The cryptocurrency business notched two main victories final yr 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 a wide range of cryptocurrencies, from Dogecoin to XRP, Solana, and even Donald Trump’s meme coin.
Listed here are the assorted crypto-based ETFs that might quickly be provided in america, and a have a look at the high-profile filings to date for every asset.
Solana
Spot Solana exchange-traded funds are one potential various to Bitcoin and Ethereum ETFs that might start buying and selling within the U.S. this yr or subsequent.
Such funds have already begun buying and selling in Canada, with a lot of spot Solana ETFs with staking capabilities launching within the nation in April.
The proposed U.S. funds, which embody the VanEck Solana Belief, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, would immediately monitor the value of the fourth-largest cryptocurrency by market capitalization.
Franklin Templeton joined the fray in February, as properly, submitting an S-1 registration assertion with the SEC. In March, CBOE filed on behalf of Franklin Templeton for a rule change to listing the proposed fund. The change additionally filed that month to listing shares of a Solana-based fund issued by funding agency Constancy.
In the meantime, a handful of proposed Solana futures ETFs such because the ProShares Brief Solana, ProShares 2x Solana, and Vol Shares’ Solana ETF would allow buyers to make extra advanced bets on Solana’s worth actions.
In the meantime, Volatility Shares debuted ETFs monitoring Solana futures on the Nasdaq, the corporate confirmed to Decrypt. The funds allow buyers to make extra advanced bets on Solana’s worth actions.
Nonetheless, spot Solana ETFs will seemingly 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 purposes.
The SEC sometimes takes between 240 and 260 days to make selections on purposes. However ongoing litigation over whether or not Solana is or is not a safety may extend that course of for a number of would-be Solana ETFs. The regulator acknowledged Grayscale’s Solana ETF software on February 6 and is in search of public touch upon the submitting, marking what one analyst known as “new territory” for the company.
However, if and when spot Solana ETFs are accepted, the investor {dollars} they appeal to might be huge. JP Morgan analysts predict Solana ETFs may collectively usher in between $4 and $8 billion in investments.
Dogecoin
A number of 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 worth 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.
Equally, 21Shares filed an software for a DOGE ETF in April. The distinction is that its fund might be marketed by Home of DOGE, the Dogecoin Basis’s company arm.
In the meantime, Bitwise Asset Administration has registered a Dogecoin ETF entity in Delaware, a serious 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 may 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 kind 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, nonetheless. Bloomberg senior ETF analyst Eric Balchunas mentioned in January {that a} spot Dogecoin ETF may theoretically launch as early as April, due to a rule that permits federal regulators to weigh in on funding providing proposals inside an expedited 75-day timeframe, quite than the everyday overview 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 overview within the U.S.
In early February, Chicago’s Cboe Alternate utilized with federal regulators to listing and commerce 4 spot XRP ETFs — an indication of rising investor curiosity in funds monitoring Ripple Lab’s crypto asset. The spot XRP ETFs could be issued by WisdomTree, Bitwise, 21Shares, and Canary Capital, respectively.
Franklin Templeton joined the occasion in March, proper because the SEC punted on making a call on Grayscale’s XRP submitting.
The SEC acknowledged a number of XRP purposes in late February, saying that feedback could be submitted inside 21 days of the filings. That brings the ETFs one step nearer to be accepted within the U.S.
Nonetheless, it stays unclear whether or not the ETFs might be accepted or not. A rash of anticipated rule adjustments on the SEC level to the next probability that regulators may quickly inexperienced mild the funds within the U.S.
If XRP ETFs are accepted, then the funds may collectively usher in between $3 and $6 billion in investments, in keeping with a January estimate from J.P. Morgan analysts.
Past spot XRP ETFs, XRP futures-based exchange-traded funds such because the ProShares Brief XRP and ProShares 2x XRP are additionally up for consideration within the U.S.
The previous would enable buyers to brief XRP, whereas the latter would allow buyers to make leveraged bets on the cryptocurrency’s future worth actions.
Individually, XRP-based funds are additionally getting some play in Asia. Crypto-focused asset supervisor HashKey Capital launched in mid-April a fund monitoring the efficiency of XRP for buyers within the area
Bitcoin Plus ETF
Trump Media and Expertise Group’s Fact.Fi has utilized to register a trademark for 2 “Bitcoin Plus” merchandise, along with 4 different funding autos. The funds are known as Fact.Fi Bitcoin Plus ETF and Fact.Fi Bitcoin Plus SMA.
It stays unclear which belongings the Bitcoin Plus ETFs would maintain, if accepted. It is potential the “plus” a part of their names may 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 accepted, the exchange-traded fund will monitor Bitcoin and Ethereum, weighting the belongings 86.31% and 13.69%, respectively. It may additionally embody extra cryptocurrencies sooner or later, Franklin Templeton mentioned in its submitting.
Avalanche
Earlier this yr, asset managers VanEck and Grayscale registered belief corporations in Delaware to put the groundwork for launching Avalanche ETFs.
NASDAQ utilized in March with federal regulators to listing shares of an AVAX ETF issued by Grayscale. The next month, the change filed an analogous petition for a VanEck spot AVAX ETF.
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 value of Aptos (APT).
The submitting got here only a few days after the asset supervisor had mode strikes to ascertain a Delaware belief—laying the groundwork for its Aptos ETF.
Sui
Sui, one other brainchild of ex-Meta stablecoin mission members, might quickly turn into out there 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 may launch earlier than its higher-profile Solana and XRP-based counterparts. Regardless of that, it stays unclear whether or not there’s ample investor demand for such a fund, he mentioned.
Litecoin
A rash of Litecoin-based ETF purposes have been filed following President Donald Trump’s inauguration, because the chilly crypto regulatory atmosphere 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 prone to get accepted earlier than Dogecoin, XRP, and Solana-based funds, in keeping with Bloomberg analyst Eric Balchunas.
That is as a result of Litecoin’s regulatory standing is much less disputed than that of different altcoins similar to Solana, which stay on the heart of a authorized battle between the SEC and main crypto business gamers, in keeping with Balchunas.
Polkadot
Grayscale revealed on February 25 that it plans to transform its Polkadot Belief into an ETF, which might commerce on Nasdaq.
Just some weeks later, 21Shares adopted its fellow asset supervisor’s lead, submitting its personal Polkadot ETF submitting to the SEC. The regulator has acknowledged each submissions as of publication time.
NFTs
Funding agency Canary Capital filed in mid-March for a PENGU and Pudgy Penguins ETF.
PENGU is a Solana-based token linked to the Pudgy Penguins NFT assortment on the Ethereum community. Pudgy Penguins is the fourth-largest NFT mission based mostly on market cap, in keeping with CoinGecko information. The proposed fund would maintain each the fungible token and the NFTs.
BONK, Trump, and past
Rex Shares filed with federal regulators in January to launch a spot Trump ETF, whereas Tuttle Capital is aiming to launch a fund holding Melania. Each issuers have utilized to launch BONK-based ETFs. Tuttle and Grayscale are additionally pursuing Cardano-based ETFs.
In the meantime, Canary Capital utilized to supply a fund that might monitor the value of Tron’s native token and permit for staking of its underlying belongings.
The proposed funds kind a part of a rising listing of meme coin-based funding merchandise spun up by issuers, who’re apparently desperate to capitalize on buyers’ rising curiosity within the digital belongings market amid the most recent crypto bull run.
In a distinct vein, Grayscale Investments additionally launched two distinctive forms of crypto-based ETFs in April: the Bitcoin Lined Name ETF (BTCC) and Grayscale Bitcoin Premium Earnings ETF (BPI). The funds use coated name methods to allow buyers to purchase fairness shares they already personal at a selected worth.
Edited by Andrew Hayward
Editor’s notice: This story was first printed on January 26, 2025 and final up to date with new particulars on April 21.
