Why Crypto ETFs Are Picking Up
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.
Strategic Implications
- 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.
In this article, I provide a comprehensive overview of the current state of the crypto ETF frenzy with regard 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).
U.S. Spot Bitcoin ETFs
ETF Name Ticker Issuer Bitcoin Holdings (BTC) Market Share (%) BlackRock iShares Bitcoin Trust IBIT BlackRock ~570,500 BTC 50.80% Fidelity Wise Origin Bitcoin Trust FBTC Fidelity Investments ~197,700 BTC 17.61% Grayscale Bitcoin Trust GBTC Grayscale ~190,000 BTC 16.62% Grayscale Bitcoin Mini Trust BTC Grayscale ~47,600 BTC 4.24% ARK 21Shares Bitcoin ETF ARKB ARK Invest & 21Shares ~47,300 BTC 4.21% Bitwise Bitcoin ETP BITB Bitwise Asset Management ~37,600 BTC 3.35% VanEck Bitcoin Trust HODL VanEck ~13,700 BTC 1.22% Valkyrie Bitcoin Fund BRRR Valkyrie ~5,900 BTC 0.53% Invesco Galaxy Bitcoin ETF BTCO Invesco & Galaxy Digital ~5,300 BTC 0.47% Franklin Bitcoin ETF EZBC Franklin Templeton ~5,000 BTC 0.45% WisdomTree Bitcoin Trust BTCW WisdomTree ~2,300 BTC 0.20%
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 Were The Next Logical Step
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.
U.S. Spot Ethereum ETFs
ETF Name Ticker Issuer Ether Holdings (ETH) Market Share (%) Grayscale Ethereum Trust (Re-File) Conversion ETHE Grayscale ~1.22M 42.11% iShares Ethereum Trust ETHA BlackRock ~1.20M 41.41% Fidelity Ethereum Fund FETH Fidelity ~419,900 14.49% VanEck Ethereum ETF ETHV VanEck ~47,600 1.64% 21shares Core Ethereum ETF CETH 21Shares US LLC ~4,600 0.16% Bitwise Ethereum ETF ETHW Bitwise ~4,100 0.14% Franklin Ethereum ETF EZET Franklin Templeton ~1,000 0.03% Invesco Galaxy Ethereum ETF QETH Invesco ~800 0.03%
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 Has Arrived
With spot Bitcoin and Ethereum funds firmly established in the U.S. financial landscape, asset managers have successfully set their sights on the broader crypto ecosystem. The U.S. Securities and Exchange Commission (SEC) marked a pivotal moment in October 2025 by approving the first-ever spot altcoin ETFs, officially kickstarting the "Altcoin ETF Season."
This new regulatory environment, coupled with the SEC's streamlined, shorter review window for commodity-based funds, has accelerated the path for exposure to high-demand tokens such as Solana and XRP. The initial approvals have created a clear precedent, suggesting that similar products for other major assets will follow in rapid succession.
Solana (SOL) ETFs: Approved and Trading
Solana's rise, driven by its high-speed, scalable network and flourishing DeFi ecosystem, made it the first major altcoin (outside of Bitcoin and Ethereum) to gain spot ETF approval.
The SEC officially approved the first U.S. Spot Solana ETFs in October 2025, with multiple funds launching and beginning to trade in November 2025. This milestone solidifies Solana's position as a credible, investable asset class for traditional finance.
Key launched U.S. Spot Solana ETFs:
ETF Name Ticker Issuer Launch Notes VanEck Solana ETF VSOL VanEck Launched November 17, 2025. Noteworthy for its initial fee waiver and the potential inclusion of staking rewards for investors. 21Shares Solana ETF TSOL 21Shares Launched November 19, 2025. Fidelity Solana ETF FSOL Fidelity Launched November 2025. Canary Capital Solana ETF SOLC Canary Capital Launched November 2025.
The successful launch of these funds, with significant initial inflows, demonstrates the strong institutional demand for regulated exposure to the Solana ecosystem.
XRP (Ripple) ETFs: Record Day-One Trading Volumes
Despite the past regulatory scrutiny regarding its legal status, XRP followed Solana closely, with the SEC approving its first spot ETF applications in late 2025. This action shows growing regulatory comfort with tokens that have achieved significant market maturity and liquidity.
A notable early launch was the Canary Capital XRP ETF (XRPC). Launched in November 2025, XRPC posting record day-one trading volumes for a new 2025 ETF launch (nearly $250 million in first-day inflows), demonstrating immense pent-up demand.
The approval of the XRP ETF, alongside Solana, establishes a clear path for other altcoins that have faced regulatory ambiguity but possess deep market liquidity.
Other Pending XRP ETFs
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.
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.
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.
With over a decade of operational history, Litecoin's inclusion in multiple ETF proposals appears to be a logical move following BTC and ETH ETFs.
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 the 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.
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.
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) ETF
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
Memecoin ETFs such as DOGE, BONK, and PENGU are now the regulatory stress test: they force the SEC to decide whether “culture as an asset class” deserves the same custody, valuation, and surveillance safeguards as spot copper or wheat.
Solana and XRP approvals did not lower the bar; they simply proved the bar is objective—deep, liquid, manipulation-resistant markets.
Meme tokens meet the first criterion (two-way flow > $100 m/day), but fail the second: concentrated ownership, viral reflexivity, and TikTok-driven volatility make manipulation trivial and surveillance opaque.
Consequently, these filings are less a “template” than a boundary-condition experiment: they map the exact coordinates where securities law ends and social-sentiment derivatives begin.
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 the 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 the 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 the 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 the 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 drive up floor prices.
Worth Remembering
The 2024–2025 period has been pivotal 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.
Until next time, The Dark Sage singing out ✌️
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