Key Takeaways
- The SEC has received 72 crypto ETF filings, with decisions expected throughout 2025.
- Major firms like VanEck, Grayscale, and Bitwise are targeting altcoins beyond Bitcoin and Ether.
- ETF approvals could boost token prices, increase liquidity, and attract institutional capital.
- Paul Atkins’ market-friendly stance has fueled optimism about a more favorable regulatory environment for crypto ETFs.
The surge in ETF filings has sparked growing interest among individual and institutional investors, especially as the number continues to rise, as does the key decision-making approach.
This weekly tracker covers pending or newly filed cryptocurrency ETF applications, focusing on emerging assets like Solana, XRP, and others beyond Bitcoin.
As more asset managers seek exposure to altcoins, this article explains who is filing, what they are targeting, and where those applications stand in the regulatory pipeline.
Rise of Altcoin ETFs Beyond Bitcoin and Ethereum
After years of regulatory scrutiny, the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January 2024, marking a significant milestone for the crypto market.
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While the U.S took a long-awaited step, Canada had already approved both spot Bitcoin and Ethereum ETFs in 2021, making it the early mover in regulated crypto investment products. Switzerland also offered Ethereum-backed exchange-traded products (ETPs) as early as 2019 through its open financial framework.
The SEC approved spot Ethereum ETFs in May 2024, with trading beginning in July. These approvals helped build trust in regulated crypto exposure and pushed institutional adoption forward.
According to CoinMarketCap , by December 2024, the combined assets under management (AUM) in U.S.-listed Bitcoin and Ethereum ETFs had reached a new record of $138 billion.
This breakthrough went beyond product validation—it unlocked a wave of institutional demand.
Why Solana, XRP, and Other Altcoins Are Gaining ETF Attention
As confidence grew, asset managers began turning to other digital assets for the next wave of ETF products, focusing on major altcoins like Solana (SOL), XRP, Avalanche (AVAX), and Cardano (ADA). These cryptocurrencies have gained momentum across sectors such as decentralized finance (DeFi), payments, non-fungible tokens (NFTs), and tokenized assets. Institutional players now view them as key tools for diversifying the market.
Canada launched the first spot Solana ETFs in North America on April 16, 2025, with 3iQ, CI Global Asset Management, Purpose Investments, and Evolve ETFs offerings. These ETFs provide direct exposure to SOL and integrate staking features, allowing investors to earn rewards while holding the asset.
Notably, 3iQ’s Solana Staking ETF (SOLQ) amassed C$90 million in assets within its first two days of trading, making it Canada’s largest Solana ETF by AUM. CI GAM’s SOLX ETF, launched in partnership with Galaxy Asset Management, offers U.S. and Canadian dollar-denominated units and waives its 0.35% management fee until July 16, 2025.
As of April 2025, the SEC is reviewing 72 ETF applications tied to various cryptocurrencies.
At the same time, Paul Atkins took office as chairman of the SEC. His market-friendly views and support for financial innovation marked a shift in confidence for asset managers and crypto firms pushing for regulatory clarity. With Atkins in charge, expectations grew for a more open approach to ETF approvals.
Key Issuers To Watch in the Crypto ETF Race
Several firms are leading efforts to bring more crypto ETFs to the market. While Bitcoin and Ethereum products set the foundation, these issuers are now pushing for listings tied to major altcoins.
21Shares
21Shares has built a strong reputation in the crypto market with a wide range of European ETPs. In 2025, it filed for spot ETFs tied to assets like Dogecoin (DOGE) and XRP. The company often collaborates with Ark Invest for broader reach and focuses on bringing more altcoin-backed ETFs to the U.S. market.
VanEck
VanEck has played a central role in the crypto ETF race. After early filings for Bitcoin and Ethereum ETFs, it expanded its efforts to include assets like Solana (SOL) and Avalanche (AVAX). Its filings aim to offer spot exposure to altcoins through listings on major U.S. exchanges. VanEck targets institutional investors looking for diversified crypto access.
Grayscale
Grayscale, widely known for its crypto trust products, is moving deeper into the ETF space. In 2025, it filed to uplist its Cardano (ADA) trust into a spot ETF. Grayscale remains a major force behind efforts to expand the SEC’s acceptance of a broader set of crypto assets beyond Bitcoin and Ethereum.
Bitwise
Bitwise continues to diversify its crypto ETF filings. It submitted applications tied to Dogecoin (DOGE), XRP, Solana (SOL), and other altcoins. Bitwise focuses on spot structures and often provides detailed market research to support its proposals, targeting a growing demand for regulated altcoin exposure.
New Issuers on the Radar
These firms represent some of the major players driving the current wave of crypto ETF filings. However, the competitive landscape continues to evolve quickly. New issuers are entering the space almost weekly, targeting a broader range of digital assets.
This article will continue to introduce additional names and filings on a rolling basis, focusing on the growing diversity of projects shaping the future of crypto ETFs.
Pending Crypto ETF Filings: What’s on the SEC’s Desk?
The table below outlines some key issuers, the assets involved, and the upcoming milestones that could shape the next phase of the crypto ETF market.
| Filing date | Issuer | ETF name | Asset | Mechanism | Next Key date or milestone |
| 1/28/25 | Bitwise | Bitwise DOGE ETF | DOGE | Filed | 5/1/25 |
| 12/27/24 | Vol Shares | Solana ETF (SOLZ) | Solana (SOL) | 1940 Act | 3/12/25 |
| 12/27/24 | Vol Shares | 2x Solana ETF (SOLT) | Solana (SOL) | 1940 Act | 3/12/25 |
| 1/17/25 | ProShares | ProShares Solana ETF | Solana (SOL) | 1940 Act | 4/22/25 |
| 1/17/25 | ProShares | ProShares XRP ETF | XRP | 1940 Act | 4/22/25 |
| 1/17/25 | ProShares | ProShares Short Solana | Solana (SOL) | 1940 Act | 4/22/25 |
| 1/17/25 | ProShares | ProShares 2x Solana | Solana (SOL) | 1940 Act | 4/22/25 |
| 1/17/25 | ProShares | ProShares -2x XRP | XRP | 1940 Act | 4/22/25 |
| 12/21/24 | REX & Osprey | REX-OSPREY SOL ETF | Solana (SOL) | N/A | 4/16/25 |
| 12/21/24 | REX & Osprey | REX-OSPREY XRP ETF | XRP | N/A | 4/16/25 |
| 12/21/24 | REX & Osprey | REX-OSPREY ETH ETF | Ethereum (ETH) | N/A | 4/16/25 |
| 2/21/25 | Franklin | Franklin Solana ETF | Solana (SOL) | N/A | 5/3/25 |
| 1/24/25 | CoinShares | CoinShares XRP ETF | XRP | N/A | 5/26/25 |
| 1/24/25 | CoinShares | CoinShares Litecoin ETF | Litecoin | N/A | 5/26/25 |
| 4/9/2025 | 21Shares | 21Shares Dogecoin ETF | Dogecoin (DOGE) | N/A | N/A |
| 02/10/25 | Grayscale | Grayscale Cardano Trust | Cardano (ADA) | Spot | 8/25 |
| 06/27/25 | VanEck | VanEck Solana Trust | Solana (SOL) | Spot | 10/25 |
| 03/14/25 | VanEck | VanEck Avalanche ETF | Avalanche (AVAX) | Spot | 12/25 |
Source: Bloomberg
The status of all these filings is under review as of April 2025.
Upcoming SEC Decision Timelines To Watch in Crypto ETF Space
As crypto ETFs move through the SEC pipeline, the structure behind each filing plays a key role. Some ETFs aim to hold the actual token (spot), others follow leveraged or futures strategies (often filed under the 1940 Act), and a few have not disclosed full details yet. Understanding these differences helps explain the pace and path of each application.
Spot
- Means the ETF aims to hold the actual cryptocurrency (e.g., ADA, SOL, AVAX).
- The structure works under the 1933 Securities Act.
- The SEC treats these filings like commodity-backed ETFs (e.g., gold ETFs).
1940 Act
- This refers to ETFs structured under the Investment Company Act of 1940.
- Often used for leveraged or inverse products — funds designed to move 2x up or down compared to the token’s price (e.g., 2x Solana, -2x XRP).
- ETFs that track futures or complex strategies
- These filings go through a different SEC approval path.
Undisclosed ETF Structure
- This means the structure has not yet been disclosed publicly. Some REX & Osprey filings and the 21Shares Dogecoin ETF fall into this category.
- It could be waiting for the publication of the S-1 form or the filing of the 19b-4 form.
The approval process for crypto ETFs often takes months, sometimes years. While the formal review period can last up to 240 days, several key factors influence how long it takes and whether the ETF is approved.
It is important to remember that Bitcoin ETFs took over a decade to win approval, with the first U.S.-based spot Bitcoin ETF launching in January 2024.
Ethereum ETFs followed a similar path but moved faster, with approvals in May 2024 and trading starting by July of the same year.
Current Outlook
Most altcoin ETF filings are now in the early stages of review.
- Delays are likely. The SEC could use the full 240-day window or more.
- Staggered approvals may happen. Each altcoin will face different scrutiny based on its structure, use case, and market maturity.
- First decisions on altcoin ETFs may come late 2025 or in 2026, and approvals are not guaranteed.
Key Factors That May Accelerate or Delay ETF Approvals
Decision timelines vary by filing, but several factors could influence how quickly or slowly the SEC moves on pending crypto ETF applications.
- Standard review window: The SEC usually responds within 45 days of filing, but often extends the timeline to the full 240-day limit.
- Novel asset class: Altcoins add complexity. The SEC takes longer with unfamiliar or volatile tokens.
- Market structure concerns: The SEC reviews exchange surveillance, liquidity, and signs of manipulation before approving.
- Regulatory developments: Progress on digital asset legislation in Congress could give the SEC more explicit rules, helping speed up approvals.
- Custody and security: The proposed storage solution must meet high institutional standards.
- External pressure: Lawsuits, political influence, and market sentiment can all affect timing, as seen with the Grayscale case.
- Heavy workload: The SEC manages many filings at once. That, too, can delay action.
Why Pending ETF Filings Matter for Crypto Investors
Pending ETF filings for altcoins are more than just paperwork. They mark a shift in how the digital asset market connects with traditional finance.
- Institutional gateway: ETFs provide large investors a compliant way to access altcoins without directly handling tokens.
- Credibility boost: Regulatory approval signals legitimacy, raising trust among traditional finance players.
- Simplified exposure: ETFs remove the need for wallets or direct custody, attracting cautious investors.
- Price support from inflows: ETF approvals can trigger billions in long-term capital, driving demand and price stability.
- Liquidity and efficiency: ETF trading tightens price alignment and helps reduce market manipulation.
- Market validation: Approval confirms regulators’ view of altcoins as viable assets, not speculative outliers.
- Product expansion: New ETFs can lead to futures, options, and structured tools, broadening product offerings.
- Wider adoption: Listings raise public visibility and help onboard new users into the crypto ecosystem.
- Regulatory clarity: Approval processes require regulators to assess each altcoin’s fundamentals, improving oversight.
- Diversification strategies: ETFs enable institutions to spread exposure across multiple crypto sectors.
- Risk reduction: Institutions avoid technical exposure using ETFs, lowering security and custody risks.
Conclusion
Crypto ETF filings are no longer limited to Bitcoin and Ethereum. Altcoins like Solana, XRP, Cardano, Dogecoin, and Avalanche are now part of a broader push into regulated markets.
Major players such as VanEck, 21Shares, Grayscale, and Bitwise lead the charge, while new issuers continue to enter the race.
The SEC’s decisions in 2025 will shape how far crypto moves into traditional finance. These rulings significantly affect token prices, institutional adoption, and market structure.
As the number of filings grows and deadlines approach, one question remains: Which assets and issuers will break through next?
This weekly article will continue to track key players, filings, and turning points so readers can stay ahead of what matters.
FAQs
Which firms are leading the charge in crypto ETF filings?
Top firms include VanEck, 21Shares, Bitwise, and Grayscale, each pushing multiple crypto ETF proposals. They’re focusing on assets like SOL, XRP, and DOGE to meet growing investor demand.
What types of crypto ETFs are under consideration?
The SEC is evaluating various ETF types, including spot ETFs for cryptocurrencies like XRP and Solana, leveraged and inverse products tied to crypto derivatives, and thematic funds linked to internet culture and personalities. Some proposals also include options trading on newly launched or proposed crypto ETFs.
How might the approval of pending ETF applications impact the crypto market?
Approval of these ETFs could significantly enhance mainstream adoption by providing regulated investment vehicles for cryptocurrencies. It would offer investors easier access to crypto assets through traditional financial markets, potentially increasing liquidity and market stability. However, the success of these ETFs will depend on various factors, including market demand and regulatory developments.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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