The battle for altcoin ETF begins, who will be the first to be approved?

Original title:Which Crypto ETFs Are Next? Dogecoin, XRP, and Solana Lead the List

Original author: Liz Napolitano, Decrypt

Original translation: BitpushNews

The approval of US Bitcoin and Ethereum ETFs last year is just the beginning: major issuers are planning to launch more types of US funds, aiming to directly track the prices of multiple cryptocurrencies including Dogecoin, Solana, XRP, and even TRUMP coins.

Recently, traditional financial giant Franklin Templeton submitted a proposal for XRP spot ETF, which is undoubtedly an important signal in the field of cryptocurrency ETF. Although cryptocurrency native institutions such as Grayscale, Bitwise, WisdomTree have previously submitted similar applications, Franklin Templeton's entry marks the official entry of traditional financial giants.

Franklin Templeton is an asset management giant that manages about $1.5 trillion in assets. It is huge in size. Although it is not as important as BlackRock, its influence on entry cannot be underestimated. By contrast, BlackRock has not yet joined the competition for altcoin ETFs.

Roger Bayston, head of quantitative investment solutions at Franklin Templeton, said in December that the ETF legal team will be extremely busy in the first half of 2025. The company has launched a cryptocurrency index fund last month (currently only holding BTC and ETH) and has applied for Solana ETF.

Here is a list of cryptocurrency ETF products that may be launched in the United States.

Solana ETF

Spot Solana Trading Platform Trading Funds (ETFs) may be a potential alternative to Bitcoin and Ethereum ETFs.

The proposed listing funds include the VanEck Solana Trust, 21Shares Core Solana ETF, Canary Solana ETF and Bitwise Solana ETF, which will directly track Solana prices.

Franklin Templeton filed an S-1 registration statement in February, and the Chicago Options Trading Platform (CBOE) filed an application for listing rules changes on behalf of Franklin Templeton in March.

In addition, some proposed Solana futures ETFs, such as ProShares Short Solana, ProShares 2x Solana and Vol Shares' Solana ETFs, will enable investors to make more complex bets on Solana's price trends.

However, Bloomberg analyst James Seyffart said spot and futures Solana ETFs may not start trading in the U.S. until 2026, as the U.S. Securities and Exchange Commission (SEC) still needs to evaluate a batch of spot Solana ETF applications. The SEC acknowledged Grayscale’s Solana ETF application on February 6 and is seeking public comment on the application, an analyst said it marked the institution’s entry into a “new territory.”

The SEC usually takes 240 to 260 days to make a decision, but litigation on whether Solana is a securities may extend the process. Nevertheless, if the spot Solana ETF is approved, the investment funds it attracts may be very large. JPMorgan analysts predict that Solana ETF could bring in $4 billion to $8 billion in investment.

Dogecoin ETF

Some issuers have expressed plans to launch Dogecoin ETFs.

Rex Shares applied to launch the Rex-Osprey DOGE ETF in January, and Bitwise Asset Management also registered a Dogecoin ETF entity in Delaware. In addition, cryptocurrency investment company Grayscale also plans to launch Dogecoin ETFs and launched Dogecoin Trust at the end of January, and subsequently submitted an application to convert it into an ETF.

The SEC acknowledged Grayscale’s application in February but delayed its decision in March, extending the final decision to May 21.

In theory, the spot Dogecoin ETF could launch as early as April, depending on a rule that allows federal regulators to weigh investment product proposals in a fast 75-day period rather than the usual eight to nine-month review period.

XRP ETF

Funds surrounding Ripple-related XRPs (such as the Rex-Osprey XRP ETF, Canary XRP ETF and 21Shares Core XRP Trust) are under review.

In early February, the Chicago Cboe trading platform applied to federal regulators for listing and trading four spot XRP ETFs, showing growing interest in funds tracking Ripple Labs' crypto assets. Franklin Templeton also joined the ranks in March.

The SEC acknowledged several XRP ETF applications at the end of February and said it would submit comments within 21 days. If XRP ETFs are approved, JPMorgan analysts expect these funds could bring in $3 billion to $6 billion in investment.

In addition, XRP futures ETFs such as ProShares Short XRP and ProShares 2x XRP are also being considered, the former allowing investors to short XRP, while the latter allowing investors to leverage bets on the future price trend of XRP.

Bitcoin Plus ETF

Truth.Fi of Trump Media and Technology Group applied to register two trademarks of "Bitcoin Plus" products, namely Truth.Fi Bitcoin Plus ETF and Truth.Fi Bitcoin Plus SMA. It is not clear what assets these ETFs will hold.

Cryptocurrency Index ETF

Franklin Templeton submitted a revised application in early February to launch the "Franklin Crypto Index ETF". The ETF will track the prices of Bitcoin and Ethereum with weights of 86.31% and 13.69%, respectively, and may include other cryptocurrencies in the future.

Aptos ETF

Crypto asset manager Bitwise filed an S-1 document with the Securities Commission in early March, planning to launch an ETF that tracks Aptos (APT) prices.

Sui ETF

Canary Capital filed a Delaware Trust application in early March to launch a Sui-based ETF.

Movement ETF

Rex Shares and Osprey Funds submitted their applications in early March, planning to launch ETFs that track Movement Network native token MOVE.

HBAR ETF

Canary Capital submitted its first HBAR ETF application last November. HBAR is the native cryptocurrency of the Hedera network.

Litecoin ETF

After Trump took office, a series of Litecoin ETF applications were submitted. CoinShares submitted two registration statements for the "CoinShares Litecoin ETF" and the "CoinShares XRP ETF" respectively. The New York Stock Exchange also said that Grayscale is trying to convert its existing Litecoin Trust into an ETF.

The new application comes about two months after Canary Capital filed its Litecoin ETF application and a few days after Canary submitted its fund application amendment.

Bloomberg analyst Eric Balchunas believes that similar to the spot HBAR ETF, Canary Capital's Litecoin ETF may be approved earlier than funds based on Dogecoin, XRP and Solana, because Litecoin's regulatory status is not as controversial as other currencies such as Solana.

BONK, TRUMP ETF

Rex Shares submitted an application to federal regulators in January, planning to launch TRUMP and BONK coin ETFs.

Summarize

Bloomberg intelligence analyst Seyffart noted that the SEC is unlikely to make resolutions on the applications until Trump-nominated SEC chairman Paul Atkins is confirmed by Congress, and no confirmation hearings for Atkins have been scheduled. In addition, the approval of spot Bitcoin and Ethereum ETFs has been several years since the SEC has previously regarded the maturity of the relevant asset futures market as an important approval standard, while the ETF applications currently pending review have not met this standard.

Nevertheless, analysts speculate that the Litecoin ETF is the most likely to go public by the end of this year (90%), higher than Dogecoin (75%), Solana (70%) and XRP products (65%), though the final result still depends on the confirmation of the new helm and its policy direction.