Original title: Every US Crypto ETF You Need to Know About in 2025
Original author: Coingecko
Original translation: Felix, PANews
With a more crypto-friendly U.S. government coming to power and the departure of SEC Chairman Gary Gensler, asset managers are now launching a wider range of exchange-traded funds (ETFs) covering altcoins, memecoins and even NFTs.
Key Takeaways
BTC and ETH spot ETFs have attracted billions of dollars in institutional inflows, legitimizing cryptocurrencies in TradFi.
Asset management companies are actively applying for ETFs covering Solana, XRP, Litecoin, Cardano, and more.
ETFs for memecoins such as DOGE, TRUMP, BONK, and PENGU have also been submitted.
Bloomberg and Polymarket estimate that assets such as SOL, XRP, and LTC have a 75% to 90% chance of approval, while SUI, APT, and meme-based funds have very low chances of approval.
The crypto space is divided. Opinions vary from liquidity to perceptions of L1 supremacy. But if there is one thing that unites all crypto enthusiasts, it is the desire for cryptocurrency to be accepted by the mainstream.
Between 2024 and 2025, the dream of mainstream acceptance of cryptocurrency takes a huge step forward as cryptocurrency ETFs are approved and rapidly expand.
For the first time, investors will be able to invest in a variety of digital assets directly through a traditional brokerage account without having to go through complicated crypto wallets or exchanges.
Institutional investors, previously hesitant due to regulatory uncertainty, invested billions of dollars in the Bitcoin and Ethereum ETFs within weeks of their launch. The impact was immediate. Bitcoin prices soared to new all-time highs, and the Ethereum ETF was quickly approved. These ETFs provide traditional financial participants with easier investment channels and deeper market liquidity. This also set a precedent for regulatory approval of other cryptocurrency ETFs.
Now, with Gary Gensler stepping down as SEC chairman and a more crypto-friendly administration in the U.S., asset managers are taking the opportunity to file for more altcoin ETFs, such as Solana and Ripple, and even memecoins like Dogecoin, BONK, and Trump Memecoin.
This article provides a comprehensive overview of the current state of the cryptocurrency ETF craze.
Bitcoin ETF Lays the Groundwork for the Market
Bitcoin has long been the poster child for cryptocurrency, and in 2024, it officially entered the mainstream financial system with the approval of the first spot Bitcoin ETFs in the United States. Although Bitcoin futures ETFs have existed since 2021, the launch of spot ETFs was a watershed moment because investors were able to directly hold actual Bitcoin assets rather than derivative contracts.
In just a few days of listing, spot Bitcoin ETFs attracted billions of dollars in inflows. This inflow of funds has greatly improved Bitcoins liquidity and solidified its position as a legitimate asset class alongside traditional commodities such as gold.
The market has quickly become a battleground for investors as multiple asset managers have launched competing bitcoin ETFs. While BlackRock’s iShares Bitcoin Trust has dominated early inflows, Fidelity, ARK Invest and VanEck have also seen significant participation.
Several large asset managers have launched spot Bitcoin ETFs by 2025. Below is a breakdown of the major funds and their Bitcoin holdings.
Source: Blockworks Bitcoin ETF Tracker
The key differences between futures Bitcoin ETFs and spot Bitcoin ETFs:
Futures-based Bitcoin ETFs (such as BITO): hold Chicago Mercantile Exchange Bitcoin futures contracts instead of actual Bitcoin. Due to contract rollover, tracking errors are likely to occur.
Spot Bitcoin ETF (such as IBIT): directly holds Bitcoin and can accurately track the market price of Bitcoin.
Ethereum ETF
After the success of Bitcoin ETF, the next major milestone in the cryptocurrency ETF space is the launch of Ethereum ETF. While Bitcoin is often regarded as digital gold, Ethereum is 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 forward for Ethereum has become clearer.
By May 2024, multiple Ethereum futures ETFs received regulatory approval, marking another watershed moment for cryptocurrency adoption. A spot Ethereum ETF was approved in July 2024. In the months leading up to the approval, Ethereum’s price broke through the $4,000 mark, mirroring Bitcoin’s rally earlier this year.
As of 2025, Ethereum spot ETFs collectively hold a large 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, with institutional participation in ETH reaching a new high.
Altcoin ETF Season is Coming
With spot Bitcoin and Ethereum ETFs firmly established, asset managers have set their sights on the broader cryptocurrency ecosystem.
Encouraged by the SEC’s increasingly open attitude towards cryptocurrencies and the continuous improvement of the market’s regulatory structure, asset management companies have applied for a number of altcoin ETFs. These proposals are aimed at attracting investors to invest in popular tokens such as Litecoin, XRP, Solana, Dogecoin, and Cardano.
Although the United States has not yet approved any altcoin ETFs, several are under active review and regulatory attitudes are changing. Analysts and industry insiders believe that once the first one is approved, other altcoin ETFs will quickly follow. This is very similar to the domino effect that occurred when Bitcoin and Ethereum were approved.
Solana (SOL) ETF
Solana has surged in popularity over the past year and has become one of the most popular candidates for altcoin ETFs. With a strong DeFi ecosystem, Solana is seen 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 debates could delay the SEC’s decision. Nonetheless, the infrastructure is already taking shape — the DTCC has listed two Solana futures ETFs (SOLZ, SOLT), while the Chicago Mercantile Exchange is also preparing to launch a SOL futures contract in 2025.
VanEck Solana Trust
Submission date: June 2024
Details: VanEck has filed an S-1 registration statement with the U.S. SEC, planning to launch a Solana spot ETF designed to directly track the price of SOL. This is the first Solana spot ETF application in the United States.
21 Shares Core Solana ETF
Submission date: June 2024
Details: 21 Shares followed in VanEck’s footsteps and filed an S-1 filing with the US SEC for a Solana spot ETF, which will be listed on the Cboe BZX exchange.
Bitwise Solana ETF
Submission date: November 2024
Details: Bitwise initially applied to establish a statutory trust for the Solana ETF in Delaware, but later withdrew the application and resubmitted the S-1 filing to the U.S. SEC.
Grayscale Solana ETF (Spot ETF Conversion)
Submission date: January 2025
Details: Grayscale filed an application with the U.S. SEC to convert its existing Solana Trust (GSOL) into a spot ETF and list it on the NYSE Arca. The application is based on its $134 million AUM trust.
Canary Solana ETF
Submission period: late 2024 to early 2025
Details: Canary Capital has filed the S-1 filing for the Solana spot ETF with the US SEC. It comes as interest in altcoin ETFs has grown following Trump’s victory.
Franklin Templeton Solana ETF
Submission date: March 2025
Details: Franklin Templeton, which manages more than $1.5 trillion in assets, has filed Forms S-1 and 19 b-4 with the U.S. SEC to launch a spot Solana ETF on the CBOE BZX exchange, making it the sixth major institution to apply for a U.S. spot SOL ETF.
According to Bloomberg Intelligence analysts, the likelihood of the Solana ETF being approved is high (75%).
Potential impact: Analysts estimate that if the ETF is approved, it will bring in $3 billion to $6 billion in inflows.
XRP (Ripple) ETF
XRP faces a unique challenge: legal status. Despite Ripples partial legal victory in 2023, the SECs final position on whether XRP is a security remains unclear. However, a large number of relevant filings in early 2025 indicate optimism that legal clarity is coming, or at least sufficient for the approval of an exchange-traded fund (ETF).
Bitwise XRP ETF
Submission date: October 2024
Details: Bitwise Asset Management filed an S-1 registration statement with the U.S. SEC, the first official 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 filed an S-1 registration document for a spot XRP ETF with the U.S. SEC.
21 Shares Core XRP ETF
Submission date: November 2024
Details: Switzerland-based cryptocurrency investment firm 21 Shares has filed an S-1 registration document with the U.S. SEC for plans to launch a spot XRP ETF.
WisdomTree XRP ETF
Submission date: December 2024
Details: Global asset management company WisdomTree has filed an S-1 registration document with the U.S. SEC, planning to launch a spot XRP ETF, which will be listed on the Cboe BZX exchange.
Grayscale XRP ETF (Spot ETF Conversion)
Submission date: January 2025
Details: Grayscale Investments has filed an application with the U.S. SEC to convert its existing XRP Trust ($16.1 million under management as of January 2025) into a spot ETF, which will be listed on the New York Stock Exchange Arca.
CoinShares XRP ETF
Submission date: January 2025
Details: European cryptocurrency investment company CoinShares has submitted an S-1 listing application to the U.S. Securities and Exchange Commission (SEC), planning to launch a spot XRP ETF.
ProShares XRP ETF
Submission date: January 17, 2025
Details: ProShares submitted an S-1 listing application to the U.S. SEC for a spot XRP ETF, and also submitted three other XRP-related investment products (details were not disclosed).
Teucrium XRP ETF
Submission date: January 21, 2025
Details: Teucrium has submitted an S-1 listing application to the US SEC for a spot XRP ETF.
MEMX XRP ETF
Submission date: February 2025 (exact date not disclosed)
Details: US-based stock exchange MEMX has filed an application with the US SEC to launch an XRP ETF under the commodity trust category.
Volatility Shares XRP ETF
Submission date: March 10, 2025
Details: Volatility Shares has filed an S-1 listing application with the U.S. SEC for a spot XRP ETF designed to directly track the price of XRP.
Franklin Templeton XRP ETF
Submission date: March 11, 2025
Details: Franklin Templeton (over $1.5 trillion in assets under management) filed Forms S-1 and 19 b-4 with the U.S. SEC to launch an XRP spot ETF with Coinbase Custody as custodian.
Will the XRP ETF be approved? Not likely (Bloomberg analysts predict a 65% chance of approval). However, according to Polymarket data, the chance of approval is higher, at 81%.
Potential impact: JPMorgan analysts estimate that if the XRP ETF is approved, it will attract $4 billion to $8 billion in ETF inflows, which will significantly increase the market value and credibility of XRP.
Litecoin (LTC) ETF
If Bitcoin is digital gold, then Litecoin is digital silver.
Litecoin has been one of the oldest and most actively traded cryptocurrencies on the market. Launched in 2011 by Charlie Lee, Litecoin was designed to offer faster transaction speeds and lower transaction fees than Bitcoin, making it ideal for everyday transactions.
Canary Capital Litecoin ETF
Submission date: October 2024
Details: An S-1 registration statement has been submitted to the US SEC, which is the first spot Litecoin ETF proposal in the United States.
Canary Litecoin ETF is currently considered the most likely altcoin ETF to be approved. LTC has a long history dating back to 2011 and meets multiple US SEC standards in terms of liquidity, history, and market maturity.
Grayscale Litecoin Trust (ETF Conversion)
Submission date: January 2025
Details: Grayscale Investments has filed an application with the U.S. SEC to convert its existing Grayscale Litecoin Trust (LTCN), which manages $127.4 million 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 reinforces market expectations that Litecoin will be one of the first altcoins to receive ETF approval.
CoinShares Litecoin ETF
Submission date: January 2025
Details: European digital asset management company CoinShares has submitted an S-1 listing application to the US SEC for a spot Litecoin ETF to provide investment opportunities without direct custody. The ETF will be issued in baskets of 5,000 shares and traded on the Nasdaq.
Will a Litecoin ETF be approved? Highly likely (analysts estimate a 90% chance of approval in 2025).
Potential impact: With the opening of ETF channels, LTC’s visibility, liquidity and price will be improved.
Cardano (ADA) ETFs
Cardano is one of the top ten cryptocurrencies by market cap, with a large and loyal community. Its focus on peer-reviewed development and environmental sustainability makes it attractive to ESG-conscious investors. However, the lack of a futures market in the United States could delay SEC approval.
Grayscale Cardano Trust (ETF Conversion)
Submission date: February 2025
Details: NYSE Arca has filed a Form 19 b-4 with the U.S. SEC on behalf of Grayscale Investments to list and trade shares of Grayscale Cardano Trust on NYSE Arca under the ticker symbol GADA.
Will the ADA ETF be approved? According to Polymarket data, the Cardano ETF has a promising outlook, with a 65% chance of approval.
Potential impact: Increased 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 signals its intent, but the lack of a formal SEC filing means it’s still in the early stages.
VanEck Avalanche ETF
Submission date: March 2024
Details: Global investment management firm VanEck has filed an S-1 registration statement with the SEC to launch a spot Avalanche ETF.
Will the AVAX ETF be approved? Bloomberg ETF analyst James Seyffart said that while the likelihood of a spot AVAX ETF is relatively low, it could rise significantly later this year.
Potential Impact: Will depend largely on the approval environment for Solana and Cardano.
Aptos (APT) ETF
Aptos is an L1 blockchain built by former Meta engineers. Bitwise’s ETF application is seen as a bold move to capture the next wave of altcoin growth.
Bitwise Aptos ETF
Submission date: March 2025
Details: Bitwise Asset Management filed an S-1 registration statement with the U.S. SEC.
Previously, Bitwise had registered the Bitwise Aptos ETF trust entity in Delaware on February 25, 2025, which was a preliminary administrative step. The S-1 application filed on March 5 formally confirmed the ETF proposal, and Coinbase Custody was listed as the proposed custodian.
Will the APT ETF be approved? Low to medium likelihood (more likely after SOL, XRP, and ADA are approved).
Potential impact: If approved after other altcoin ETFs have been approved, its short-term impact may be modest, but it would be a symbolic victory for the emerging blockchain.
Sui (SUI) ETF
Sui, like Aptos, is an emerging L1 blockchain with a growing ecosystem. The ETF applications currently filed are largely speculative, indicating long-term confidence rather than imminent approval.
Canary Sui ETF
Submission date: 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. Previously, Canary Capital registered a trust entity for the Sui ETF in Delaware on March 6, 2025, a preliminary step before filing an S-1.
Will the SUI ETF be approved? Very unlikely (not expected before 2026).
Potential impact: Shortly after the news of SUI ETF application was released, its price surged by more than 10%. If this enthusiasm continues, the potential impact on SUI price may exceed the previous historical high.
Move (MOVE) ETF
The MOVE ETF is designed to track the price of MOVE, the native token of the Move Network. The Move Network is an Ethereum L2 protocol built on MoveVM (originally developed by Facebooks Diem team). Move focuses on faster, gas-efficient smart contracts, positioning itself as the next-generation blockchain infrastructure layer.
The MOVE ETF follows the application strategy of previous L1 ETFs (such as Aptos and Sui), but focuses more on technology and developer groups.
Rex-Osprey MOVE ETF
Issuers: Rex Shares and Osprey Funds
Details: REX Shares, in partnership with Osprey Funds, filed an S-1 registration statement for the REX-Osprey MOVE ETF with the U.S. SEC on March 10, 2025. The ETF is awaiting confirmation of its Form 19 b-4 from the U.S. SEC to enter the formal review process.
Will the MOVE ETF be approved? MOVE is still a relatively new asset class and lacks deep institutional liquidity or derivatives markets. Therefore, the likelihood of approval is not optimistic.
Potential impact: If approved, MOVE could become a model for ETFs based on infrastructure tokens (e.g. Optimism, StarkNet).
Memecoin ETF
While memecoins are an outlier among cryptocurrencies and are often viewed as internet jokes with no intrinsic value (and with some truth to their reputation), their staying power and cultural relevance are unquestionable.
Now, asset managers are beginning to test the boundaries of regulatory permission by submitting ETF proposals for some of the best-known meme coins, including Dogecoin, TRUMP coin and BONK coin.
Can meme-based assets be issued as regulated financial products? If so, how do regulators draw the line between satire and security?
Dogecoin (DOGE) ETF
There are very few memecoins that have managed to transcend their “meme status” and become tokens that have real-world impact. Dogecoin is one of them.
Dogecoin (DOGE) has always been at the forefront of cryptocurrencies in terms of market value, and has shown strong vitality after multiple market cycles. Its strong liquidity, wide exchange support, and high user activity make it an increasingly attractive asset in institutional products.
Rex Shares Osprey Dogecoin ETF
Submission date: January 2025
Details: This is part of a wave of applications for memecoin and other cryptocurrencies.
Grayscale Dogecoin Trust (ETF Conversion)
Submission date: January 2025
Details: Grayscale Investments filed an application with the U.S. SEC on January 31, 2025 to convert its existing private Dogecoin Trust into a spot ETF and list it on the NYSE Arca under Rule 8.201-E (Commodity-Based Trust Shares).
Bitwise Dogecoin ETF
Submission date: Entity registered, full application pending
Details: As an initial move, 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 US SEC on January 28, 2025 to launch the Dogecoin (DOGE) spot ETF. NYSE Arca submitted a Form 19 b-4 to the US Securities and Exchange Commission on March 3, 2025 to approve the listing of the ETF, thus advancing the approval process.
Will the Dogecoin ETF be approved? Bloomberg ETF analyst Eric Balchunas believes that the probability of the Dogecoin ETF being approved is 75%.
Potential impact: The approval of the Dogecoin ETF could be a catalyst for memecoins to gain mainstream recognition.
Trump Memecoin ETF
In late 2024, as political discussion and meme culture collided, the TRUMP token quickly became popular.
Rex Shares Trump ETF
Submission date: January 21, 2025
Of all the ETF applications in 2025, this is undoubtedly the most controversial, as it is the first time that anyone has seriously attempted to package a meme coin with a clear political imprint into an ETF.
Its ETF proposal pledges to invest 80% or more of its assets in the token or derivatives related to it.
Will the Trump ETF be approved? Due to the political nature of the underlying asset (i.e. Trump Memecoin), there is a good chance that the ETF will be rejected. Even ETF experts like Eric Balchunas of Bloomberg have called the application “absurd and bizarre.” Most analysts believe that this is just a test case or publicity stunt rather than a legitimate path to approval.
Potential impact: If the ETF is approved, it will pose a significant risk to the reputation of the US SEC.
BONK ETF
The BONK ETF application was submitted at the same time as the TRUMP ETF application and is part of Rex Shares strategy to expand its memecoin business.
Since BONK has gained significant traction on Solana, it could potentially be a candidate for a more “serious” memecoin ETF given its strong retail participation.
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 chances of the BONK ETF being approved in the short to medium term are very low.
Potential impact: If the BONK ETF is approved, it could trigger a series of issues that could lead to other memecoin ETFs (such as PEPE and FWOG) entering 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 application for the Canary PENGU ETF is still in the early stages, with only the S-1 form submitted so far. The next step is for an exchange (such as Nasdaq or CBOE) to submit a 19 b-4 form and get approval from the US SEC.
Unlike other cryptocurrency ETFs that focus on NFTs, this fund plans to hold both cryptocurrencies and NFTs. Specifically, its asset allocation will be:
80% to 95% of assets are allocated to PENGU, the native token of the Pudgy Penguins ecosystem.
5-15% is allocated to Pudgy Penguins NFTs.
The remaining allocation will be used for ETH and SOL to improve liquidity.
If approved, it would be the first ETF in the United States to directly hold NFTs.
importance:
For the first time, NFTs will be included in regulated investment vehicles.
Opening the door for other NFT series such as Bored Apes and Azuki.
It provides a new investment channel for speculators and cultural investors.
Will the PENGU ETF be approved? Low to uncertain. The SEC has never approved an ETF that holds non-fungible assets, and there are still questions about how such NFTs are valued, stored, and liquidated.
Potential impact: The inclusion of NFTs in regulated investment vehicles for the first time could significantly increase the attention paid to PENGU and Pudgy Penguins and push up floor prices.
in conclusion
2024-2025 is a critical period for cryptocurrency ETFs.
Bitcoin and Ethereum funds are now part of the financial landscape, and a second wave of crypto assets are ready to go, awaiting a decision from the U.S. SEC. This year and next, funds for Litecoin, XRP, Solana, Dogecoin, and other crypto assets may appear, significantly expanding the influence of crypto assets in traditional markets.
Whether each pending ETF will be approved depends on the degree of regulatory laxity and market maturity. If most ETFs are approved, by 2026, we can expect to see a closer integration of the crypto industry with mainstream finance.
