Forward the Original Title ‘Coingecko Report: Altcoin ETF Application Progress in 2025’

With a more crypto-friendly U.S. administration and the departure of SEC Chair Gary Gensler, asset managers are now pushing for a broader range of ETFs – spanning altcoins, memecoins, and even NFTs.

Key Takeaways

• BTC and ETH spot ETFs brought billions in institutional inflows, legitimizing crypto in TradFi.
• Asset managers are actively filing 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 chances ranging from 75–90% for assets like SOL, XRP, and LTC, to very low for SUI, APT, and meme-based funds.

Crypto is divided. Everything is fragmented, from liquidity to opinions about Layer 1 supremacy, and people have differing opinions. But if one thing unites all crypto trench dwellers, it’s the wish for mainstream adoption.

In 2024–2025, the dream of mainstream acceptance took a giant leap forward with the approval and rapid expansion of crypto ETFs.

For the first time, investors could gain direct exposure to a wide range of digital assets through traditional brokerage accounts without navigating complex crypto wallets or exchanges.

Institutional investors, previously hesitant due to regulatory uncertainty, poured billions of dollars into Bitcoin and Ethereum ETFs within weeks of launch. The impact was immediate. Bitcoin’s price surged past new all-time highs, and Ethereum ETFs received approvals soon after. These ETFs provided a more accessible investment vehicle and deeper market liquidity for TradFi participants. It also sets a regulatory precedent for altcoin ETFs.

Now, with Gary Gensler out of the way as SEC Chair and the US being run by a more crypto-friendly administration, asset managers are taking this opportunity to file for more altcoin ETFs like Solana and Ripple, and even memecoins like Dogecoin, BONK, and Trump Memecoin.

This article gives a holistic overview of the current state of the crypto ETF frenzy with regards to the U.S.

Bitcoin ETFs Laid The Groundwork

Bitcoin has long been the face of cryptocurrency, and in 2024, it officially entered the mainstream financial system with the approval of the first U.S. spot Bitcoin ETFs. While Bitcoin futures ETFs had existed since 2021, the spot ETF launch was a watershed moment as investors could gain exposure to actual BTC holdings, not derivative contracts.

Within a few days of trading, spot Bitcoin ETFs attracted billions in inflows. This capital inflow significantly boosted Bitcoin’s liquidity and solidified its position as a legitimate asset class alongside traditional commodities like gold.

With multiple asset managers launching competing Bitcoin ETFs, the market quickly became a battleground for investor attention. While BlackRock’s iShares Bitcoin Trust dominated early inflows, firms like Fidelity, ARK Invest, and VanEck also saw substantial participation.

As of 2025, several major asset managers have launched spot Bitcoin ETFs. Below is a breakdown of the leading funds and their Bitcoin holdings (at the time of writing).

Source: Blockworks Bitcoin ETF Tracker

Key differences between futures-based and spot Bitcoin ETFs:

• Futures ETFs (e.g., BITO): Hold CME Bitcoin futures contracts rather than actual BTC. Prone to tracking errors due to contract rollovers.
• Spot ETFs (e.g., IBIT): Directly hold Bitcoin, allowing for precise tracking of BTC’s market price.

Ethereum ETFs

Following the success of Bitcoin ETFs, the next major milestone in the crypto ETF landscape was Ethereum. While Bitcoin is often viewed as “digital gold,” Ethereum serves as the backbone of the DeFi and smart contract ecosystem.

Regulatory hesitation around Ethereum ETFs was initially high. Once the SEC approved spot Bitcoin ETFs in early 2024, the path for Ethereum became significantly clearer.

By May 2024, multiple futures Ethereum ETFs received regulatory approval, marking another watershed moment for crypto adoption, with spot Ethereum ETFs approved in July 2024. As a result, Ethereum’s price teased the $4,000 mark in the months leading up to the approvals, mirroring Bitcoin’s rally earlier in the year.

As of 2025, Ethereum spot ETFs collectively hold a substantial amount of ETH, making them one of the largest institutional investment vehicles for the asset.

Source: Blockworks Ethereum ETF Tracker

With nearly 3 million ETH held by ETFs (at the time of writing), institutional involvement in Ethereum is now stronger than ever.

Altcoin ETF Season Is Next Up

With spot Bitcoin and Ethereum ETFs firmly in place, asset managers have set their sights on the broader crypto ecosystem.

Encouraged by the SEC’s growing openness to crypto and armed with improved market surveillance structures, asset managers filed for a wave of altcoin ETFs. These proposals aim to bring exposure to high-demand tokens such as Litecoin, XRP, Solana, Dogecoin, Cardano, and more.

While no altcoin ETF has been approved in the U.S. yet, several are under active review, and the regulatory tone is shifting. Analysts and insiders believe that once the first one is approved, others will follow in rapid succession. It would be very similar to the domino effect seen with Bitcoin and Ethereum.

Solana (SOL) ETF

Solana has surged in popularity over the past year, becoming one of the popular altcoin ETF candidates. With a strong DeFi ecosystem, Solana is regarded as Ethereum’s strongest competitor in the smart contract field.

However, a key regulatory hurdle remains: whether Solana is considered a security. Ongoing litigation and classification arguments could delay the SEC’s decision. Nonetheless, the infrastructure is already forming - DTCC (The Depository and Clearing Corporation) has listed two Solana futures ETFs (SOLZ, SOLT), and the Chicago Mercantile Exchange is preparing for the launch of SOL futures contracts in 2025.

VanEck Solana Trust Fund

Filed: June 2024

Details: VanEck filed an S-1 registration statement with the SEC to launch a spot Solana ETF, aiming to track SOL’s price directly. This was the first U.S.-based spot Solana ETF filing.

21Shares Core Solana ETF

Filed: June 2024

Details: 21Shares submitted an S-1 filing with the SEC for a spot Solana ETF, closely following VanEck’s lead, to be listed on the Cboe BZX Exchange.

Bitwise Solana ETF

Filed: November 2024

Details: Bitwise initially filed to establish a statutory trust in Delaware for a Solana ETF, later withdrawing it to refile an S-1 with the SEC.

Grayscale Solana ETF (Spot ETF Conversion)

Filed: January 2025

Details: Grayscale filed with the SEC to convert its existing Solana Trust (GSOL) into a spot ETF to be listed on NYSE Arca. The filing built on its $134 million AUM trust.

Canary Solana ETF

Filed: Late 2024 to Early 2025

Details: Canary Capital filed an S-1 with the SEC for a spot Solana ETF, joining the race amid growing altcoin ETF interest post-Trump’s election win.

Franklin Templeton Solana ETF

Filed: March 2025

Details: Franklin Templeton, managing over $1.5 trillion in assets, filed S-1 and 19b-4 forms with the SEC to launch a spot Solana ETF on the Cboe BZX Exchange, making it the sixth major U.S. spot SOL ETF applicant.

Will SOL ETF be approved? According to Bloomberg Intelligence analysts, Solana ETFs have a high chance of approval (75% odds).

Potential impact: Analysts expect $3-6 billion in inflows if the ETFs are approved.

XRP (Ripple) ETF

XRP has a unique challenge: its legal status. While Ripple secured a partial legal victory in 2023, the SEC’s final stance on whether XRP is a security remains a gray area. Still, the flood of filings in early 2025 suggests optimism that legal clarity is near or sufficient for ETF approval.

Bitwise XRP ETF

Filed: October 2024

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

Canary Capital XRP ETF

Filed: October 2024

Details: Canary Capital, founded by ex-Valkyrie Funds co-founder Steven McClurg, filed an S-1 with the SEC for a spot XRP ETF.

21Shares Core XRP ETF

Filed: November 2024

Details: 21Shares, a Switzerland-based crypto investment firm, filed an S-1 with the SEC to launch a spot XRP ETF.

WisdomTree XRP ETF

Filed: December 2024

Details: WisdomTree, a global asset manager, filed an S-1 with the SEC for a spot XRP ETF to be listed on the Cboe BZX Exchange.

Grayscale XRP ETF (Spot ETF Conversion)

Filed: January 2025

Details: Grayscale Investments filed with the SEC to convert its existing XRP Trust (managing $16.1 million as of January 2025) into a spot ETF to be listed on NYSE Arca.

CoinShares XRP ETF

Filed: January 2025

Details: European crypto investment firm CoinShares filed an S-1 with the SEC for a spot XRP ETF.

ProShares XRP ETF

Filed: January 17, 2025

Details: ProShares filed an S-1 with the SEC for a spot XRP ETF alongside three additional XRP-related investment products (details unspecified).

Teucrium XRP ETF

Filed: January 21, 2025

Details: Teucrium filed an S-1 with the SEC for a spot XRP ETF, adding to the growing list of applicants.

MEMX XRP ETF

Filed: February 2025 (exact date unspecified)

Details: MEMX, a U.S.-based securities exchange, filed with the SEC to launch an XRP ETF under the Commodity-Based Trust category.

Volatility Shares XRP ETF

Filed: March 10, 2025

Details: Volatility Shares filed an S-1 with the SEC for a spot XRP ETF, designed to track XRP’s price directly.

Franklin Templeton XRP ETF

Filed: March 11, 2025

Details: Franklin Templeton, managing over $1.5 trillion, filed S-1 and 19b-4 forms with the SEC for a spot XRP ETF, with Coinbase Custody as the custodian.

Will XRP ETF be approved? Moderately positive (65% chance, per Bloomberg analysts). According to Polymarket, however, the odds stand higher at 81%.

Potential impact: Analysts at JPMorgan project $4-8 billion in ETF inflows if XRP ETFs are approved, significantly boosting XRP’s market cap and credibility.

Litecoin (LTC) ETFs

If Bitcoin is considered “digital gold,” Litecoin is the “digital silver”.

LTC has consistently maintained its position as one of the longest-standing and most actively traded cryptocurrencies in the market. Launched in 2011 by Charlie Lee, Litecoin was designed to offer faster transaction times and lower fees compared to Bitcoin, making it ideal for everyday transactions.

Canary Capital Litecoin ETF

Filed: October 2024

Details: Filed an S-1 registration statement with the SEC, marking the first U.S. spot Litecoin ETF proposal.

The Canary Litecoin ETF is currently viewed as the most likely altcoin ETF to be approved. With a long track record dating back to 2011, LTC meets many of the SEC’s criteria around liquidity, history, and market maturity.

Grayscale Litecoin Trust (ETF Conversion)

Filed: January 2025

Details: Grayscale Investments filed with the SEC to convert its existing Grayscale Litecoin Trust (LTCN), managing $127.4 million in assets, into a spot ETF. It would be listed on NYSE Arca.

Grayscale’s move to convert its existing Litecoin Trust into an ETF reinforces the expectation that LTC will be among the first altcoins to receive ETF approval.

CoinShares Litecoin ETF

Filed: January 2025

Details: CoinShares, a European digital asset manager, filed an S-1 with the SEC for a spot Litecoin ETF to provide exposure without direct custody. Shares would be issued in “Baskets” of 5,000 and traded on Nasdaq.

Will LTC ETF be approved? High (Analysts estimate a 90% chance in 2025)

Potential impact: Boost in LTC visibility, liquidity, and price as ETF channels open up.

Cardano (ADA) ETFs

Cardano is among the top 10 cryptocurrencies by market cap and has a large, loyal community. Its focus on peer-reviewed development and environmental sustainability makes it appealing to ESG-conscious investors. However, it lacks a U.S. futures market, which may slow SEC approval.

Grayscale Cardano Trust (ETF Conversion)

Filed: February 2025

Details: NYSE Arca filed a 19b-4 form with the SEC on behalf of Grayscale Investments to list and trade shares of the Grayscale Cardano Trust under the ticker GADA.

Will ADA ETF be approved? Accordingly to Polymarket, Cardano ETFs look moderately promising with a 65% chance of approval.

Potential impact: Increased staking participation, validator growth, and long-term price stability.

Avalanche (AVAX) ETF

Avalanche is another Layer 1 blockchain competing with Ethereum. VanEck’s trust setup signals intent, but the lack of a formal SEC application means it’s still in the early stages.

VanEck Avalanche ETF

Filed: March 2024

Details: VanEck, a global investment manager, filed an S-1 registration statement with the SEC to launch a spot Avalanche ETF.

Will AVAX ETF be approved? While the likelihood for a spot AVAX ETF is relatively lower, the probability may surge later in the year, per Bloomberg ETF Analyst James Seyffart.

Potential impact: Will depend heavily on the approval environment for Solana and Cardano.

Aptos (APT) ETF

Aptos is a Layer 1 built by former Meta engineers. The ETF filing is seen as a bold move by Bitwise, aiming to capitalize on the next wave of altcoin growth.

Bitwise Aptos ETF

Filed: March 2025

Details: Bitwise Asset Management filed an S-1 registration statement with the SEC. This filing followed an earlier registration of a “Bitwise Aptos ETF” trust entity in Delaware on February 25, 2025, which was an initial administrative step. The S-1 filing on March 5 formalized the ETF proposal, with Coinbase Custody listed as the proposed custodian.

Will APT ETF be approved? Low to moderate (more likely after SOL, XRP, and ADA are approved).

Potential impact: If approved after other altcoin ETFs, the result could be a modest short-term impact but a symbolic win for newer blockchains.

Sui (SUI) ETFs

Sui, like Aptos, is an emerging Layer 1 with a growing ecosystem. The ETF filing is mostly speculative at this stage, signaling long-term confidence rather than imminent approval.

Canary Sui ETF

Filed: March 2025

Details: Canary Capital filed an S-1 registration statement with the SEC. The filing did not specify the exchange or ticker symbol for the ETF. Earlier, on March 6, 2025, Canary Capital registered a trust entity for the Sui ETF in Delaware, a preliminary step often followed by the S-1 submission.

Will SUI ETF be approved? Very low (not expected before 2026)

Potential impact: The price of SUI surged over 10% soon after the news of its ETF filing broke out. If the enthusiasm continues, the potential impact on Sui’s price can go past previous all-time highs.

Move (MOVE) ETF

The MOVE ETF aims to track the price of MOVE, the native token of the Movement Network, an Ethereum Layer 2 protocol built using MoveVM (originally developed by Facebook’s Diem team). Movement focuses on faster, gas-efficient smart contracts—positioning itself as a next-gen blockchain infrastructure layer.

The MOVE ETF follows the playbook used for previous Layer 1 ETF filings (like Aptos and Sui) but with a more technical and developer-centric appeal.

Rex-Osprey MOVE ETF

Issuer: Rex Shares & Osprey Funds

Details: REX Shares, in collaboration with Osprey Funds, filed an S-1 registration statement with the SEC on March 10, 2025, for the “REX-Osprey MOVE ETF.” The ETF awaits SEC acknowledgment of a 19b-4 form to enter the formal review process.

Will MOVE ETF be approved? MOVE is still a relatively young asset, and it lacks deep institutional liquidity or derivatives markets. Hence, the chances are not looking too bright.

Potential impact: If approved, this could serve as a template for future ETFs based on infrastructure tokens (e.g., Optimism, StarkNet).

Memecoin ETFs

While memecoins are the wildcards of crypto that are often dismissed as internet jokes with no intrinsic value (rightfully so), their staying power and cultural relevance are undeniable.

Now, asset managers are beginning to test the boundaries of regulatory permissibility by filing ETF proposals for some of the most recognizable memecoins, including Dogecoin, TRUMP, and BONK.

Can a meme-based asset be offered in a regulated financial wrapper? If so, where do regulators draw the line between satire and security?

Dogecoin (DOGE) ETFs

Very few memecoins transcend their “meme state” and turn into a token that makes a real-world impact. Dogecoin is among them.

With a market cap that has consistently placed it among the top cryptocurrencies, DOGE has demonstrated remarkable staying power through multiple market cycles. Its strong liquidity, broad exchange support, and active user base make it an increasingly compelling asset for institutional products.

Rex Shares Osprey Dogecoin ETF

Filed: January 2025

Details: This was part of a broader wave of filings targeting memecoins and other cryptocurrencies.

Grayscale Dogecoin Trust (ETF Conversion)

Filed: January 2025

Details: Grayscale Investments filed with the SEC on January 31, 2025, to convert its existing private Dogecoin Trust into a spot ETF to be listed on NYSE Arca under Rule 8.201-E (Commodity-Based Trust Shares).

Bitwise Dogecoin ETF

Filed: Entity registered, full filing TBD

Details: Bitwise Asset Management registered a “Bitwise Dogecoin ETF” trust entity in Delaware on January 23, 2025, as a preliminary step. They followed this with an S-1 registration statement filed with the SEC on January 28, 2025, to launch a DOGE spot ETF. NYSE Arca filed a 19b-4 form with the SEC on March 3, 2025, to list and trade the ETF, advancing the approval process.

Will DOGE ETF be approved? Bloomberg ETF analyst, Eric Balchunas, gives Dogecoin ETF a 75% chance of approval.

Potential impact: Dogecoin’s ETF approval could be a catalyst for the mainstream legitimization of memecoins.

Trump Memecoin ETF

The TRUMP token exploded in popularity in late 2024 as political discourse and meme culture collided.

Rex Shares Trump ETF

Filed: January 21, 2025

Of all the ETF filings in 2025, this was arguably the most controversial as it’s the first serious attempt to wrap a memecoin with explicit political branding into an ETF.

Its ETF proposal promises to invest 80% or more of its assets in the token or the derivatives tied to it.

Will TRUMP ETF be approved? Due to the political nature of the underlying asset, i.e., TRUMP memecoin, there is a high chance that this ETF may be rejected. Even ETF experts like Bloomberg’s Eric Balchunas called the filing “surreal.” Most analysts view this as a test case or a publicity play rather than a legitimate path to approval.

Potential impact: If this ETF is approved, this is a high reputational risk for the SEC.

BONK ETF

The filing for a BONK ETF came alongside the TRUMP ETF as part of Rex Shares’s strategy to push memecoin boundaries.

Since BONK has gained significant traction on Solana, it’s a candidate for a more “serious” memecoin ETF due to strong retail engagement.

Rex Shares BONK ETF

Filed: January 21, 2025

Issuer: Rex Shares / Osprey

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

Will BONK ETF be approved? Factoring in other altcoins that have more utility and legitimacy than memecoins, the approval chance for a BONK ETF is very meek in the short-to-medium term.

Potential impact: If the BONK ETF is approved, it could open a can of worms and let other memecoin ETFs, like PEPE and FWOG, into the market.

PENGU ETF

PENGU is the official token of the Pudgy Penguins NFT collection.

Canary Capital PENGU ETF

Filed: March 2025

Details: The Canary PENGU ETF filing is in its earliest stage, with only the S-1 submitted. The next step would be the submission and SEC acknowledgment of a 19b-4 form by an exchange (e.g., Nasdaq or Cboe).

Unlike other crypto ETFs that focus solely on fungible tokens, this fund proposes to hold both cryptocurrency and non-fungible tokens (NFTs). Specifically, it would allocate:

• 80–95% of assets to PENGU, the native token of the Pudgy Penguins ecosystem.
• 5–15% to Pudgy Penguins NFTs.
• Remaining allocation to ETH and SOL for liquidity.

If approved, it would mark the first ETF in the U.S. to hold NFTs directly.

Why it matters:

• Brings NFTs into a regulated investment vehicle for the first time.
• Opens the door for other NFT collections (e.g., Bored Apes, Azuki) to follow.
• Offers speculative and cultural investors a new route to gain exposure.

Will PENGU ETF be approved? Low to speculative. The SEC has never approved an ETF holding non-fungible assets, and questions remain about how such NFTs would be valued, stored, and liquidated.

Potential impact: It brings NFTs into a regulated investment vehicle for the first time, would likely spike interest in PENGU and Pudgy Penguins, and would shoot up floor prices.

Conclusion

2024–2025 has been a pivotal period for crypto ETFs.

Bitcoin and Ether funds are now part of the financial landscape, and a second wave of crypto assets is lined up for the SEC’s decision. This year and the next could see funds for Litecoin, XRP, Solana, Dogecoin, and more, which would significantly broaden crypto’s reach in traditional markets.

Each pending ETF’s approval likelihood hinges on regulatory comfort and market maturity. If most of these are approved, by 2026, we could witness a development that could knit the crypto industry more tightly into the fabric of mainstream finance.

Disclaimer:

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