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 Chair Gary Gensler, asset management companies are now rolling out a broader range of Exchange-Traded Funds (ETFs), covering altcoins, memecoins, and even NFTs.
· BTC and ETH spot ETFs have attracted billions of dollars in institutional inflows, legitimizing cryptocurrency in TradFi.
· Asset management companies are actively applying for ETFs covering Solana, XRP, Litecoin, Cardano, and more.
· ETFs for memecoins like DOGE, TRUMP, BONK, and PENGU have also been filed.
· Bloomberg and Polymarket estimate approval odds for assets such as SOL, XRP, and LTC to be between 75% to 90%, while assets like SUI, APT, and meme-based funds have very low approval odds.
There are diverging opinions in the crypto space. From liquidity to views on L1 maximalism, people hold different perspectives. But if there's one thing that can unite all crypto enthusiasts, it's the hope for mainstream acceptance of cryptocurrency.
Between 2024 and 2025, as cryptocurrency ETFs gained approval and rapidly expanded, the dream of cryptocurrency’s mainstream acceptance took a huge 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 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 traditional financial participants with a more convenient investment channel and deeper market liquidity. They also set 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 a more crypto-friendly administration in the United States, 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.
For a long time, Bitcoin has been the flagship cryptocurrency. In 2024, with the approval of the first Bitcoin spot ETFs in the United States, Bitcoin officially entered the mainstream financial system. Although Bitcoin futures ETFs have existed since 2021, the launch of spot ETFs was a watershed moment because investors could directly hold actual Bitcoin assets rather than derivative contracts.
In just a few days of trading, the spot Bitcoin ETFs attracted billions of dollars in inflows. This inflow of funds greatly increased Bitcoin's liquidity and solidified its position as a legitimate asset class on par with traditional commodities like gold.
With multiple asset management companies launching competitive Bitcoin ETFs, the market quickly became a battleground of investor attention. While BlackRock's iShares Bitcoin Trust Fund initially dominated the inflows, companies like Fidelity, ARK Invest, and VanEck also saw significant participation.
By 2025, several major asset management companies had already launched spot Bitcoin ETFs. The following are key funds and their Bitcoin holdings.
Source: Blockworks Bitcoin ETF Tracker
Key Differences Between Futures Bitcoin ETFs and Spot Bitcoin ETFs:
· Futures-based Bitcoin ETFs (e.g., BITO): Hold Bitcoin futures contracts from the Chicago Mercantile Exchange rather than actual Bitcoin. Due to contract rollover, tracking errors are common.
· Spot-based Bitcoin ETFs (e.g., IBIT): Hold actual Bitcoin directly and can accurately track Bitcoin's market price.
Following the success of a Bitcoin ETF, the next major milestone in the cryptocurrency ETF space is the launch of an Ethereum ETF. While Bitcoin is often seen as "digital gold," Ethereum is the backbone of DeFi and the smart contract ecosystem.
Initially, regulatory agencies were hesitant to approve an Ethereum ETF. With the U.S. SEC approving a physically-backed Bitcoin ETF in early 2024, the path for Ethereum became clearer.
By May 2024, several Ethereum futures ETFs had obtained regulatory approval, marking another milestone in 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 $4000 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, showcasing institutional participation in ETH.
With established Bitcoin and Ethereum spot ETFs, asset management firms are now looking at the broader cryptocurrency ecosystem.
Encouraged by the increasing openness of the U.S. SEC towards cryptocurrencies and ongoing improvements in market regulatory structures, asset management firms 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 not yet approved any altcoin ETFs, several are in the active review stage, and the regulatory attitude is shifting. Analysts and industry insiders believe that once the first one is approved, other altcoin ETFs will quickly follow suit, similar to the domino effect seen with Bitcoin and Ethereum approvals.
Solana has seen a surge in popularity over the past year, positioning itself as a popular candidate 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 considered a security. Ongoing litigation and classification disputes could delay a decision from the U.S. SEC. Nevertheless, the infrastructure is already taking shape — the 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 that aims to directly track the price of SOL. This is the first Solana spot ETF application in the U.S.
21 Shares Core Solana ETF
Filing Date: June 2024
Details: Following VanEck's lead, 21 Shares has submitted an S-1 filing to the U.S. SEC to apply for a Solana spot ETF, which will 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, then withdrew the application and refiled an S-1 document with the U.S. SEC.
Grayscale Solana ETF (Spot ETF Conversion)
Filing 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 and list it on the New York-based Arca exchange. This application is based on its $1.34 billion asset-managed trust.
Canary Solana ETF
Submission Time: End of 2024 to Early 2025
Details: Canary Capital has submitted the S-1 filing for a Solana spot ETF to the US SEC. This comes at a time when interest in altcoin ETFs is growing, especially after Trump's re-election.
Franklin Damperton Solana ETF
Submission Time: March 2025
Details: Franklin Damperton, overseeing over $1.5 trillion in assets, has filed S-1 and 19b-4 forms with the US SEC, planning to launch a spot Solana ETF on the Chicago Board Options Exchange BZX platform, making it the sixth major institution to apply for a US spot SOL ETF.
According to Bloomberg industry research analysts, the likelihood of approval for the Solana ETF is high (75%).
Potential Impact: Analysts project that if the ETF is approved, it could bring in $30 billion to $60 billion in inflows.
XRP faces a unique challenge: legal status. Despite some legal victories for XRP in 2023, the final SEC stance on whether XRP is a security remains uncertain. However, a significant number of filings at the beginning of 2025 indicate 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 US SEC, marking the first formal US 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 US SEC.
21 Shares Core XRP ETF
Filing Date: November 2024
Details: Switzerland-based cryptocurrency investment firm 21 Shares has submitted an S-1 registration statement to the U.S. SEC, planning to launch a physically-backed XRP ETF.
WisdomTree XRP ETF
Filing Date: December 2024
Details: Global asset management company WisdomTree has filed an S-1 registration statement with the U.S. SEC to launch a physically-backed XRP ETF and intends to list it on the Cboe BZX exchange platform.
Grayscale XRP ETF (Spot ETF Conversion)
Filing Date: January 2025
Details: Grayscale Investments has filed an application with the U.S. SEC to convert its existing XRP Trust (with assets under management of $16.1 million as of January 2025) into a spot ETF and plans to list it on the New York Stock Exchange Arca.
CoinShares XRP ETF
Filing Date: January 2025
Details: European cryptocurrency investment firm CoinShares has filed an S-1 listing application with the U.S. Securities and Exchange Commission (SEC) 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 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, applying for a spot XRP ETF.
MEMX XRP ETF
Submission Date: February 2025 (specific date undisclosed)
Details: U.S.-based securities 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, 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 the XRP ETF be approved? The likelihood is low (Bloomberg analysts predict a 65% approval probability). However, according to Polymarket data, the approval probability is higher at 81%.
Potential Impact: J.P. Morgan analysts estimate that if the XRP ETF is approved, it could attract $4 billion to $8 billion of ETF inflows, significantly boosting XRP's market cap and credibility.
If Bitcoin is considered "digital gold," then Litecoin is known as "digital silver."
Litecoin has long 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 costs compared to Bitcoin, making it an ideal choice for everyday transactions.
Canary Capital Litecoin ETF
Filing Date: October 2024
Details: Has filed an S-1 registration statement with 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 approved altcoin ETF. LTC has a long history dating back to 2011, meeting various SEC criteria in liquidity, history, and market maturity.
Grayscale Litecoin Trust (ETF Conversion)
Filing Date: January 2025
Details: Grayscale Investments has filed with the U.S. SEC to convert its existing Grayscale Litecoin Trust (LTCN) (managing $1.274 billion in assets) into a spot ETF. The converted ETF will be listed on the New York Stock Exchange Arca.
Grayscale's move to convert the existing Litecoin trust into an ETF further strengthens market expectations that Litecoin will be among the first altcoins to receive ETF approval.
CoinShares Litecoin ETF
Filing Date: January 2025
Details: European digital asset management firm CoinShares has filed an S-1 listing application with the U.S. SEC to launch a spot Litecoin ETF, offering an investment opportunity without direct custody. The ETF will be issued in units of 5,000 shares and traded on Nasdaq.
Will the Litecoin ETFs be approved? High probability (analysts estimate a 90% approval chance in 2025).
Potential Impact: With the opening of the ETF channel, LTC's visibility, liquidity, and price are expected to rise.
Cardano is one of the top-ten market cap cryptocurrencies with a large and loyal community. Its focus on peer-reviewed development and environmental sustainability is appealing to ESG-conscious investors. However, the lack of a futures market in the U.S. may delay approval by the U.S. SEC.
Grayscale Cardano Trust (ETF Conversion)
Submission Date: February 2025
Details: New York Stock Exchange Arca, on behalf of Grayscale Investments, submitted a 19b-4 form to the U.S. SEC, aiming to list and trade shares of the Grayscale Cardano Trust on the New York Stock Exchange Arca with 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: Increased staking participation, growth in validator numbers, and long-term price stability.
Avalanche is another L1 blockchain competing with Ethereum. VanEck's trust setup indicates its intent, but due to the lack of a formal SEC application, it means it is still in the 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 launch a spot Avalanche ETF.
Will the AVAX ETF be approved? Bloomberg ETF analyst James Seyffart has stated that while the likelihood of a spot AVAX ETF is relatively low, the possibility may increase significantly later this year.
Potential Impact: Will largely depend on the approval environment for Solana and Cardano.
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 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 SOL, XRP, and ADA approvals).
Potential impact: If approved after other altcoin ETFs, its short-term impact may be minimal, but it would be a symbolic victory for emerging blockchains.
Like Aptos, Sui is an emerging L1 blockchain with a developing ecosystem. The ETF application currently submitted 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 mention 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 SUI ETF application news emerged, its price surged over 10%. If this enthusiasm continues, the potential impact on SUI's price may exceed previous all-time highs.
The MOVE ETF aims to track the price of Move Network's native token MOVE. Move Network is an Ethereum Layer 2 protocol built on MoveVM (originally developed by Facebook's Diem team). Move focuses on faster speeds, gas savings smart contracts, positioning itself as the next-generation blockchain infrastructure layer.
The MOVE ETF has adopted the application strategy previously used by 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 and Osprey Funds collaborated to submit 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 may set a precedent for ETFs based on infrastructure tokens (such as Optimism, StarkNet).
Although meme coins are an outlier in the cryptocurrency world, often seen as a network joke with no intrinsic value (a view that does have merit), their enduring popularity and cultural relevance are undeniable.
Today, asset management firms 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 in the form of regulated financial products? If so, how do regulatory bodies define the boundary between satire and security?
Few meme coins have been able to transcend their "meme status" to become a token that has real-world impact. Dogecoin is one of them.
Dogecoin (DOGE) has consistently held a top position in the cryptocurrency market cap, showing robust resilience through multiple market cycles. Its strong liquidity, broad exchange support, and high user engagement make 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, on January 28, 2025, they submitted an S-1 registration statement to the U.S. SEC 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 listing, advancing the approval process.
Will the Dogecoin ETF be approved? Bloomberg ETF analyst Eric Balchunas believes there is a 75% chance of approval for the Dogecoin ETF.
Potential Impact: Approval of the Dogecoin ETF could serve as a catalyst for meme coins to gain mainstream market recognition.
By the end of 2024, amid the intersection of political discourse and meme culture, the TRUMP token quickly gained popularity.
Rex Shares Trump ETF
Submission Date: January 21, 2025
Among 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 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., Trump Memecoin), the ETF is likely to be denied approval. Even ETF experts like Bloomberg's Eric Balchunas have called the application "absurd." Most analysts believe this is merely a test case or publicity stunt rather than a legitimate path to approval.
Potential impact: If approved, the ETF poses a significant risk to the reputation of the U.S. SEC.
The BONK ETF application was submitted concurrently with the TRUMP ETF application as part of Rex Shares' meme coin business expansion strategy.
Given BONK's significant attention 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
Sponsor: 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 medium term is 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 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 still in the early stages, with only an S-1 form submitted currently. The next step is for a trading platform (such as Nasdaq or Chicago Options Exchange) to submit a 19b-4 form and obtain 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:
· The first time NFTs are included in a regulated investment vehicle.
· Opens the door to other NFT collections (e.g., Bored Apes and Azuki).
· Provides a new investment avenue for speculators and cultural 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 regarding the valuation, custody, and settlement of such NFTs.
Potential Impact: The first time NFTs are included in a regulated investment vehicle could significantly boost attention to PENGU and Pudgy Penguins, driving up the floor price.
2024-2025 is a pivotal period for cryptocurrency ETFs.
Bitcoin and Ether funds are now part of the financial landscape, and the second wave of crypto assets is ready, awaiting the U.S. SEC's decision. This year and next year may 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 can be approved depends on the level of regulatory openness and market maturity. If most ETFs are approved, by 2026, we may witness a closer integration of the crypto industry with mainstream finance.
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