The Cryptocurrency ETF Landscape

The cryptocurrency industry celebrated two significant victories last year as fund issuers received approvals for spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the U.S. However, the momentum continues with new proposals.

New Cryptocurrency ETFs on the Horizon

Recent months have seen fund managers proposing ETFs that directly track various cryptocurrencies, including Dogecoin, XRP, Solana, and even Donald Trump’s meme coin. Below are some noteworthy filings:

1. Solana

Spot Solana ETFs, such as the VanEck Solana Trust and 21Shares Core Solana ETF, are poised to trade in the U.S. soon. Franklin Templeton filed a registration with the SEC, indicating interest in investing in the fourth-largest cryptocurrency.

Analysts predict that Solana ETFs could attract $4 to $8 billion in investments if approved, although the SEC’s review may delay approvals until 2026.

2. Dogecoin

In January, Rex Shares filed for the Rex-Osprey DOGE ETF, following a surge in Dogecoin’s price. Bitwise Asset Management aims to create a Dogecoin ETF and has already established a Dogecoin Trust.

Analysts expect a Dogecoin ETF could launch as early as April due to expedited review rules.

3. XRP

Multiple spot XRP ETFs, such as the Rex-Osprey XRP ETF and the 21Shares Core XRP Trust, are under consideration. The SEC has acknowledged these applications, moving them closer to potential approval.

Estimated investments for XRP ETFs range between $3 to $6 billion.

4. Bitcoin Plus ETF

Trump Media and Technology Group’s Truth.Fi has applied for the Truth.Fi Bitcoin Plus ETF, although details about the assets it would track remain unclear.

5. Crypto Index ETF

Franklin Templeton plans a Crypto Index ETF tracking Bitcoin and Ethereum. The fund’s approval could also allow for additional cryptocurrencies in the future.

6. Other Notable ETFs

• Aptos: Bitwise is moving to launch an ETF tracking Aptos.
• Sui: Early steps by Canary Capital signal interest in a SUI ETF.
• MOVE: Rex Shares filed for a MOVE ETF based on the Movement Network.
• HBAR: Canary Capital filed for an HBAR ETF, though demand remains uncertain.
• Litecoin: Multiple filings for Litecoin ETFs show a potential thaw in regulatory reception.
• BONK, Trump, and More: Rex Shares has proposed ETFs for meme coins like BONK and Trump, with potential launches as soon as April 2025.

Edited by Andrew Hayward

Editor’s note: This article was first published on January 26, 2025, and updated on March 12.