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

The cryptocurrency trade notched two main victories final 12 months when a number of fund issuers secured long-awaited approvals to supply spot Bitcoin exchange-traded funds and their Ethereum-based counterparts within the U.S. However that does not imply issuers are able to relaxation on their laurels simply but. 

In latest months, fund managers have proposed new funding choices instantly monitoring the costs of quite a lot of cryptocurrencies, from Dogecoin to XRP, Solana, and even Donald Trump’s meme coin. 

Listed below are the varied crypto-based ETFs that might quickly be provided in america, and a have a look at the high-profile filings to this point for every asset.

Solana

Spot Solana exchange-traded funds are one potential various to Bitcoin and Ethereum ETFs that might start buying and selling within the U.S. this 12 months or subsequent.

The proposed funds, which embody the VanEck Solana Belief, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, would instantly observe the value of the fourth-largest cryptocurrency by market capitalization.

Franklin Templeton joined the fray in February, as effectively, submitting an S-1 registration assertion with the SEC. In March, CBOE filed on behalf of Franklin Templeton for a rule change to listing the proposed fund.

In the meantime, a handful of proposed Solana futures ETFs such because the ProShares Quick Solana, ProShares 2x Solana, and Vol Shares’ Solana ETF would allow traders to make extra complicated bets on Solana’s worth actions.

Nonetheless, each spot and futures Solana ETFs will seemingly not start buying and selling within the U.S. till 2026, in accordance to Bloomberg analyst James Seyffert. That’s as a result of the U.S. Securities and Trade Fee nonetheless has to evaluate a batch of spot Solana ETF functions. 

The SEC usually takes between 240 and 260 days to make selections on functions. However ongoing litigation over whether or not Solana is or is not a safety may lengthen that course of for a number of would-be Solana ETFs. The regulator acknowledged Grayscale’s Solana ETF utility on February 6 and is looking for public touch upon the submitting, marking what one analyst referred to as “new territory” for the company.

However, if and when spot Solana ETFs are authorised, the investor {dollars} they appeal to could possibly be huge. JP Morgan analysts predict Solana ETFs may collectively herald between $4 and $8 billion in investments.

Dogecoin

A number of issuers have signaled that they plan to supply spot Dogecoin ETFs following a wave of political occasions that slingshotted the Shiba Inu-inspired meme coin to a three-year-high worth of $0.48 in December.

Trade-traded fund supplier Rex Shares utilized in January to launch the Rex-Osprey DOGE ETF, the corporate’s submitting with federal regulators exhibits.

In the meantime, Bitwise Asset Administration has registered a Dogecoin ETF entity in Delaware, a significant step in direction of making use of for permission to launch an exchange-traded fund primarily based on Elon Musk’s beloved cryptocurrency. However Bitwise nonetheless must file a complete utility with the SEC earlier than any potential fund may come to market.

Lastly, crypto-focused funding agency Grayscale has additionally signaled its intention to launch a Dogecoin ETF. The asset supervisor launched in late January a Dogecoin Belief, enabling institutional and accredited traders to allocate funds to the meme coin. Shortly thereafter, Grayscale filed a 19b-4 kind to transform that Belief into an ETF, becoming a member of a number of of its rivals in planning to roll out such a fund.

The SEC acknowledged Grayscale’s submitting in February, however then in March delayed its determination, giving the company till Could 21 to make a name both approach.

Analysts are bullish that it will not take lengthy for Dogecoin ETFs to hit the market, nevertheless. Bloomberg senior ETF analyst Eric Balchunas mentioned in January {that a} spot Dogecoin ETF may theoretically launch as early as April, because of a rule that allows federal regulators to weigh in on funding providing proposals inside an expedited 75-day timeframe, quite than the everyday evaluate interval of eight to 9 months.

XRP

Funds created across the Ripple-linked XRP—such because the Rex-Osprey XRP ETF, Canary XRP ETF, and 21Shares Core XRP Belief—are up for evaluate within the U.S.

In early February, Chicago’s Cboe Trade utilized with federal regulators to listing and commerce 4 spot XRP ETFs — an indication of rising investor curiosity in funds monitoring Ripple Lab’s crypto asset. The spot XRP ETFs can be issued by WisdomTree, Bitwise, 21Shares, and Canary Capital, respectively.

Franklin Templeton joined the celebration in March, proper because the SEC punted on making a choice on Grayscale’s XRP submitting.

The SEC acknowledged a number of XRP functions in late February, saying that feedback can be submitted inside 21 days of the filings. That brings the ETFs one step nearer to be authorised within the U.S.

Nonetheless, it stays unclear whether or not the ETFs might be authorised or not. A rash of anticipated rule modifications on the SEC level to the next probability that regulators may quickly inexperienced mild the funds within the U.S.

If XRP ETFs are authorised, then the funds may collectively herald between $3 and $6 billion in investments, based on a January estimate from J.P. Morgan analysts.

Past spot XRP ETFs, XRP futures-based exchange-traded funds such because the ProShares Quick XRP and ProShares 2x XRP are additionally up for consideration within the U.S.

The previous would permit traders to quick XRP, whereas the latter would allow traders to make leveraged bets on the cryptocurrency’s future worth actions.

Bitcoin Plus ETF

Trump Media and Expertise Group’s Reality.Fi has utilized to register a trademark for 2 “Bitcoin Plus” merchandise, along with 4 different funding autos. The funds are referred to as Reality.Fi Bitcoin Plus ETF and Reality.Fi Bitcoin Plus SMA.

It stays unclear which belongings the Bitcoin Plus ETFs would maintain, if authorised. It is doable the “plus” a part of their names may refer to a different cryptocurrency which the funds would observe alongside Bitcoin. Reality.Fi didn’t reply to Decrypt’s request for remark and clarification.

Crypto Index ETF

In early February, asset supervisor Franklin Templeton filed an amended petition to supply its “Franklin Crypto Index ETF.”

If authorised, the exchange-traded fund will observe Bitcoin and Ethereum, weighting the belongings 86.31% and 13.69%, respectively. It may additionally embody further cryptocurrencies sooner or later, Franklin Templeton mentioned in its submitting.

Aptos

Crypto asset supervisor Bitwise submitted an S-1 submitting with the Securities Fee in early March, signaling its plans to launch an exchange-traded fund monitoring the value of Aptos (APT).

The submitting got here only a few days after the asset supervisor had mode strikes to determine a Delaware belief—laying the groundwork for its Aptos ETF.

Sui

Sui, one other brainchild of ex-Meta stablecoin challenge members, could quickly develop into out there to traders within the type of an exchange-traded fund.

Canary Capital took an early step towards spinning up a SUI-based ETF in early March, submitting for a Delaware Belief.

Motion

Rex Shares and Osprey Funds teamed up in early March to file for approval to supply an exchange-traded fund (ETF) that tracks MOVE, the native token of the Motion Community.

The asset managers submitted their submitting for a MOVE-based ETF to U.S. regulators because the Ethereum layer-2 community launched its mainnet in beta.

HBAR 

Canary Capital filed for the primary HBAR ETF final November. HBAR is the native cryptocurrency of the Hedera community. 

In an X publish in December, Bloomberg analyst Eric Balchunas expressed optimism a couple of spot HBAR ETF’s odds of receiving approval within the U.S., saying that such a fund may launch earlier than its higher-profile Solana and XRP-based counterparts. Regardless of that, it stays unclear whether or not there’s adequate investor demand for such a fund, he mentioned.

Litecoin

A rash of Litecoin-based ETF functions had been filed following President Donald Trump’s inauguration, because the chilly crypto regulatory atmosphere exhibits indicators of thawing. 

CoinShares filed two registration statements for a “CoinShares Litecoin ETF” and “CoinShares XRP ETF,” whereas the New York Inventory Trade signaled that Greyscale is attempting to convert its current Litecoin Belief into an ETF.

The brand new filings got here roughly two months after Canary Capital filed for its personal Litecoin ETF, and days after Canary submitted an modification to its utility for the fund. 

Litecoin is a peer-to-peer cryptocurrency created to enhance verification time for blockchain transactions. Very similar to its spot HBAR ETF counterpart, Canary Capital’s Litecoin ETF is prone to get authorised earlier than Dogecoin, XRP, and Solana-based funds, based on Bloomberg analyst Eric Balchunas. 

That is as a result of Litecoin’s regulatory standing is much less disputed than that of different altcoins comparable to Solana, which stay on the heart of a authorized battle between the SEC and main crypto trade gamers, based on Balchunas. 

BONK, Trump, and past

Rex Shares filed with federal regulators in January to launch spot Trump and BONK-based ETFs, respectively.

The proposed funds kind a part of a rising listing of meme coin-based funding merchandise spun up by issuers, who’re apparently desperate to capitalize on traders’ rising curiosity within the digital belongings market amid the newest crypto bull run.

Bloomberg analysts predict that TRUMP, BONK, and different meme coin-based ETFs may start buying and selling as quickly as April—that’s, if issuers’ proposals bear and move an expedited evaluate course of with federal regulators.

Edited by Andrew Hayward

Editor’s notice: This story was first printed on January 26, 2025 and final up to date with new particulars on March 12.