The current status and impact of all cryptocurrency ETF applications in the United States by 2025

Why do crypto ETFs continue to grow in popularity?

With the U.S. regulatory environment becoming more friendly and SEC Chairman Gary Gensler gone, asset managers are stepping up their efforts to diversify their ETF offerings – covering altcoins, memecoins, and even NFTs.

 Key takeaways:

• BTC and ETH spot ETFs have brought billions of dollars in institutional inflows, propelling crypto assets to their legal place in traditional finance (TradFi).

• Several asset managers have submitted ETF applications for cryptocurrencies including Solana, XRP, Litecoin, Cardano, and more.

• There are even ETF applications for Memecoin such as DOGE, TRUMP, BONK, and PENGU in progress.

• According to estimates by Bloomberg and Polymarket, the probability of approval of ETFs for assets such as SOL, XRP, and LTC is between 75%-90%; SUIs, APTs, and certain meme-based funds have a lower chance of approval.

Today's crypto world remains fragmented: both liquidity and opinions on which Layer 1 is more dominant are highly divided. But there's one thing that everyone in the crypto industry is looking forward to – mainstream adoption.

And in 2024–2025, the approval and rapid expansion of crypto ETFs took a key step towards this dream.

For the first time, investors can gain direct access to a wide range of digital assets through a traditional brokerage account, without having to learn complex wallet operations or sign up for a crypto exchange.

Institutional investors, who were previously on the sidelines due to regulatory uncertainty, also injected billions of dollars into the BTC and ETH spot ETFs in just a few weeks after they were launched.

The market reacted quickly: the price of Bitcoin broke through a new all-time high, and the Ethereum ETF was subsequently approved.

Not only do these ETFs make it easier for traditional financial market participants to invest in crypto assets, but they also bring deeper liquidity to the market and pave the way for a future compliance path for altcoin ETFs.

Now, with Gary Gensler no longer serving as SEC chairman, and the U.S. government as a whole shifting to be more supportive of the crypto industry, asset managers are seizing the opportunity to apply for mainstream altcoin ETFs such as Solana, Ripple (XRP), and even meme assets such as Dogecoin, BONK, Trump Memecoin, and others.

This article will give you a comprehensive overview of the current situation and progress of crypto ETFs in the US market.

 Bitcoin ETFs lay the groundwork

Bitcoin has long been the representative asset of the crypto world, and in 2024, the first spot Bitcoin ETF in the United States was officially approved, marking Bitcoin's official entry into the mainstream financial system.

Although Bitcoin futures ETFs have been around since 2021, the passage of spot ETFs is a milestone because investors have real exposure to the actual Bitcoin they hold, rather than futures contracts.

After the Bitcoin spot ETF went live, it attracted billions of dollars in inflows in just a few days. This funding has greatly increased the liquidity of Bitcoin's market and further cemented its position as a legitimate asset class, alongside traditional commodities such as gold.

With multiple asset managers racing to launch Bitcoin ETFs, the market quickly evolved into a battleground for investors' attention. While BlackRock's iShares Bitcoin Trust initially led the way in terms of money inflows, companies such as Fidelity, ARK Invest, and VanEck also quickly gained significant market share.

As of 2025, a number of mainstream asset managers have successfully launched Bitcoin spot ETFs. Here's an overview of the major funds and their BTC holdings right now

Key Differences Between Futures ETFs and Spot ETFs:

• Futures ETF (e.g., BITO): Holds the CME Bitcoin futures contract, not the actual BTC. Due to operations such as contract rollover, price tracking errors are prone to occur.

• Spot ETFs (e.g. IBIT): Hold Bitcoin directly to more accurately track the market price of BTC.

 The Ethereum ETF is the logical next step

Following the success of the Bitcoin ETF, the next major milestone in the crypto ETF space is Ethereum. While Bitcoin is often seen as "digital gold," Ethereum is a central pillar of the DeFi and smart contract ecosystem.

At first, regulators were cautious about Ethereum ETFs. But since the SEC approved spot Bitcoin ETFs in early 2024, Ethereum's path has become clearer.

By May 2024, multiple Ethereum futures ETFs were approved, marking a further mainstreaming of crypto assets. Subsequently, in July 2024, the spot Ethereum ETF was officially approved. In the process, the price of Ethereum approached $4,000 at one point, in line with Bitcoin's upward trend at the beginning of the year.

As of 2025, the amount of ETH held by spot Ethereum ETFs has reached a considerable scale, becoming an important channel for institutional investors to deploy ETH.

ETFs currently hold a total of nearly 3 million ETH (as of press time), and institutional participation in Ethereum is unprecedented.

 Altcoin ETFs are coming soon

After spot Bitcoin and Ethereum ETFs became a foregone conclusion, asset managers began to set their sights on the broader crypto asset space.

In the context of the SEC's gradual opening up to crypto assets, coupled with the continuous improvement of the market monitoring mechanism, more and more asset managers have begun to submit altcoin ETF applications, covering tokens with high demand in the market, such as Litecoin, XRP, Solana, Dogecoin, and Cardano.

While not a single altcoin ETF has yet been approved in the US, multiple applications are under review and the regulatory tone is shifting. Industry analysts generally believe that once the first altcoin ETF is approved, other products will follow, replicating the "domino effect" of Bitcoin and Ethereum ETFs.

Solana（SOL）ETFs

Over the past year, Solana has soared in popularity and has become the most sought-after altcoin ETF candidate in the market. With its robust DeFi ecosystem, Solana is seen as the most promising smart contract platform to challenge Ethereum.

However, a key regulatory hurdle remains: whether Solana constitutes a security. Litigation and controversy over this continues, potentially slowing down the pace of SEC approvals. Nonetheless, the infrastructure is gradually being built – two Solana futures ETFs (SOLZ and SOLT) are already listed on DTCC, and the CME is also planning to launch an SOL futures contract in 2025.

VanEck Solana Trust

•  Application period: June 2024
• Details: VanEck filed an S-1 registration statement with the SEC to launch a spot Solana ETF designed to directly track the price of SOL. This is the first spot Solana ETF filing in the United States.

21Shares Core Solana ETF

•  Application period: June 2024
• Details: Following in VanEck's footsteps, 21Shares applied for a spot SOL ETF to be listed on the Cboe BZX exchange.

Bitwise Solana ETF

•  Application time: November 2024
• Details: Bitwise withdrew its application and refiled its S-1 registration documents with the SEC after initially setting up a trust in Delaware.

Grayscale Solana ETF

•  Application time: January 2025
• Details: Grayscale intends to convert its existing Solana Trust (GSOL) with $134 million in assets under management into a cash ETF and list on NYSE Arca.

Canary Solana ETF

•  Application period: late 2024 to early 2025
• Details: Canary Capital seized the altcoin ETF craze by filing an application for spot SOL ETF S-1 filings after Donald Trump's election.

Franklin Templeton Solana ETF

•  Application period: March 2025
• Details: Franklin Templeton, which has more than $1.5 trillion in assets under management, filed S-1 and 19b-4 filings with the SEC to list its spot SOL ETF on Cboe BZX, becoming the sixth U.S. institution to apply for such a product.

Will the SOL ETF be approved? Analysts at Bloomberg Intelligence predict a 75% chance of approval for the Solana ETF.

Potential impact: Analysts expect $3 billion to $6 billion in inflows into SOL once approved.

 XRP (Ripple) ETF

The biggest challenge for XRP is its legal status. While Ripple won a partial victory in 2023, the SEC has yet to reach a final conclusion on whether XRP is a security. However, the large number of applications in early 2025 shows that there is a general consensus that regulatory ambiguity is no longer an obstacle, and there is growing hope for ETF approval.

Bitwise XRP ETF

•  Application time: October 2024
• Details: Bitwise became the first U.S. asset manager to formally apply for an XRP ETF by filing S-1 registration documents with the SEC.

Canary Capital XRP ETF

•  Application time: October 2024
• Details: Canary Capital, founded by former Valkyrie co-founder Steven McClurg, filed an S-1 application for a spot XRP ETF.

21Shares Core XRP ETF

•  Application time: November 2024
• Details: Swiss crypto asset manager 21Shares filed an S-1 with the SEC for listing of an XRP ETF in the United States.

WisdomTree XRP ETF

•  Application period: December 2024
• Details: WisdomTree, a global asset manager, filed an S-1 with the SEC to launch an XRP ETF on Cboe BZX.

Grayscale XRP ETF

•  Application time: January 2025
• Details: Grayscale intends to convert its current XRP trust under management of approximately $16.1 million into a cash ETF and list it on NYSE Arca.

CoinShares XRP ETF

•  Application time: January 2025
• Details: CoinShares, a European asset manager, filed an XRP ETF application with the SEC.

ProShares XRP ETF

• Application period: January 17, 2025
• Details: ProShares filed an S-1 with the SEC for the proposed launch of a spot XRP ETF and three additional XRP-related products (details not disclosed).

Teucrium XRP ETF

• Application period: January 21, 2025
• Details: Teucrium joins the XRP ETF race by filing an S-1 filing with the SEC.

MEMX XRP ETF

•  Application period: February 2025 (exact date undisclosed)
• Details: The American stock exchange MEMX applied to issue an XRP ETF in the form of a commodity trust.

Volatility Shares XRP ETF

• Application period: March 10, 2025
• Details: Volatility Shares filed an S-1 with plans to launch an ETF that tracks the XRP spot price directly.

Franklin Templeton XRP ETF

• Application deadline: March 11, 2025
• Details: Franklin Templeton, which has more than $1.5 trillion in assets under management, has filed S-1 and 19b-4 filings with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP ETF hosted by Coinbase Custody.

Will XRP ETFs be approved? Bloomberg analysts give a moderately optimistic forecast with an approval probability of about 65%; Polymarket's forecast is more positive, with a probability of 81%.

Potential impact: J.P. Morgan expects the XRP ETF to attract $4 billion to $8 billion in inflows if approved, significantly enhancing XRP's market capitalization and market credibility.

Litecoin (LTC) ETFs

If Bitcoin is "digital gold", then Litecoin is "digital silver".

LTC has long been one of the oldest and most actively traded crypto assets on the market. Since its launch in 2011 by Charlie Lee, Litecoin has been selling faster transaction speeds and lower fees, making it more suitable for everyday payments than Bitcoin.

Today, Litecoin has been running for more than a decade, and its inclusion in multiple ETF applications is also seen as a logical next step after Bitcoin and Ethereum.

Canary Capital Litecoin ETF

•  Submission Date: October 2024
• Details: An S-1 registration document was filed with the SEC, marking the first spot Litecoin ETF proposal in the United States.

The Canary Litecoin ETF is currently considered the most likely altcoin ETF to be approved. LTC has a long track record dating back to 2011 and meets many of the SEC's criteria for liquidity, history, and market maturity.

Grayscale Litecoin Trust

•  Submission date: January 2025
• Details: Grayscale Investments filed with the SEC to convert its existing Grayscale Litecoin Trust (LTCN), which manages $127.4 million in assets, into a cash ETF and will be listed on the New York Stock Exchange Arca.

Grayscale's move to convert an existing Litecoin trust into an ETF further reinforces market expectations that LTC is expected to be one of the first altcoin ETFs to be approved.

CoinShares Litecoin ETF

•  Submission date: January 2025
• Details: CoinShares, a European digital asset manager, filed an S-1 filing with the SEC for a Litecoin spot ETF to provide exposure without direct custody. The shares will be issued in a "basket" of 5,000 shares and will be traded on the NASDAQ.

Will LTC ETFs be approved? Very likely (analysts estimate a 90% chance of approval in 2025)

Potential impact: As the ETF channel opens, LTC's visibility, liquidity, and price will increase.

Cardano (ADA) ETFs

Cardano is one of the top 10 cryptocurrencies by market capitalization and has a large and loyal community. It focuses on peer-reviewed developments and environmental sustainability, which attracts ESG-conscious investors. However, it lacks a U.S. futures market, which could slow down SEC approvals.

Grayscale Cardano Trust (信托转现货 ETF)

•  Submission date: February 2025
• Details: NYSE Arca filed Filing 19b-4 with the SEC on behalf of Grayscale Investments to list and trade shares of Grayscale Cardano Trust under the ticker symbol GADA.

Will the ADA ETF be approved? According to the Composite Market, Cardano ETFs look 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 that competes with Ethereum. VanEck's trust setup is indicative of intent, but the lack of a formal SEC filing means it's still in its early stages.

VanEck Avalanche ETF

•  Submission date: March 2024
• Details: Global Investment Manager VanEck filed an S-1 registration statement with the SEC to launch the spot Avalanche ETF.

Avalanche is another Layer 1 blockchain that competes with Ethereum. VanEck's trust setup is indicative of intent, but the lack of a formal SEC filing means it's still in its early stages.

Will the AVAX ETF be approved? While the odds of approval for spot AVAX ETFs are relatively low at this stage, according to James Seyffart, an analyst at Bloomberg ETFs, the chances of their approval by the end of the year could rise significantly.

Potential impact: Will be highly dependent on the approval environment for Solana and Cardano ETFs.

Aptos (APT) ETF

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

Bitwise Aptos ETF

•  Submission date: March 2025
• Details: Bitwise Asset Management filed an S-1 registration file with the SEC. Previously, the "Bitwise Aptos ETF" trust entity was registered in Delaware on February 25, 2025, which is a preliminary administrative step. The S-1 filing on March 5 formalized the ETF proposal, and Coinbase Custody was listed as the proposed custodian.

Will APT ETFs be approved? The likelihood is low to moderate (more likely after SOL, XRP, and ADA approval).

Potential impact: If approved after other altcoin ETFs are approved, the APT ETF could provide a modest short-term market reaction, but would be a symbolic victory for the emerging blockchain.

Sui (SUI) ETF

Sui, like Aptos, is an emerging Layer 1 with an ever-evolving ecosystem. ETF applications at this stage are largely speculative, indicating long-term confidence rather than imminent approval.

Canary Sui ETF

•  Submission date: March 2025
• Details: Canary Capital filed S-1 registration documents with the SEC. The document does not specify the ETF's exchange or ticker symbol. Previously, on March 6, 2025, Canary Capital registered a trust entity in Delaware for the Sui ETF, which is a preliminary step usually taken after filing an S-1.

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

Potential impact: SUI's price soared more than 10% shortly after news of the ETF filing. If the enthusiasm continues, the potential impact on Sui prices could exceed previous all-time highs.

Move (MOVE) ETF

The MOVE ETF is designed to track the price of MOVE, the native token of Movement Network, an Ethereum layer 2 protocol built using MoveVM (originally developed by Facebook's Diem team). Movement focuses on faster and more gas-efficient smart contracts – positioning itself as the next generation of blockchain infrastructure layers.

The MOVE ETF continues the pattern of previous Layer 1 ETFs such as Aptos and Sui, but with a greater emphasis on technical and developer-oriented appeal.

Rex-Osprey MOVE ETF

• Issuers: Rex Shares and Osprey Funds
• Details: REX Shares, in partnership with Osprey Funds, filed S-1 registration documents for the "REX-Osprey MOVE ETF" with the SEC on March 10, 2025. The ETF is awaiting confirmation of Form 19b-4 by the SEC to proceed to the formal review process.

Will the MOVE ETF be approved? MOVE is still a relatively new asset and lacks deep institutional liquidity or derivatives markets. As a result, the chances of approval do not look bright.

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

 Meme Coin ETF: Is the Joke Too Much?

While meme coins are often seen as an outlier in the crypto space, often derided as online jokes with no intrinsic value (and certainly are, in a sense), their tenacious vitality and cultural influence cannot be ignored.

Now, asset managers are starting to test the bottom line of regulation by submitting ETF applications for some well-known meme coins such as Dogecoin, TRUMP and BONK.

So, can meme-based assets be packaged as regulated financial products? If so, how would regulators draw the line between "sarcasm" and "securities"?

Dogecoin (DOGE) ETFs

Few meme coins are able to transcend their "meme status" and become tokens that have an impact on the real world. Dogecoin is one of them.

DOGE's market capitalization consistently ranks among the top cryptocurrencies and has shown exceptional staying power across multiple market cycles. Its strong liquidity, extensive exchange support, and active user base make it an increasingly compelling asset for institutional products.

Rex Shares Osprey Dogecoin ETF

•  Submission date: January 2025
• Details: This is part of a larger wave of applications targeting meme coins and other cryptocurrencies.

Grayscale Dogecoin Trust

•  Submission date: January 2025
• Details: Grayscale Investments filed with the SEC on January 31, 2025, converting its existing private Dogecoin trust into a spot ETF for listing on NYSE Arca under Rule 8.201-E (commodity-based trust shares).

Bitwise Dogecoin ETF

•  Submission: Entity registration, full submission pending
• Details: Bitwise Asset Management registered the "Bitwise Dogecoin ETF" trust entity in Delaware on January 23, 2025 as a first step. Subsequently, they filed an S-1 registration with the SEC on January 28, 2025, to launch the DOGE spot ETF. NYSE Arca advanced the approval process by filing Form 19b-4 with the SEC on March 3, 2025, to list and trade ETFs.

Will the DOGE ETF be approved? Bloomberg ETF analyst Eric Balchunas believes that the Dogecoin ETF has a 75% chance of approval.

Potential impact: The approval of the Dogecoin ETF could be a catalyst for the mainstream legalization of meme coins.

 Trump Memecoin ETF

With the collision of political discourse and meme culture, the Trump token is rapidly gaining popularity at the end of 2024.

Rex Shares TRUMP ETF

• Submission date: January 21, 2025

This is undoubtedly the most controversial of all the ETF applications in 2025, as it is the first serious attempt to package a meme coin with an explicit political label as an ETF.

Its ETF proposal commits to investing 80% or more of its assets in the token or derivatives linked to it.

Will the TRUMP ETF be approved? Due to the strong political nature of the underlying asset, the TRUMP meme coin, there is a high probability that the ETF will be rejected. Even Bloomberg ETF expert Eric Balchunas called the application "surreal". Most analysts believe that this is more of a test or hype than a real path to approval.

Potential impact: If the ETF is approved, it would pose a significant reputational risk to the SEC.

BONK ETF

The application for the BONK ETF was submitted with the TRUMP ETF as part of Rex Shares' strategy to break the boundaries of the meme coin.

Due to the significant attention and adoption BONK has gained on Solana, it is considered one of the candidates for a more "serious" meme coin ETF application due to its strong retail participation.

Rex Shares BONK ETF

• Submission date: January 21, 2025
•  Issuer: Rex Shares / Osprey
• Asset: BONK – Shiba Inu-themed meme coin on Solana

Will the BONK ETF be approved? Considering other altcoins that are more practical and legal than Memecoin, the chances of approval for the BONK ETF are slim in the short to medium term.

Potential impact: If the BONK ETF is approved, it could open a can of worms and allow other memecoin ETFs, such as PEPE and FWOG, to enter the market.

PENGU ETF

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

Canary Capital PENGU ETF

•  Submission date: March 2025
• Details: Canary PENGU ETF filing is at an early stage, with only S-1 filings filed. The next step is for an exchange, such as the NASDAQ or CBOE, to file a Form 19b-4 and get confirmation from the SEC.

Unlike other crypto ETFs that only focus on fungible tokens, the fund recommends holding both cryptocurrencies and non-fungible tokens (NFTs). Specifically, it will assign:

• 80-95% of the assets go to PengU, which is the native token of the Pudgy Penguins ecosystem.
• 5–15% to Pudgy Penguins NFTs.
• The remainder is allocated to ETH and SOL to provide liquidity.

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

 Importance:

•  For the first time, NFTs have been included in a regulated investment vehicle.
• Opened the door for other NFT collections (e.g., Bored Apes, Azuki, etc.) will follow suit.
•  It provides a new avenue for speculative and cultural investors to gain exposure.

Will the PENGU ETF be approved? The probability is low, and even falls into the category of speculation. The U.S. Securities and Exchange Commission (SEC) has never approved ETFs that contain non-fungible assets (NFTs), and there are still many questions, including how these NFTs are valued, managed, and liquidated.

Potential impact: If approved, it will be the first time that NFTs will be included in a regulated investment vehicle, which is bound to trigger a high level of market attention for PENGU and Pudgy Penguins, and may lead to a spike in floor prices.

The year 2024–2025 is a critical period for the development of crypto ETFs.

Bitcoin and Ethereum funds have become part of the financial markets, while a second wave of crypto assets is awaiting SEC approval. This year and next, we are likely to see the launch of funds covering Litecoin (LTC), Ripple (XRP), Solana, Dogecoin, and more, further broadening the influence of crypto assets in traditional financial markets.

The approval of each pending ETF is subject to regulatory acceptance and market maturity. If the majority of ETFs are approved, then by 2026 we could see significant progress in the further integration of the crypto industry with the mainstream financial system.

This article is for informational purposes only and does not constitute any financial or investment advice. Before investing in any cryptocurrency or financial product, it is important that you do your own research.