The current situation of the counterfeit ETF craze: Details on the application for crypto ETFs in 2025

Original title: "Every US Crypto ETF You Need to Know About in 2025"

Author:Coingecko

Compiled: Felix, PANews

As the U.S. government is taking office and the departure of SEC Chairman Gary Gensler, asset management firms are now launching a wider range of exchange-traded funds (ETFs), covering altcoins, meme coins and even NFTs.

Key Points

• BTC and ETH spot ETFs have attracted billions of dollars in institutional capital inflows, legalizing cryptocurrencies in TradFi.
• Asset management companies are actively applying to cover ETFs such as Solana, XRP, Litecoin, Cardano, etc.
• ETFs of memecoin such as DOGE, TRUMP, BONK and PENGU have also submitted applications.
• Bloomberg and Polymarket estimate that the odds of approval for assets such as SOL, XRP and LTC are between 75% and 90%, while SUI, APT and meme-based funds are very low.

There are differences in the field of encryption. From liquidity to viewing L1 supremacy, people have different opinions. But if there is one thing that will bring all crypto enthusiasts together, it is hope that cryptocurrencies will be accepted by the mainstream.

Between 2024 and 2025, the dream of cryptocurrency acceptance has taken a huge step forward as cryptocurrency ETFs are approved and rapidly expanding.

For the first time, investors are able to invest directly in various digital assets through traditional brokerage accounts without the need to go through complex crypto wallets or exchanges.

Institutional investors, who had previously been hesitant about regulatory uncertainty, have invested billions in the weeks after the launch of Bitcoin and Ethereum ETFs. Its impact is immediate. Bitcoin price soared to new all-time highs, and Ethereum ETFs were soon approved. These ETFs provide traditional financial participants with more convenient investment channels and deeper market liquidity. This also sets a precedent for regulatory approvals for other cryptocurrency ETFs.

Now, with Gary Gensler stepping down as chairman of the Securities and Exchange Commission and the United States is under a more crypto-friendly government, asset management companies are taking the opportunity to apply for more altcoin ETFs, such as Solana and Ripple, and even memecoins such as Dogecoin, BONK and Trump Memecoin.

This article provides a comprehensive overview of the current status of the cryptocurrency ETF boom.

Bitcoin ETF lays the foundation for the market

Bitcoin has long been a representative of cryptocurrencies. In 2024, with the approval of the first batch of spot Bitcoin ETFs in the United States, Bitcoin officially entered the mainstream financial system. Although Bitcoin Futures ETFs have existed since 2021, the launch of spot ETFs is a watershed moment as investors are able to directly hold actual Bitcoin assets rather than derivative contracts.

Spot Bitcoin ETFs attracted billions of dollars inflows in just a few days after listing. This inflow of funds has greatly improved Bitcoin’s liquidity and consolidated its position as a legal asset class that hangs alongside traditional commodities such as gold.

As several asset management companies launch competitive Bitcoin ETFs, the market has quickly become a battlefield for investors to pay attention. While BlackRock’s iShares Bitcoin Trust dominates early inflows, companies like Fidelity, ARK Invest and VanEck also received substantial participation.

As of 2025, several large asset management companies have launched spot Bitcoin ETFs. Below are details of the major funds and their Bitcoin holdings.

 _Source: Blockworks Bitcoin ETF Tracker_ 

Key differences between futures Bitcoin ETFs and spot Bitcoin ETFs:

• Futures Bitcoin ETFs (such as BITO): Holding Bitcoin futures contracts on the Chicago Mercantile Exchange, not actual Bitcoins. Due to the contract extension, tracking errors are prone to occur.
• Spot Bitcoin ETF (such as IBIT): Holding Bitcoin directly can accurately track the market price of Bitcoin.

Ethereum ETF

Following the success of Bitcoin ETFs, the next major milestone in the cryptocurrency ETF space is the launch of Ethereum ETFs. Although Bitcoin is often regarded as "digital gold", Ethereum is the backbone of the DeFi and smart contract ecosystem.

Initially, regulators were hesitant to approve the Ethereum ETF. With the US SEC approving spot Bitcoin ETFs in early 2024, Ethereum’s development path has become clearer.

By May 2024, several Ethereum futures ETFs have been approved for regulatory approval, marking another watershed in the adoption of cryptocurrencies. The spot Ethereum ETF was approved in July 2024. In the months before approval, Ethereum’s price broke the $4,000 mark, exactly the same as Bitcoin’s rise earlier this year.

As of 2025, Ethereum spot ETFs jointly held a large amount of Ethereum, 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 was held by ETFs, and institutional participation in ETH reached a new high.

The altcoin ETF season is approaching

As spot Bitcoin and Ethereum ETFs have grown steadily, asset managers have turned their attention to the broader cryptocurrency ecosystem.

Inspired by the US SEC's increasingly open attitude towards cryptocurrencies and the continuous improvement of market regulatory structure, asset management companies have applied for a batch of altcoin ETFs. These proposals are designed to attract investors to invest in popular tokens such as Litecoin, XRP, Solana, Dogecoin, Cardano.

Although the United States has not approved any altcoin ETF at present, several are in the active review stage and regulatory attitudes are also changing. Analysts and industry insiders believe that once the first one is approved, other altcoin ETFs will follow up quickly. This is very similar to the domino effect that occurred when Bitcoin and Ethereum were approved.

Solana (SOL) ETF

Solana has soared popularity over the past year, becoming one of the most popular altcoin ETF candidates. With its strong DeFi ecosystem, Solana is regarded as Ethereum’s strongest competitor in the smart contract space.

However, a key regulatory hurdle remains: whether Solana is considered a securities. Ongoing litigation and classification debates could delay the U.S. SEC decision. Nevertheless, infrastructure is already in progress - DTCC (depository and settlement agency) has listed two Solana futures ETFs (SOLZ, SOLT), and the Chicago Mercantile Exchange is also preparing for the launch of SOL futures contracts in 2025.

VanEck Solana Trust Fund

Submission date: June 2024

Details: VanEck has submitted an S-1 registration statement to the US SEC, planning to launch a Solana spot ETF designed to directly track the price of SOL. This is the first application for Solana spot ETF in the United States.

21Shares Core Solana ETF

Submission date: June 2024

Details: 21Shares follows VanEck's footsteps and submits an S-1 document to the US SEC to apply for a Solana spot ETF and will be listed on the Cboe BZX exchange.

Bitwise Solana ETF

Submission date: November 2024

Details: Bitwise initially applied for the establishment of a statutory trust for the Solana ETF in Delaware, but later withdrew the application and re-submitted the S-1 document to the U.S. SEC.

Grayscale Solana ETF (spot ETF conversion)

Submission date: January 2025

Details: Grayscale filed an application with the US SEC to convert its existing Solana Trust (GSOL) into spot ETFs and list on Arca, New York Stock Exchange. The application is based on its $134 million asset management scale trust.

Canary Solana ETF

Submission time: end of 2024 to early 2025

Details: Canary Capital has submitted the S-1 document for the Solana spot ETF to the US SEC. It comes as people's interest in altcoin ETFs grew after Trump's victory.

Franklin Templeton Solana ETF

Submission time: March 2025

Details: Franklin Templeton, who manages more than $1.5 trillion in assets, has submitted forms S-1 and 19b-4 to the U.S. SEC, plans to launch appearance Solana ETFs on the Chicago Options Exchange BZX exchange, making it the sixth largest institution to apply for U.S. spot SOL ETFs.

According to Bloomberg Industry Research analysts, the probability of Solana ETF being approved is high (75%).

Potential Impact: Analysts expect that if ETFs are approved, it will bring in $3 billion to $6 billion inflows.

XRP (Ripple) ETF

XRP faces a unique challenge: legal status. Despite Ripple's partial legal victory in 2023, the U.S. SEC's final position on whether XRP is a securities remains unclear. However, the large number of submissions of related documents in early 2025 suggest that there is optimism that legal clarity is coming soon, or at least sufficient approval of exchange-traded funds (ETFs).

Bitwise XRP ETF

Submission date: October 2024

Details: Bitwise Asset Management submitted an S-1 registration statement to the US SEC, the first official US XRP ETF proposal.

Canary Capital XRP ETF

Submission date: October 2024

Details: Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg, has submitted S-1 registration documents for the spot XRP ETF to the US SEC.

21Shares Core XRP ETF

Submission date: November 2024

Details: Switzerland-based cryptocurrency investment company 21Shares has submitted S-1 registration documents to the US SEC, planning to launch a spot XRP ETF.

WisdomTree XRP ETF

Submission date: December 2024

Details: Global asset management company WisdomTree has submitted S-1 registration documents to the US SEC, planning to launch a spot XRP ETF and will be listed on the Cboe BZX exchange.

Grayscale XRP ETF (spot ETF conversion)

Submission date: January 2025

Details: Grayscale Investments has submitted an application to the U.S. SEC to convert its existing XRP Trust ($16.1 million in funding as of January 2025) into spot ETFs and 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) to launch a spot XRP ETF.

ProShares XRP ETF

Submission date: January 17, 2025

Details: ProShares submitted an S-1 listing application to the US SEC, applying for a spot XRP ETF, and also submitted three other XRP-related investment products (details are not disclosed).

Teucrium XRP ETF

Submission date: January 21, 2025

Details: Teucrium submitted an S-1 listing application to the US SEC to apply for a spot XRP ETF.

MEMX XRP ETF

Submission date: February 2025 (the specific date has not been disclosed)

Details: US-based stock exchange MEMX submitted an application to the U.S. SEC to launch an XRP ETF under the Commodity Trust category.

Volatility Shares XRP ETF

Submission date: March 10, 2025

Details: Volatility Shares submitted an S-1 listing application to the US SEC to apply for a spot XRP ETF, aiming to directly track the price of XRP.

Franklin Templeton XRP ETF

Submission date: March 11, 2025

Details: Franklin Templeton (with assets under management of over $1.5 trillion) submitted forms S-1 and 19b-4 to the US SEC to apply for the launch of an XRP spot ETF, with Coinbase Custody acting as the custodian.

Can the XRP ETF be approved? It is unlikely (Bloomberg analysts predict that the probability of approval is 65%). However, according to Polymarket, the probability of approval is higher, at 81%.

Potential impact: JPMorgan analysts expect that if the XRP ETF is approved, it will attract $4 billion to $8 billion inflows of ETF funds, which will significantly increase XRP's market value and credibility.

Litecoin (LTC) ETF

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

Litecoin has always been one of the oldest and most actively traded cryptocurrencies on the market. Launched by Charlie Lee in 2011, Litecoin is designed to offer faster transaction speeds and lower transaction fees than Bitcoin, making it ideal for daily transactions.

Canary Capital Litecoin ETF

Submission date: October 2024

Details: S-1 registration statement has been submitted to the US SEC, which is the first spot Litecoin ETF proposal in the US.

The 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 several U.S. SEC standards in liquidity, history, and market maturity.

Grayscale Litecoin Trust ( ETF Conversion)

Submission date: January 2025

Details: Grayscale Investments has submitted an application to the US SEC to convert its existing Grayscale Litecoin Trust (LTCN) (with $127.4 million in assets under management) into spot ETF. The converted ETF will be listed on the New York Stock Exchange Arca.

Grayscale's move to convert existing Litecoin trusts into ETFs further reinforces market expectations that Litecoin will become one of the first altcoins to be approved by the ETF.

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 to apply for a spot Litecoin ETF to provide investment opportunities without direct custody. The ETF will be issued in a basket of 5,000 shares and traded on the Nasdaq.

Will the Litecoin ETF be approved? High probability (Analysts expect a 90% chance of approval in 2025).

Potential Impact: With the opening of ETF channels, LTC's popularity, liquidity and price will be improved.

Cardano (ADA) ETFs

Cardano is one of the top 10 cryptocurrencies in market capitalization, with a huge and loyal community. Its focus on peer-reviewed development and environmental sustainability is attractive to ESG-focused investors. However, this could delay the approval of the US SEC due to the lack of its futures market.

Grayscale Cardano Trust (ETF Converter )

Submission date: February 2025

Details: New York Stock Exchange Arca, on behalf of Grayscale Investments, submitted a Form 19b-4 to the US SEC, intending to list on New York Stock Exchange Arca and trade shares in Grayscale Cardano Trust under the stock code GADA.

Will the ADA ETF be approved? According to Polymarket data, 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 that competes with Ethereum. VanEck’s trust setting demonstrates its intent, but due to the lack of a formal SEC application, it means it is still in its early stages.

VanEck Avalanche ETF

Submission date: March 2024

Details: Global investment management company VanEck has submitted an S-1 registration statement to the SEC to promote the Avalanche ETF.

Will the AVAX ETF be approved? While the likelihood of spot AVAX ETF is relatively low, this possibility may rise significantly later this year, Bloomberg ETF analyst James Seyffart said.

Potential impact: It will depend heavily on the approval environment of Solana and Cardano.

Aptos (APT) ETF

Aptos is an L1 blockchain created by former Meta engineers. Bitwise’s ETF application filed 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 submitted an S-1 registration statement to the US SEC.

Previously, Bitwise had registered the “Bitwise Aptos ETF” trust entity in Delaware on February 25, 2025, which is an initial administrative step. The S-1 application filed on March 5 formally confirmed the ETF’s proposal, and Coinbase Custody was listed as the proposed trustee.

Will the APT ETF be approved? Low to moderate probability (more likely after SOL, XRP, and ADA approval).

Potential Impact: If approved after other altcoin ETFs are approved, the short-term impact may be small, but it will be a symbolic victory for emerging blockchains.

Sui (SUI) ETF

Like Aptos, Sui is an emerging L1 blockchain, and the ecosystem is constantly evolving. The current ETF application submitted is largely speculative, indicating long-term confidence, not the imminent approval.

Canary Sui ETF

Submission date: March 2025

Details: Canary Capital submitted an S-1 registration statement to the US SEC. The ETF's exchange or stock code is not specified in the application documents. Previously, Canary Capital registered a trust entity for Sui ETF in Delaware on March 6, 2025, which is an initial step before submitting S-1.

Can the SUI ETF be approved? The probability is extremely low (not expected to be approved by 2026).

Potential impact: Shortly after the news of the application for SUI ETF came out, its price soared by more than 10%. If this enthusiasm continues, the potential impact on SUI prices may exceed previous all-time highs.

Move (MOVE) ETF

The MOVE ETF is designed to track the price of Move Network's native token MOVE. Move Network is an Ethereum L2 protocol built on MoveVM (originally developed by Facebook’s Diem team). Move focuses on faster and gas-saving smart contracts, positioning itself as the next generation of blockchain infrastructure layer.

MOVE ETFs follow the previous application strategies of L1 ETFs (such as Aptos and Sui), but focus more on the technology and developer community.

Rex-Osprey MOVE ETF

Issued by: Rex Shares and Osprey Funds

Details: REX Shares, in partnership with Osprey Funds, submitted an S-1 registration statement for the “REX-Osprey MOVE ETF” to the U.S. SEC on March 10, 2025. The ETF is awaiting the US SEC to confirm its Form 19b-4 to enter the formal review process.

Will the MOVE ETF be approved? MOVE remains a relatively new asset, lacking deep institutional liquidity or derivatives markets. Therefore, the possibility of approval is not very optimistic.

Potential Impact: If approved, MOVE may become a boilerplate of ETFs based on infrastructure tokens (such as Optimism, StarkNet).

Meme Coin ETF

Although meme coins are an alien in cryptocurrencies and are often regarded as online jokes with no intrinsic value (this view does make sense), their endurance and cultural relevance are beyond doubt.

Now, asset management companies are starting to test the boundaries of regulatory licensing and submit ETF proposals for some of the most well-known meme coins, including Dogecoin, TRUMP coins and BONK coins.

Can meme-based assets be issued in the form of regulated financial products? If so, how can regulators define the line between irony and security?

Dogecoin (DOGE) ETF

Few meme coins can transcend their “meme state” and become tokens that have an impact on the real world. Dogecoin is one of them.

Dogecoin (DOGE) has always been at the forefront of cryptocurrencies, and has still shown strong vitality after multiple market cycles. Its strong liquidity, extensive 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 series of application waves targeting meme coins 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 listed on the New York Stock Exchange Arca under Rule 8.201-E (Commodity-based Trust Share).

Bitwise Dogecoin ETF

Submission date: Entity has been registered, complete application is pending

Details: As a preliminary 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 Dogecoin (DOGE) spot ETF. New York Stock Exchange Arca filed Form 19b-4 with the U.S. Securities and Exchange Commission on March 3, 2025, thus advancing the approval process.

Will Dogecoin ETF be approved? Bloomberg ETF analyst Eric Balchunas believes that the chance of Dogecoin ETF being approved is 75%.

Potential Impact: Dogecoin ETF approval may become a catalyst for meme coins to gain recognition in mainstream markets.

Trump Memecoin ETF

At the end of 2024, with the collision of political discussions and meme culture, TRUMP tokens quickly became popular.

Rex Shares Trump ETF

Submission date: January 21, 2025

Of all ETF applications in 2025, this is undoubtedly the most controversial, as this is the first time that someone has tried to package a meme coins with a clear political imprint into an ETF.

Its ETF proposal promises to invest 80% or more of its assets in the token or derivatives associated with it.

Will Trump's ETF be approved? Due to the political nature of the underlying asset (i.e. Trump Memecoin), the ETF is likely to be rejected. Even ETF experts such as Bloomberg's Eric Balchunas called the application "absurd and bizarre". Most analysts believe that this is just a test case or publicity stunt, not a legal way to get approval.

Potential Impact: If the ETF is approved, it will pose a significant risk to the reputation of the US SEC.

BONK ETF

The application of BONK ETF is submitted simultaneously with the application of TRUMP ETF and is part of Rex Shares' strategy to expand the meme currency business.

As BONK gained significant attention on Solana, it has the potential to become a candidate for a more “serious” memecoin ETF due to its strong retail engagement.

Rex Shares BONK ETF

Application date: January 21, 2025

Issuer: Rex Shares/Osprey

Asset: BONK – Theme Meme Coin on Solana

Will the BONK ETF be approved? The possibility of BONK ETF being approved in the short and medium term is very small.

Potential Impact: If the BONK ETF is approved, it may cause a series of problems, resulting in 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: Application for the Canary PENGU ETF is still in its early stages and only Form S-1 has been submitted. The next step is to file Form 19b-4 on the exchange (such as the Nasdaq or Chicago Options Exchange) and be recognized by the U.S. SEC.

Unlike other cryptocurrency ETFs that focus on NFT, the 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% Assigned to Pudgy Penguins NFT.
• The remaining configuration will be used for ETH and SOL for improved liquidity.

If approved, it will become the first ETF in the United States to directly hold NFTs.

importance:

• Inclusion of NFTs into regulated investment vehicles for the first time.
• Opens the door for other NFT series such as Bored Apes and Azuki.
• It provides a new investment path for speculators and cultural investors.

Will the PENGU ETF be approved? The possibility is as low as uncertain. The US SEC has never approved ETFs that hold non-fungible assets, and there are still questions about the valuation, storage and liquidation methods of such NFTs.

Potential Impact: Inclusion of NFTs into regulated investment vehicles for the first time could significantly increase the attention of 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 sector, and the second batch of crypto assets are ready to wait for the decision of the US SEC. Funds with crypto assets such as Litecoin, XRP, Solana, Dogecoin, etc. may appear this year and next year, which will significantly expand the influence of crypto assets in the traditional market.

The approval of each ETF to be approved depends on the degree of regulatory easing and the maturity of the market. If most ETFs are approved, it is expected to witness the closer integration of the crypto industry with mainstream finance by 2026.