The cryptocurrency business notched two main victories final yr 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 current months, fund managers have proposed new funding choices straight 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 would quickly be provided in the USA, and a have a look at the high-profile filings to date for every asset.
Solana
Spot Solana exchange-traded funds are one potential various to Bitcoin and Ethereum ETFs that would start buying and selling within the U.S. this yr or subsequent.
The proposed funds, which embrace the VanEck Solana Belief, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, would straight monitor the value of the fourth-largest cryptocurrency by market capitalization.
In the meantime, a handful of proposed Solana futures ETFs such because the ProShares Brief Solana, ProShares 2x Solana, and Vol Shares’ Solana ETF would allow buyers to make extra advanced bets on Solana’s worth actions.
Nonetheless, each spot and futures Solana ETFs will doubtless 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 Alternate Fee nonetheless has to evaluate a batch of spot Solana ETF purposes.
The SEC sometimes takes between 240 and 260 days to make choices on purposes. However ongoing litigation over whether or not Solana is or is not a safety might lengthen that course of for a number of would-be Solana ETFs. The regulator acknowledged Grayscale’s Solana ETF software 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 accredited, the investor {dollars} they appeal to could possibly be large. JP Morgan analysts predict Solana ETFs might 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.
Alternate-traded fund supplier Rex Shares utilized in January to launch the Rex-Osprey DOGE ETF, the corporate’s submitting with federal regulators reveals.
In the meantime, Bitwise Asset Administration has registered a Dogecoin ETF entity in Delaware, a serious step in direction of making use of for permission to launch an exchange-traded fund based mostly on Elon Musk’s beloved cryptocurrency. However Bitwise nonetheless must file a complete software with the SEC earlier than any potential fund might 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 buyers to allocate funds to the memecoin. 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.
Analysts are bullish that it will not take lengthy for Dogecoin ETFs to hit the market, nevertheless. Bloomberg senior ETF analyst Eric Balchunas stated this week {that a} spot Dogecoin ETF might theoretically launch as early as April, due to a rule that permits federal regulators to weigh in on funding providing proposals inside an expedited 75-day timeframe, fairly than the standard overview 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 overview within the U.S., with federal regulators attributable to weigh in on purposes for the funds later this month.
It stays unclear whether or not the ETFs can be accredited or not, however a rash of anticipated rule adjustments on the SEC level to the next chance that regulators might quickly inexperienced mild the funds within the U.S.
If XRP ETFs are accredited, then the funds might collectively herald between $3 and $6 billion in investments, in line with a current estimate from J.P. Morgan analysts.
Past spot XRP ETFs, XRP futures-based exchange-traded funds such because the ProShares Brief XRP and ProShares 2x XRP are additionally up for consideration within the U.S.
The previous would permit buyers to brief XRP, whereas the latter would allow buyers to make leveraged bets on the cryptocurrency’s future worth actions.
In early February, Chicago’s Cboe Alternate 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.
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 accredited. It is doable the “plus” a part of their names might refer to a different cryptocurrency which the funds would monitor 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 accredited, the exchange-traded fund will monitor Bitcoin and Ethereum, weighting the belongings 86.31% and 13.69%, respectively. It might additionally embrace further cryptocurrencies sooner or later, Franklin Templeton stated in its submitting.
HBAR
Canary Capital filed for the primary HBAR ETF final November. HBAR is the native cryptocurrency of the Hedera community.
In an X put up in December, Bloomberg analyst Eric Balchunas expressed optimism a few spot HBAR ETF’s odds of receiving approval within the U.S., saying that such a fund might launch earlier than its higher-profile Solana and XRP-based counterparts. Regardless of that, it stays unclear whether or not there’s enough investor demand for such a fund, he stated.
Litecoin
A rash of Litecoin-based ETF purposes have been filed following President Donald Trump’s inauguration this week, because the chilly crypto regulatory atmosphere reveals indicators of thawing.
CoinShares filed two registration statements for a “CoinShares Litecoin ETF” and “CoinShares XRP ETF,” whereas the New York Inventory Alternate signaled that Greyscale is attempting to convert its current Litecoin Belief into an ETF.
The brand new filings come roughly two months after Canary Capital filed for its personal Litecoin ETF, and days after Canary submitted an modification to its software for the fund.
Litecoin is a peer-to-peer cryptocurrency created to enhance verification time for blockchain transactions. Very like its spot HBAR ETF counterpart, Canary Capital’s Litecoin ETF is more likely to get accredited earlier than Dogecoin, XRP, and Solana-based funds, in line with Bloomberg analyst Eric Balchunas.
That is as a result of Litecoin’s regulatory standing is much less disputed than that of different altcoins corresponding to Solana, which stay on the heart of a authorized battle between the SEC and main crypto business gamers, in line with 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 desirous to capitalize on buyers’ rising curiosity within the digital belongings market amid the most recent crypto bull run.
Bloomberg analysts predict that TRUMP, BONK, and different meme coin-based ETFs might start buying and selling as quickly as April—that’s, if issuers’ proposals endure and go an expedited overview course of with federal regulators.
Edited by Andrew Hayward
Editor’s notice: This story was first revealed on January 26, 2025 and final up to date with new particulars on February 9.
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