The cryptocurrency trade 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 a wide range of cryptocurrencies, from Dogecoin to XRP, Solana, and even Donald Trump’s meme coin.
Listed below are the assorted crypto-based ETFs that might quickly be supplied 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 might start buying and selling within the U.S. this yr or subsequent.
The proposed funds, which embody the VanEck Solana Belief, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, would straight observe the value of the fourth-largest cryptocurrency by market capitalization.
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 possible 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 functions.
The SEC usually takes between 240 and 260 days to make choices on functions. However ongoing litigation over whether or not Solana is or is not a safety may delay that course of for a number of would-be Solana ETFs. The regulator acknowledged Grayscale’s Solana ETF software on February 6 and is in search of public touch upon the submitting, marking what one analyst referred to as “new territory” for the company.
Nonetheless, if and when spot Solana ETFs are authorised, the investor {dollars} they appeal to may very well be large. JP Morgan analysts predict Solana ETFs may collectively herald between $4 and $8 billion in investments.
Dogecoin
Just a few 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 exhibits.
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 primarily based on Elon Musk’s beloved cryptocurrency. However Bitwise nonetheless must file a complete software 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 memecoin. Shortly thereafter, Grayscale filed a 19b-4 type 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 may theoretically launch as early as April, because of a rule that permits 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., with federal regulators because of weigh in on functions for the funds later this month.
It stays unclear whether or not the ETFs will probably be authorised or not, however a rash of anticipated rule adjustments on the SEC level to a better 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, 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 Quick XRP and ProShares 2x XRP are additionally up for consideration within the U.S.
The previous would enable traders to quick XRP, whereas the latter would allow traders to make leveraged bets on the cryptocurrency’s future worth actions.
In early February, Chicago’s Cboe Alternate utilized with federal regulators to checklist and commerce 4 spot XRP ETFs — an indication of rising investor curiosity in funds monitoring Ripple Lab’s crypto asset. The spot XRP ETFs could be issued by WisdomTree, Bitwise, 21Shares, and Canary Capital, respectively.
Bitcoin Plus ETF
Trump Media and Expertise Group’s Fact.Fi has utilized to register a trademark for 2 “Bitcoin Plus” merchandise, along with 4 different funding autos. The funds are referred to as Fact.Fi Bitcoin Plus ETF and Fact.Fi Bitcoin Plus SMA.
It stays unclear which property the Bitcoin Plus ETFs would maintain, if authorised. It is potential the “plus” a part of their names may refer to a different cryptocurrency which the funds would observe alongside Bitcoin. Fact.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 property 86.31% and 13.69%, respectively. It may additionally embody extra 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 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 may be enough investor demand for such a fund, he stated.
Litecoin
A rash of Litecoin-based ETF functions have been filed following President Donald Trump’s inauguration this week, 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 Alternate signaled that Greyscale is making an attempt to convert its present 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 similar to its spot HBAR ETF counterpart, Canary Capital’s Litecoin ETF is more likely to get authorised 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 comparable to Solana, which stay on the heart of a authorized battle between the SEC and main crypto trade 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 type a part of a rising checklist of meme coin-based funding merchandise spun up by issuers, who’re apparently wanting to capitalize on traders’ rising curiosity within the digital property market amid the most recent 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 endure and move an expedited evaluate course of with federal regulators.
Edited by Andrew Hayward
Editor’s word: This story was first revealed on January 26, 2025 and final up to date with new particulars on February 9.
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