Altcoin ETF Battle Begins: Who Will Be the First Approved?

Original Article Title: Which Crypto ETFs Are Next? Dogecoin, XRP, and Solana Lead the List

Original Article Author: Liz Napolitano, Decrypt
Original Article Translation: Bitpush News

The approval of Bitcoin and Ethereum ETFs in the US last year was just the beginning: major issuers are planning to launch a variety of new US funds aimed at directly tracking the prices of various cryptocurrencies including Dogecoin, Solana, XRP, and even TRUMP coin.

Recently, traditional financial giant Franklin Templeton submitted a proposal for an XRP spot ETF, which is undoubtedly a significant signal in the cryptocurrency ETF space. While Grayscale, Bitwise, WisdomTree, and other cryptocurrency-native institutions have previously submitted similar applications, Franklin Templeton's entry signifies that traditional financial behemoths are officially entering this emerging field.

Franklin Templeton is a massive asset management giant with around $1.5 trillion in assets under management. Although not as influential as BlackRock, its entry into the space is still significant. In contrast, BlackRock has not entered the competition for meme coin ETFs.

Franklin Templeton's Head of Quantitative Investment Solutions, Roger Bayston, stated in December last year that the ETF legal team will be exceptionally busy in the first half of 2025. The company launched a cryptocurrency index fund last month (currently limited to holding BTC and ETH) and has applied for a Solana ETF.

Here is a list of potential cryptocurrency ETF products that may be launched in the US.

Solana ETF

A spot Solana trading platform exchange-traded fund (ETF) could be a potential alternative to Bitcoin and Ethereum ETFs.

The proposed listed funds include the VanEck Solana Trust, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, which will directly track Solana's price.

Franklin Templeton filed an S-1 registration statement in February, and the Chicago Board Options Exchange (CBOE) submitted a listing rule change application on behalf of Franklin Templeton in March.

Furthermore, some proposed Solana futures ETFs (such as ProShares Short Solana, ProShares 2x Solana, and Vol Shares' Solana ETF) will allow investors to make more complex bets on Solana's price movements.

However, Bloomberg analyst James Seyffart has stated that spot and futures Solana ETFs may not begin trading in the U.S. until 2026, as the U.S. Securities and Exchange Commission (SEC) still needs to review a batch of spot Solana ETF applications. The SEC acknowledged Grayscale's Solana ETF application on February 6 and is seeking public opinion on the application, with one analyst claiming this marks the agency's entry into a "new area."

The SEC typically needs 240 to 260 days to make a decision, but litigation on whether Solana is a security could lengthen this process. Nevertheless, if a spot Solana ETF is approved, the attracted investment capital could be significant. JPMorgan analysts predict that a Solana ETF could bring in $4 billion to $8 billion in investment.

Dogecoin ETF

Some issuers have expressed plans to launch a spot Dogecoin ETF.

Rex Shares applied in January to launch the Rex-Osprey DOGE ETF, while Bitwise Asset Management also registered a Dogecoin ETF entity in Delaware. Additionally, cryptocurrency investment firm Grayscale also plans to launch a Dogecoin ETF, having launched a Dogecoin Trust Fund at the end of January and subsequently submitted an application to convert it to an ETF.

The SEC acknowledged Grayscale's application in February but delayed the decision in March, extending the final deadline to May 21.

Bloomberg Senior ETF Analyst Eric Balchunas stated in January that theoretically, a spot Dogecoin ETF could launch as early as April, depending on a rule that allows federal regulators to consider investment product proposals in a fast 75-day time frame rather than the usual eight to nine months of review.

XRP ETF

Around Ripple, funds related to XRP (such as the Rex-Osprey XRP ETF, Canary XRP ETF, and 21Shares Core XRP Trust) are undergoing review.

In early February, the Chicago-based Cboe exchange applied to federal regulators to list and trade four XRP spot ETFs, demonstrating growing investor interest in funds tracking Ripple Labs' cryptographic asset. Franklin Templeton also joined the lineup in March.

The SEC acknowledged multiple XRP ETF applications at the end of February and stated that it would provide feedback within 21 days. If approved, JPMorgan analysts estimate that these funds could attract between $30 billion and $60 billion in investments.

Furthermore, XRP futures ETFs (such as ProShares Short XRP and ProShares 2x XRP) are also under consideration, with the former allowing investors to short XRP and the latter enabling investors to make leveraged bets on XRP's future price movements.

Bitcoin Plus ETF

The Truth.Fi by Trump Media and Technology Group has applied to register two "Bitcoin Plus" trademarks, namely Truth.Fi Bitcoin Plus ETF and Truth.Fi Bitcoin Plus SMA. It is currently unclear what assets these ETFs will hold.

Cryptocurrency Index ETF

In early February, Franklin Templeton submitted an amended application to launch the "Franklin Cryptocurrency Index ETF." This ETF will track the prices of Bitcoin and Ethereum, with weights of 86.31% and 13.69%, respectively, and may include other cryptocurrencies in the future.

Aptos ETF

Cryptocurrency asset management company Bitwise submitted an S-1 filing to the SEC in early March, planning to launch an ETF tracking the price of Aptos (APT).

Sui ETF

Canary Capital submitted a Delaware Trust application in early March, intending to launch an ETF based on Sui.

Movement ETF

Rex Shares and Osprey Funds submitted applications in early March to launch an ETF tracking the Movement Network's native token, MOVE.

HBAR ETF

Canary Capital submitted the first HBAR ETF application in November last year. HBAR is the native cryptocurrency of the Hedera network.

Litecoin ETF

Following Trump's inauguration, a series of Litecoin ETF applications were submitted. CoinShares filed two registration statements for the "CoinShares Litecoin ETF" and "CoinShares XRP ETF," and the New York Stock Exchange indicated that Grayscale is attempting to convert its existing Litecoin Trust into an ETF.

The new applications came about two months after Canary Capital submitted its Litecoin ETF application and a few days after Canary submitted an amended fund application.

Bloomberg analyst Eric Balchunas believes that similar to the spot HBAR ETF, Canary Capital's Litecoin ETF may be approved earlier than funds based on Dogecoin, XRP, and Solana because Litecoin's regulatory status is less controversial compared to other coins like Solana.

BONK, TRUMP ETF

Rex Shares submitted an application to federal regulators in January planning to launch spot TRUMP and BONK coin ETFs.

Summary

Bloomberg Intelligence analyst Seyffart pointed out that until SEC Chairman nominee Paul Atkins, appointed by Trump, receives confirmation from Congress, the SEC is unlikely to make determinations on these applications, and Atkins' confirmation hearing has not yet been scheduled. Furthermore, the approval of spot Bitcoin and Ethereum ETFs took several years, with the SEC previously citing the maturity of the relevant asset futures market as a key approval criterion, which the pending ETF applications do not currently meet.

Nevertheless, analysts speculate that the Litecoin ETF has the highest likelihood of being launched by the end of this year (90%), higher than Dogecoin (75%), Solana (70%), and XRP products (65%). However, the final outcome still depends on the confirmation of the new helm and their policy direction.

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