XRP, and LTC to be between 75% to 90%, while assets like SUI, APT, and meme-based funds have very low approval odds.

The crypto space is rife with divisions. From liquidity to views on L1 maximalism, opinions vary widely. But if there's one thing that can unite all crypto enthusiasts, it's the desire for cryptocurrency to be embraced by the mainstream.

Between 2024 and 2025, as cryptocurrency ETFs gained approval and rapidly expanded, the dream of mainstream cryptocurrency acceptance took a significant leap forward.

For the first time, investors could directly invest in various digital assets through traditional brokerage accounts without the need for complex crypto wallets or exchanges.

Institutional investors who were previously hesitant due to regulatory uncertainty poured in billions of dollars within weeks of the Bitcoin and Ethereum ETF launches. The impact was immediate. Bitcoin surged to new all-time highs, and the Ethereum ETF was quickly approved. These ETFs provided a more convenient investment avenue and deeper market liquidity for traditional financial participants, setting a precedent for the regulatory approval of other cryptocurrency ETFs.

Today, with Gary Gensler stepping down as the Chair of the U.S. Securities and Exchange Commission and the U.S. being governed by a more crypto-friendly administration, asset management companies are seizing this opportunity to apply for more altcoin ETFs, such as Solana and Ripple, and even meme coins like Dogecoin, BONK, and the Trump Memecoin.

This article provides a comprehensive overview of the current state of the cryptocurrency ETF craze.

Bitcoin ETF Setting the Foundation for the Market

Bitcoin has long been the face of cryptocurrency, and in 2024, with the approval of the first U.S. physically-backed Bitcoin ETF, Bitcoin officially entered the mainstream financial system. While Bitcoin futures ETFs have existed since 2021, the launch of a physically-backed ETF was a watershed moment as investors could directly hold actual Bitcoin assets rather than derivative contracts.

Within days of being listed, the physically-backed Bitcoin ETF attracted billions of dollars in inflows. This influx of funds significantly increased Bitcoin's liquidity and solidified its position as a legitimate asset class on par with traditional commodities like gold.

As multiple asset management companies quickly rolled out competitive Bitcoin ETFs, the market swiftly became a battleground of investor attention. While BlackRock's iShares Bitcoin Trust initially dominated early inflows, companies like Fidelity, ARK Invest, and VanEck also gained significant participation.

By 2025, several major asset management companies had launched physically-backed Bitcoin ETFs. Here are the key funds and their Bitcoin holdings details.

Source: Blockworks Bitcoin ETF Tracker

Key Differences Between Futures Bitcoin ETFs and Physically-Backed Bitcoin ETFs:

· Futures-based Bitcoin ETFs (e.g., BITO): Hold Bitcoin futures contracts on the Chicago Mercantile Exchange, not actual Bitcoin. Due to contract rolling, tracking errors are common.

· Physically-backed Bitcoin ETFs (e.g., IBIT): Directly hold Bitcoin, enabling precise tracking of Bitcoin's market price.

Ethereum ETF

Following the success of the Bitcoin ETF, the next significant milestone in the cryptocurrency ETF space is the launch of an Ethereum ETF. While Bitcoin is often referred to as "digital gold," Ethereum serves as the backbone of the DeFi and smart contract ecosystem.

Initially, regulators were hesitant to approve an Ethereum ETF. With the U.S. SEC approving a spot Bitcoin ETF in early 2024, the path for Ethereum became clearer.

By May 2024, several Ethereum futures ETFs received regulatory approval, marking another watershed moment for cryptocurrency adoption. A spot Ethereum ETF was then approved in July 2024. In the months leading up to approval, Ethereum's price surged past the $4,000 mark, mirroring Bitcoin's earlier rally this year.

As of 2025, Ethereum spot ETFs collectively hold a significant amount of Ether, making it one of the largest institutional investment vehicles for the asset.

Source: Blockworks Ethereum ETF Tracker

At the time of writing, nearly 3 million ETH is held by ETFs, signaling increased institutional participation in ETH.

Altcoin ETF Season Approaching

With the solidification of spot Bitcoin and Ethereum ETFs, asset management firms are now turning their attention to the broader cryptocurrency ecosystem.

Encouraged by the growing openness of the U.S. SEC towards cryptocurrencies and ongoing enhancements in market regulatory structures, asset managers have applied for a wave of altcoin ETFs. These proposals aim to attract investors to Litecoin, XRP, Solana, Dogecoin, Cardano, and other popular tokens.

While the U.S. has yet to approve any altcoin ETFs, several are in active review, and regulatory attitudes are evolving. Analysts and industry insiders believe that once the first one is approved, other altcoin ETFs will quickly follow suit, much like the domino effect seen with Bitcoin and Ethereum approvals.

Solana (SOL) ETF

Solana has surged in popularity over the past year, making it one of the sought-after candidates for an altcoin ETF. With a robust DeFi ecosystem, Solana is seen as Ethereum's strongest competitor in the smart contract space.

However, a key regulatory hurdle still exists: whether Solana is deemed a security. Ongoing litigation and classification disputes could delay a decision by the U.S. SEC. Nevertheless, the infrastructure is already taking shape—DTCC (Depository Trust & Clearing Corporation) has listed two Solana futures ETFs (SOLZ, SOLT), and the Chicago Mercantile Exchange is preparing to launch SOL futures contracts for 2025.

VanEck Solana Trust Fund

Filing Date: June 2024

Details: VanEck has submitted an S-1 registration statement to the U.S. SEC, planning to launch a Solana spot ETF designed to directly track the price of SOL. This is the first-ever application for a Solana spot ETF in the U.S.

21 Shares Core Solana ETF

Filing Date: June 2024

Details: Following in VanEck's footsteps, 21 Shares has submitted an S-1 filing to the U.S. SEC, applying for a Solana spot ETF to be listed on the Cboe BZX exchange.

Bitwise Solana ETF

Filing Date: November 2024

Details: Bitwise initially applied to establish a statutory trust for a Solana ETF in Delaware, later withdrawing the application and resubmitting an S-1 filing to the U.S. SEC.

Grayscale Solana ETF (Spot ETF Conversion)

Filing Date: January 2025

Details: Grayscale has filed an application with the U.S. SEC to convert its existing Solana Trust (GSOL) into a spot ETF and list it on the New York Stock Exchange's Arca platform. This application is based on its $1.34 billion AUM trust.

Canary Solana ETF

Submission Time: Late 2024 to Early 2025

Details: Canary Capital has submitted the S-1 filing for a Solana spot ETF to the U.S. SEC. This comes at a time when interest in altcoin ETFs is increasing, especially following Trump's re-election.

Franklin Dupton Solana ETF

Submission Time: March 2025

Details: Franklin Dupton, managing over $1.5 trillion in assets, has filed S-1 and 19b-4 forms with the U.S. SEC, planning to launch a spot Solana ETF on the BZX Exchange platform in Chicago, making it the sixth major institution to apply for a U.S. spot SOL ETF.

According to Bloomberg industry research analysts, there is a high likelihood (75%) of approval for the Solana ETF.

Potential Impact: Analysts estimate that if approved, the ETF could bring in $30 billion to $60 billion in inflows.

XRP ETF

XRP faces a unique challenge: its legal status. Despite some legal victories in 2023, the final stance of the U.S. SEC on whether XRP is a security remains unclear. However, the submission of numerous relevant documents in early 2025 indicates optimism that legal clarity is on the horizon, or at least sufficient for ETF approval on trading platforms.

Bitwise XRP ETF

Submission Date: October 2024

Details: Bitwise Asset Management has filed an S-1 registration statement with the U.S. SEC, marking the first formal U.S. XRP ETF proposal.

Canary Capital XRP ETF

Submission Date: October 2024

Details: Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg, has submitted the S-1 registration document for a spot XRP ETF to the U.S. SEC.

21 Shares Core XRP ETF

Filing Date: November 2024

Details: Switzerland-based cryptocurrency investment company 21 Shares has filed an S-1 registration document with the U.S. SEC, planning to launch a physically backed XRP ETF.

WisdomTree XRP ETF

Filing Date: December 2024

Details: Global asset management firm WisdomTree has filed an S-1 registration document with the U.S. SEC, planning to launch a physically backed XRP ETF, which will be listed on the Cboe BZX exchange.

Grayscale XRP ETF (Spot ETF Conversion)

Filing Date: January 2025

Details: Grayscale Investments has submitted an application to the U.S. SEC, planning to convert its existing XRP Trust (with assets under management of $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

Filing Date: January 2025

Details: European cryptocurrency investment company CoinShares has filed an S-1 listing application with the U.S. Securities and Exchange Commission (SEC), planning to launch a physically backed XRP ETF.

ProShares XRP ETF

Filing Date: January 17, 2025

Details: ProShares has submitted an S-1 listing application to the U.S. SEC, applying for a physically backed XRP ETF, and has also submitted applications for three other 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, applying for a spot XRP ETF.

MEMX XRP ETF

Submission Date: February 2025 (specific date not disclosed)

Details: U.S.-based securities trading platform MEMX has submitted an application to the U.S. SEC, applying 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, applying for a spot XRP ETF designed to directly track XRP's price.

Franklin Templeton XRP ETF

Submission Date: March 11, 2025

Details: Franklin Templeton (with over $1.5 trillion in assets under management) 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 XRP ETFs be approved? The likelihood is low (Bloomberg analysts predict a 65% approval chance). However, according to Polymarket data, the approval chance is higher at 81%.

Potential Impact: JPMorgan analysts estimate that if XRP ETFs are approved, they could attract $4 billion to $8 billion of ETF inflows, significantly boosting XRP's market cap and credibility.

Litecoin (LTC) ETF

If Bitcoin is considered "digital gold," then Litecoin is seen as "digital silver."

Litecoin has always been one of the oldest and most actively traded cryptocurrencies in the market. Created by Charlie Lee in 2011, Litecoin aims to provide faster transaction speeds and lower transaction fees than Bitcoin, making it an ideal choice for everyday transactions.

Canary Capital Litecoin ETF

Filing Date: October 2024

Details: Has submitted an S-1 registration statement to the U.S. SEC, marking the first-ever proposed Litecoin spot ETF in the United States.

The Canary Litecoin ETF is currently seen as the most likely approval for a altcoin ETF. LTC has a long history dating back to 2011 and meets several criteria of the U.S. SEC in terms of liquidity, history, and market maturity.

Grayscale Litecoin Trust (ETF Conversion)

Filing Date: January 2025

Details: Grayscale Investments has submitted an application to the U.S. SEC to convert its existing Grayscale Litecoin Trust (LTCN) holding $127.4 million in assets into a spot ETF. The converted ETF will be listed on the New York Stock Exchange Arca.

Grayscale's decision to convert the existing Litecoin Trust into an ETF further strengthens market expectations that Litecoin will be one of the first altcoins to receive ETF approval.

CoinShares Litecoin ETF

Filing Date: January 2025

Details: European digital asset management firm CoinShares has submitted an S-1 listing application to the U.S. SEC for a proposed Litecoin spot ETF to provide investment opportunities without direct custody. This ETF will be issued in units of 5,000 shares per basket and traded on Nasdaq.

Will the Litecoin ETFs be approved? High likelihood (analysts estimate a 90% chance of approval in 2025).

Potential Impact: With the opening of the ETF channel, LTC's visibility, liquidity, and price are expected to increase.

Cardano (ADA) ETFs

Cardano is one of the top ten cryptocurrencies by market capitalization with a large and loyal community. Its focus on peer-reviewed development and environmental sustainability makes it attractive to ESG-focused investors. However, the lack of a futures market in the U.S. could potentially delay approval by the U.S. SEC.

Grayscale Cardano Trust (ETF Conversion)

Filing Date: February 2025

Details: New York Stock Exchange Arca, on behalf of Grayscale Investments, has submitted a 19b-4 form to the U.S. SEC, planning to list and trade shares of the Grayscale Cardano Trust on the New York Stock Exchange Arca under the ticker symbol GADA.

Will the ADA ETF be approved? According to Polymarket data, the outlook for a Cardano ETF is positive, with a 65% approval probability.

Potential Impact: Increase in staking participation, growth in the number of validators, and long-term price stability.

Avalanche (AVAX) ETF

Avalanche is another L1 blockchain competing with Ethereum. VanEck's trust setup indicates its intention, but due to a lack of a formal SEC application, it means it is still in the early stages.

VanEck Avalanche ETF

Filing Date: March 2024

Details: Global asset management firm VanEck has submitted an S-1 registration statement to the SEC to launch a spot Avalanche ETF.

Will the AVAX ETF be approved? Bloomberg ETF analyst James Seyffart stated that while the likelihood of a spot AVAX ETF is relatively low, that possibility 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

Filing 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 an initial administrative step. The S-1 application submitted on March 5 formalized the ETF proposal, with Coinbase Custody listed as the proposed custodian.

Will the APT ETF be approved? The likelihood is low to medium (more likely after the approval of SOL, XRP, and ADA).

Potential Impact: If approved after other altcoin ETFs, the short-term impact may be minimal, but it would be a symbolic victory for emerging blockchains.

Sui (SUI) ETF

Like Aptos, Sui is a nascent L1 blockchain with a growing ecosystem. The currently submitted ETF application is 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 does not explicitly state the ETF's trading platform or ticker symbol. Prior to submitting the S-1, Canary Capital registered a trust entity for the Sui ETF in Delaware on March 6, 2025, as a preliminary step.

Will the SUI ETF be approved? The likelihood is extremely low (not expected before 2026).

Potential Impact: Shortly after the news of the SUI ETF application emerged, its price surged over 10%. If this enthusiasm continues, the potential impact on the SUI price could exceed previous all-time highs.

Move (MOVE) ETF

The MOVE ETF aims to track the price of Move Network's native token MOVE. Move Network is an Ethereum L2 protocol built on MoveVM (originally developed by Facebook's Diem team). Move focuses on faster speeds, gas efficiency in smart contracts, positioning itself as the next-generation blockchain infrastructure layer.

The MOVE ETF adopted the application strategy of the previous L1 ETFs (such as Aptos and Sui), but with a greater emphasis on technology and the developer community.

Rex-Osprey MOVE ETF

Issuer: Rex Shares and Osprey Funds

Details: REX Shares, in collaboration with Osprey Funds, submitted the S-1 registration statement for the "Rex-Osprey MOVE ETF" to the U.S. SEC on March 10, 2025. The ETF is awaiting the U.S. SEC's confirmation of its 19b-4 form to enter the formal review process.

Will the MOVE ETF be approved? MOVE is still a relatively new asset, lacking deep institutional liquidity or a derivatives market. Therefore, the likelihood of approval is not very optimistic.

Potential Impact: If approved, MOVE could become a blueprint for ETFs based on infrastructure tokens (such as Optimism and StarkNet).

Meme Coin ETF

Although meme coins are an anomaly in the world of cryptocurrency, often seen as a network joke with no intrinsic value (this view does have some merit), their endurance and cultural relevance are undeniable.

Today, asset management companies are beginning to test the boundaries of regulatory approval 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 as regulated financial products? If so, how do regulatory bodies define the line between satire and security?

Dogecoin (DOGE) ETF

Few meme coins have been able to transcend their "meme status" and become tokens that have real-world impact. Dogecoin is one of them.

Dogecoin (DOGE) has consistently held a top position in the cryptocurrency market cap, demonstrating strong resilience through multiple market cycles. Its high liquidity, broad exchange support, and active user base have made it an increasingly attractive asset for 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 and list it on the New York Stock Exchange Arca under Rule 8.201-E (Commodity-Based Trust Shares).

Bitwise Dogecoin ETF

Submission Date: Entity Registered, Full Application Pending

Details: As a preliminary step, Bitwise Asset Management registered the "Bitwise Dogecoin ETF" trust entity in Delaware on January 23, 2025. Subsequently, they submitted an S-1 registration statement to the U.S. SEC on January 28, 2025, to launch a Dogecoin (DOGE) spot ETF. The New York Stock Exchange Arca submitted a 19b-4 form to the U.S. Securities and Exchange Commission on March 3, 2025, to approve the ETF for trading, advancing the approval process.

Will the Dogecoin ETF be approved? Bloomberg ETF analyst Eric Balchunas believes there is a 75% chance of a Dogecoin ETF approval.

Potential Impact: The approval of a Dogecoin ETF could serve as a catalyst for meme coins to gain mainstream market acceptance.

Trump Memecoin ETF

By the end of 2024, amidst political discussions and meme culture collision, the TRUMP token quickly gained popularity.

Rex Shares Trump ETF

Submission Date: January 21, 2025

Of all the ETF applications in 2025, this is undoubtedly the most controversial as it marks the first serious attempt to package a meme coin with a clear political imprint into an ETF.

Its ETF proposal commits to invest 80% or more of the assets in the token or its related derivatives.

Will the Trump ETF be approved? Due to the politically charged nature of the underlying asset (i.e., the Trump Memecoin), the ETF is likely to be denied. Even ETF experts like Bloomberg's Eric Balchunas have called the application "absurd." Most analysts believe this is merely a test case or a publicity stunt rather than a legitimate path to approval.

Potential Impact: If the ETF is approved, it would pose a significant risk to the reputation of the U.S. SEC.

BONK ETF

The BONK ETF application was submitted concurrently with the TRUMP ETF application as part of Rex Shares' expansion into the memecoin business strategy.

Given BONK's significant traction on Solana and its strong retail participation, it could be a candidate for a more "serious" memecoin ETF.

Rex Shares BONK ETF

Application Date: January 21, 2025

Issuer: Rex Shares / Osprey

Asset: BONK – Shiba Inu-themed meme coin on Solana

Will the BONK ETF be approved? The likelihood of the BONK ETF being approved in the near to medium term is very low.

Potential Impact: If the BONK ETF is approved, it could trigger a series of issues leading to the entry of other memecoin ETFs (such as 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 Canary PENGU ETF application is in the early stages, having only submitted an S-1 form so far. The next steps involve the trading platform (such as Nasdaq or the Chicago Options Exchange) submitting a 19b-4 form and obtaining approval from the U.S. SEC.

Unlike other NFT-focused cryptocurrency ETFs, this fund plans to hold both cryptocurrency and NFTs. Specifically, its asset allocation will be as follows:

· 80% to 95% of the asset allocation to the native token PENGU of the Pudgy Penguins ecosystem.

· 5-15% allocated 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 United States to directly hold NFTs.

Significance:

· First time NFTs have been included in a regulated investment vehicle.

· Opens the door for other NFT collections (e.g., Bored Apes and Azuki).

· Provides a new investment avenue for speculators and culture investors.

Will the PENGU ETF be approved? The likelihood is low to uncertain. The U.S. SEC has never approved an ETF holding non-fungible assets, and questions remain about the valuation, custody, and settlement of such NFTs.

Potential Impact: The first time NFTs are included in a regulated investment vehicle could significantly increase attention on PENGU and Pudgy Penguins, driving up the floor price.

Conclusion

2024-2025 is a critical period for cryptocurrency ETFs.

Bitcoin and Ether funds are now part of the financial landscape, with a second wave of crypto assets ready to await the U.S. SEC's decision. This year and the next could see funds for Litecoin, XRP, Solana, Dogecoin, and other crypto assets, significantly expanding the influence of crypto assets in traditional markets.

Whether each pending ETF will be approved depends on the leniency of regulation and the maturity of the market. If most ETFs are approved, by 2026, we may witness a closer integration of the crypto industry with mainstream finance.

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