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Crypto ETFs Watchlist: Key Filings, Players & Status Updates

Last Updated 04 February 2026

Key Takeaways

  • There are at least 126 crypto ETP filings. Bitcoin, Solana, Ethereum, and XRP are leading the next wave of ETFs.
  • Amended Solana filings (VanEck, Bitwise, 21Shares) added staking/in-kind language; final windows open Oct 2025.
  • Spot XRP exchange-traded funds debuted in the U.S., led by Canary Capital’s XRPC on Nasdaq and Grayscale’s GXRP on NYSE Arca, while ProShares’ leveraged XRP futures ETF, UXRP, holds about $57-58 million in net assets.
  • Grayscale’s Cardano ETF hit its final SEC deadline on October 26, 2025 but the applicaiton is in limbo due to shutdowns.
  • Project Crypto launched July 31 to modernize SEC’s digital asset framework.
  • New SEC timeline: 75-day initial clock for 19b-4 filings → first deadlines Sep 13, 2025. Extensions possible into Mar 2026.
  • REX-Osprey filed a prospectus on October 3, 2025, for 21 single-asset and staking ETFs, marking the largest multi-crypto registration under the SEC’s new generic listing standards.
  • Texas has bought into a Bitcoin ETF with an initial $5 million allocation and is accumulating more than $10 million, marking a shift toward state-level interest in building crypto reserve positions.
  • Ethereum and Bitcoin ETFs experienced heavy outflows in November. However December has show mixed but volatile lows.
  • A brief U.S. government shutdown in late January temporarily constrained SEC review capacity, but funding was restored on Feb. 3, allowing crypto ETF reviews to resume.
  • Expectations remain high, as reflected in the sharp reversal in ETF inflows.

Regulatory momentum in crypto ETFs continues. A partial U.S. government shutdown began on Jan. 31, 2026 after Congress failed to pass remaining appropriations. The lapse lasted less than four days.

On Feb. 3, the House approved a roughly $1.2 trillion funding package, which President Donald Trump signed into law, reopening federal agencies and extending Department of Homeland Security funding on a short-term basis.

While the “75-day clock” for new filings is effectively frozen, the House vote on Feb.3, 2026, could restore operations and unlock the path for the next batch of Solana (SOL) and Cardano (ADA) S-1 approvals by mid-February.

In the meantime, the race for crypto ETF approvals is still far from over. With altcoins like SOL, DOGE, XRP, and ADA, issuers and investors are watching closely.

Bloomberg Intelligence analyst James Seyffart said the rapid growth in crypto ETP filings is likely to lead to product liquidations later in 2026, as weaker and low-demand funds are shut down in an increasingly crowded market.

On July, 2025, the SEC published fresh disclosure guidance (custody, staking, fraud/misconduct risk), reinforcing the compliance bar and supporting faster, more standardized reviews. A model “generic” listing framework is also on the table, which, if adopted, could shrink timelines materially

Issuers, including Franklin Templeton, Bitwise, Fidelity, Canary Capital, CoinShares, Grayscale, and VanEck, filed amended S-1s for Solana products by late July, in step with SEC feedback cycles; this signals progress but not approval ahead of the first final deadlines in October.

IBIT remains the world’s largest spot Bitcoin ETF. It briefly approached $100B in assets under management (AUM) around October 2025 amid Bitcoin’s peak prices.

As of Feb.3, 2026 it has stabilized at $60.03 billion in net assets, while the newly launched spot XRP ETFs have reached a collective $1.37 billion in AUM.

BlackRock launched its iShares Bitcoin ETF (ASX: IBIT) on the Australian Securities Exchange in mid-November. The launch is expected to add a major BlackRock wrapper to an Australian spot Bitcoin ETF market that already includes products such as Global X’s EBTC on Cboe Australia and Monochrome’s IBTC.

Additionally, rumors continue to swirl about a BlackRock XRP filing, but there is no BlackRock spot XRP ETF filing on record, yet. BlackRock’s public focus remains its iShares Bitcoin Trust and related infrastructure.

Texas has bought $5 million in Bitcoin ETF shares, marking the first major step toward state-level crypto reserve strategies.

In November 2025, the longest U.S. government shutdown in history ended after lasting 43 days, surpassing the previous 35-day record set in 2018–2019.

2026 will likely determine which crypto products move from proposals to approvals, as regulators, issuers, and investors test how digital assets fit into the U.S. financial system under clearer oversight.

This weekly tracker covers pending or newly filed cryptocurrency ETF applications, focusing on emerging assets including DOGE and others (beyond Bitcoin).

ETF Inflows Show Dominance of U.S. Equities as Bitcoin and Gold Rise

Fund flow data shows a clear concentration at the top of the ETF market this year. The Vanguard S&P 500 ETF (VOO) leads by a wide margin, pulling in more than $164 billion in year-to-date inflows.

Treasury exposure also remains in demand, with the iShares 0–3 Month Treasury Bond ETF (SGOV) attracting over $36 billion, followed closely by the Vanguard Total Stock Market ETF (VTI) and the State Street SPDR Portfolio S&P 500 ETF (SPYM).

Together, these funds reflect continued demand for broad U.S. equity exposure and short-term safety.

At the same time, alternative assets continue to climb the rankings. The iShares Bitcoin Trust ETF (IBIT) now ranks fifth, with more than $25 billion in inflows, while SPDR Gold Shares (GLD) sits seventh, bringing in over $20 billion.

The presence of Bitcoin and gold alongside traditional equity and bond funds suggests investors still favor large-cap growth and technology exposure, while quietly increasing allocations to assets viewed as hedges or long-term stores of value.

Crypto ETF Filings & Market Highlights: January 2026

January brought renewed uncertainty to the crypto ETF market. A partial U.S. government shutdown that began on Jan. 31, 2026 limited the SEC’s ability to process filings, despite lasting four days.

Between November 2025 and January 2026, the U.S. spot Bitcoin ETF market experienced its most significant period of contraction to date, shedding approximately $6.18 billion in net capital as institutional investors pivoted toward risk-off positions amid a 27% price drawdown and recurring government shutdowns.

However, spot Bitcoin ETFs recorded a net inflow of $562.62 million on Feb.2, 2026.

This marks a sharp reversal and suggests that some institutional buyers might be “buying the dip” as the House prepares to vote on reopening the government.

Heading into February, issuers continued to prepare amendments, but meaningful progress now depends on the restoration of full SEC operations.

Crypto ETF Filings & Market Highlights: November–December 2025

By December, market conditions began to stabilize. Following the end of the longest shutdown and the temporary  reopening of the Securities and Exchange Commission (SEC), ETF outflows slowed, with several funds reporting flatter daily flows and early signs of selective reallocation rather than broad exits.

While December did not fully reverse November’s losses, activity suggested institutional investors were reassessing positioning rather than continuing large scale withdrawals.

ETF filings also remained a key theme into year end. As of late December 2025, the SEC has resumed full review capacity, setting the stage for renewed momentum in crypto ETF approvals and filings heading into 2026.

Crypto ETF Filings & Market Highlights: November 5–November 27, 2025

November was brutal, recording huge losses for U.S. spot crypto ETFs. Bitcoin funds posted record losses of $3.79 billion, with IBIT accounting for $2.47 billion. Ethereum ETFs shed $1.24 billion, marking the deepest monthly outflows on record.

The first six trading days saw $2.9 billion disappear as BTC moved toward $82,000 and ETH fell below $2,700, with institutions pulling back after the government shutdown.

The period from October 22 to November 5, 2025, marked a slowdown in crypto ETF activity as the ongoing U.S. government shutdown entered its sixth week. With the SEC operating on limited staff, formal reviews remained on hold, pausing progress across multiple pending filings.

Bloomberg’s Eric Balchunas highlighted that 155 crypto ETP filings had been made since 2024, covering 35 different tokens. The update, shared after October 22, showed how traditional finance had been rapidly expanding into digital assets.

ETP'f filings | Source: X @EricBalchunas
ETP’f filings | Source: X @EricBalchunas

Crypto ETFs Weekly Updates: September 17- October 21, 2025

Generic Listing Standards Approved by the SEC

  • On 17 September, the SEC formally approved generic listing standards for commodity-based trust shares (which includes many spot crypto ETFs).
  • This means that exchanges like Nasdaq, NYSE Arca, and Cboe can list qualifying crypto ETPs (spot-crypto ETF-type products) without having to go through the full case-by-case 19b-4 rule filing approval process. 
  • The timeframe for approvals can now be shortened from up to 240 days (in many past cases) to 60-75 days if the product meets required thresholds (e.g., existing futures market on a regulated exchange for at least six months).

U.S. Government Shutdown Halts ETF Pipeline

Despite the initial regulatory progress, the crypto ETF approval process reportedly came to a halt following the partial U.S. government shutdown that began on October 1, 2025.

  • SEC review status: As of October 21, the U.S. Securities and Exchange Commission (SEC) is operating with minimal staff and has officially paused all reviews and approvals of new financial products, including pending crypto ETF applications.
  • Approval delays: Decisions on several high-profile altcoin exchange-traded products (ETPs), such as those tied to Solana (SOL), XRP, and Cardano (ADA), have been frozen. These products had been awaiting approval deadlines throughout October.
  • New timeline: The 60–75 day approval window has been effectively suspended. Final decisions on the pending altcoin ETFs now depend on the government’s reopening and the SEC’s ability to clear its backlog, which could delay approvals until late 2025 or early 2026.

Still, some progress has continued under the new approval regime despite the shutdown’s disruptions.

Grayscale’s Large Cap Crypto Fund Approved

  • Along with the generic standard approval, the SEC also approved Grayscale’s Digital Large Cap Crypto Fund under this new regime.
  • This is one of the first products to benefit from the new standard, representing a multi-crypto exposure (large caps).
  • SEC requested withdrawal of 19b-4 filings for SOL, XRP, ADA, LTC, and DOGE ETFs following the approval of the generic listing standards. Only S-1 filings are now required, paving the way for faster ETF launches as early as October 2025 despite government shutdown delays.
  • This development shows how the new framework is already simplifying the approval process for upcoming crypto ETFs.

New ETF Filings: September 17 – October 6, 2025

Issuer / Exchange Country ETF / Product Name Type Underlying Focus / Strategy Filing / Action Date
BlackRock U.S. iShares Bitcoin Premium Income ETF Spot + Options Income ETF Spot Bitcoin with covered-call strategy to generate yield Name registered (filing pending) Sep 25
Grayscale / NYSE Arca U.S. Grayscale Ethereum Trust ETF & Grayscale Ethereum Mini Trust ETF Spot ETFs Physically-backed Ethereum Rule change – shifted to generic listing standards Filed Sep 19 → Effective Sep 23 → FR notice Sep 26
Cboe U.S. Options on Cboe Bitcoin U.S. ETF Index (CBTX) & Mini-CBTX Derivatives (Options) Options on Bitcoin ETF-based Index Amendment No. 2 approved (accelerated) Order Sep 17 → FR Sep 22
Hashdex U.S. Nasdaq Crypto Index U.S. ETF (NCIQ) Broad Market ETF Tracks Nasdaq Crypto Index (multi-asset) Form 8-K disclosure – adopting new generic listing standards Sep 25
Canary Capital U.S. Canary Marinade Solana ETF (CMSE) Spot ETF Physically-backed Solana (via Marinade staking) Amendment No. 5 to Form S-1 Sep 26
Bitwise U.S. Bitwise Hyperliquid ETF Thematic / Strategy ETF Exposure to Hyperliquid ecosystem (likely DeFi infra) New ETF filing Sep 25
Crypto Finance (Deutsche Börse) + nxtAssets Europe nxtAssets BTC & ETH ETPs Spot ETPs Physically-backed Bitcoin & Ethereum Launched Proof-of-Reserve attestation integration Sep 24

On October 3, 2025, REX-Osprey filed a prospectus for 21 single-asset and staking ETFs, featuring tokens such as AAVE, ADA, AVAX, DOT, SEI, TRX, and UNI. Each fund aims to hold its underlying crypto asset while staking part of its holdings, with up to 40% allocated to non-U.S. ETPs across Europe and Canada.

Filed as Post-Effective Amendment No. 408 and signed in Richmond, Virginia, the registration marks the largest multi-asset crypto ETF filing to date under the SEC’s new generic listing standards, underscoring how quickly issuers are expanding beyond Bitcoin and Ethereum.

Spotlight Shifts and Ongoing ETF Filings Delays

In May, the SEC delayed multiple altcoin ETF applications, including those tied to Solana, XRP, Cardano, and Litecoin. It has extended their evaluation into October 2025. This move underscores the regulator’s continued caution even amid rising market optimism.

Comment about Cardano ETF | Source: @NickSeidel_AI
Comment about Cardano ETF | Source: @NickSeidel_AI

Here are other important updates you should know:

  • Bitcoin spot ETFs recorded approximately $800 million in net outflows during August.
  • In contrast, Ethereum ETFs attracted around $4 billion in institutional inflows, signaling a strong shift in investor sentiment. Institutional players allocated 77% of crypto inflows to Ethereum, with ETHA (BlackRock’s Ethereum ETF) bringing in $266 million in a single day.
  • The SEC is expected to finalize new generic listing rules, proposed by Nasdaq, NYSE Arca, and Cboe, by late September 2025. These standards could dramatically streamline the 19b‑4 filing process, enabling faster altcoin ETF rollouts (e.g., Dogecoin, Solana, XRP, and even meme tokens like Trump Coin).

On June 6, VanEck, 21Shares, and Canary Capital accused the SEC of favoritism, urging a return to a “first-to-file, first-to-approve” system.

In June and July, speculation intensified over Solana ETF approvals, after the SEC requested amended S-1 filings focusing on in-kind redemptions and staking.

The Bitwise Dogecoin (spot) ETF remains under active SEC proceedings, while Bitwise’s 10 Crypto Index ETF received initial approval and was then stayed pending full Commission review—keeping basket products on hold for now.

On June 11, 2025, the SEC opened formal proceedings to determine whether to approve or deny the proposal. This move does not signal a rejection but extends the decision-making process into the second half of 2025 or early 2026.

The SEC’s delays reflect asset custody, staking mechanics, fraud risks, and investor protection concerns. Bloomberg analyst James Seyffart said such delays are routine, with final decisions expected by October 2025 for many filings, including XRP ETFs from Grayscale, 21Shares, and others.

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.

SEC Timeline and Key Delays (as of August 31, 2025)

Solana (SOL) – VanEck, Bitwise, 21Shares, others

  • Amended S-1/19b-4 (with in-kind + staking language) submitted by July 31.
  • 19b-4 withdrawn; S-1 review ongoing, approval possible anytime in Oct 2025 under generic standards, but gov shutdown may delay SEC action.
  • Progress is constructive, but approvals still hinge on the 19b-4 path (or generic standards).

XRP (Ripple) – Grayscale, 21Shares, Franklin, CoinShares, others

  • Comment periods run mid-Sep → early Oct; formal proceedings continue.
  • Multiple spot XRP ETFs, including Canary Capital’s XRPC and Grayscale’s GXRP, began trading in November 2025 after the SEC allowed them to list under the new generic standards and S-1 regime, rather than through the original 19b-4 path.
  • ProShares’ leveraged XRP futures ETF, UXRP, holds about $57-58 million in net assets.

Dogecoin (DOGE) – Bitwise, 21Shares, Grayscale (as index), REX/Osprey, others

  • Bitwise DOGE comment closed on August 26, 2025; 19b-4 filing withdrawn, now under S-1 review with potential approval in October under the new standards.
  • Final deadlines across DOGE proposals cluster late ’25 → Jan ’26.

Cardano (ADA) – Grayscale trust → ETF

  • The formal October 26, 2025 decision date passed without an SEC ruling because of the shutdown, and Grayscale’s Cardano ETF now sits in a frozen S-1 review process as of late November 2025.
  • A potential first U.S. proof-of-stake platform ETF (outside ETH).

Polkadot (DOT) – Grayscale trust → ETF

  • Extended to Nov 8, 2025.

Hedera (HBAR) – Canary; Grayscale interest exists

  • Extended to Nov 8, 2025.

Sei (SEI) – 21Shares (spot), Canary (staked)

  • 21Shares filed Aug 28; Canary acknowledged Sept 8 (review starts).
  • Given novelty, final decisions likely 2026 unless generic standards accelerate.

Tron (TRX) – Canary Staked TRX

  • Filed May 22, 2025; timeline stretches into Q1 2026.

Aug 28 batch delays

  • Seven crypto ETF decisions pushed into October 2025+ to allow more comment and consideration.

Active Pipeline

  • 90+ active crypto ETF applications underscore intense demand and a strained review bandwidth.

Rise of Altcoin ETFs Beyond Bitcoin and Ethereum

After years of regulatory scrutiny, the SEC approved spot Bitcoin ETFs in January 2024, marking a significant milestone for the crypto market. 

Market Maturation

  • Leading altcoins, such as SOL, XRP, ADA, AVAX, DOGE, moved beyond “speculative” into scaled networks with meaningful liquidity and real-world use (DeFi, payments, NFTs, tokenized assets).

International Precedent

  • Canada (Apr 16, 2025) launched four Solana ETFs (3iQ, CI GAM, Purpose, Evolve), several with staking.
  • 3iQ’s SOLQ amassed C$90M in its first two trading days; CI GAM’s SOLX waived its 0.35% fee until mid-July to build AUM.
  • Europe and Asia have run diverse crypto ETPs since 2019, offering the SEC a rich set of comparables.

US Catching Up

  • By Sept 1, 2025, the SEC was reviewing 20+ different assets across filings, including Polkadot and Chainlink.
  • Issuers also moved on Tron (TRX) with staking, plus Sui (SUI), Sei (SEI), Injective (INJ), and NFT-infused products like PENGU.

Policy Leadership

  • With Paul Atkins as SEC Chair (from 2025) and initiatives like Project Crypto, the tone shifted to pragmatic innovation.
  • In-kind approval and standardized disclosures signal integration, not isolation.

Beyond Basics: Memes & NFTs

Net effect? The global playbook exists; the U.S. is now aligning processes and standards to let a broader set of assets into regulated wrappers.

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.

Solana (SOL)

  • High throughput, low fees, deep staking economy, top-10 market cap, and rapid ecosystem growth (DeFi, NFTs, apps).
  • Canadian ETFs proved demand; U.S. filings add in-kind + staking mechanics.
  • Likely among the first wave of U.S. altcoin spot approvals; earliest window Oct 10, 2025.

XRP (Ripple)

  • Long-standing payments use case; improved legal clarity post-2023 rulings.
  • UXRP futures ETF performance showcases leveraged demand, and by November 2025 multiple spot XRP ETFs,  including Canary Capital’s XRPC and Grayscale’s GXRP, have launched in the U.S. under the new framework.
  • Considerations: concentrated holdings (escrow) and lack of U.S. regulated spot futures linkage, yet surveillance frameworks are improving.

Cardano (ADA)

  • Proof-of-stake platform with academic ethos; Grayscale conversion bid puts ADA on the short list.
  • Oct 26, 2025 is the final deadline; approval would mark the first U.S. PoS platform ETF beyond ETH.

Avalanche (AVAX)

  • Subnet architecture, finance partnerships; VanEck filed a spot AVAX ETF in March.
  • Has CME futures (since 2024), helpful for surveillance arguments.

Dogecoin (DOGE)

  • Massive brand recognition and liquidity; CME futures expected.
  • Bitwise leads the spot DOGE push; Nov 12, 2025 deadline after Aug comment close.
  • Not likely first, but viable once generic standards arrive.

Litecoin (LTC)

  • “Digital silver” with long history and CME futures (since 2021).
  • Straightforward structure; demand may skew toward baskets vs. standalone.

Polkadot (DOT) & Chainlink (LINK)

  • DOT: Interoperability and parachains; Grayscale trust→ETF filing now Nov 8 final deadline.
  • LINK: Oracle backbone for DeFi; Grayscale GLNK filed Sept 8 (with staking potential).
  • Both have or are gaining regulated futures, strengthening listing cases.

Hedera (HBAR) & Tron (TRX)

  • HBAR: Enterprise governance, unique hashgraph tech; delayed to Nov 8.
  • TRX: Global stablecoin rails; Canary Staked TRX shot is ambitious, with Q1 2026 likely timing.

New L1s & DeFi names—SUI, SEI, INJ, APT, UNI, NEAR, CRO, plus BCH

  • Many appear in filings or watchlists; generic rules could unlock faster listings for assets with surveillance + futures history.

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

  • European ETP leader; partnered with ARK for BTC in the U.S.
  • Filed for Spot DOGE, Spot XRP, and moved early on SUI/SEI.
  • Strategy: first-to-file on new assets + deep operational experience.

VanEck

  • Longtime crypto ETF pioneer; filed Solana and Avalanche spot ETFs.
  • Strong TradFi brand + fee discipline; likely to compete hard on pricing once approvals begin.

Grayscale Investments

  • Dominant in pre-ETF crypto trusts; now converting to ETFs: ADA, XRP, LINK (new), with others possible.
  • Advantage, existing AUM can roll into ETFs on day one.

Bitwise

  • Data-driven crypto specialist; broad lineup: Bitwise 10 Crypto Index ETF (initially approved July 22 but stayed pending Commission review), DOGE, SOL, AVAX, MATIC, etc.
  • Positioned to lead basket products once allowed.

New Entrants—Canary, Trump Media, REX/Osprey

  • Canary: niche/innovative filings, Staked TRX, PENGU, $TRUMP, Staked SEI.
  • Trump media: “Blue Chip Crypto ETF” (BTC/ETH/SOL) from July, branding + basket concept.
  • REX/Osprey: SSK (Solana + staking) launched July 2 under ’40-Act interval structure; $150M AUM by Aug; additional XRP and memecoin filings in the queue.

Expect major traditional ETF players (e.g., Fidelity, Invesco) to broaden altcoin offerings once a durable framework is in place; by late 2025 most top issuers will have at least one crypto product live or pending.

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 / Ticker Asset(s) Mechanism Latest Milestone / Status
Aug 28, 2025 21Shares 21Shares SEI ETF Sei Network (SEI) Spot (staking potential) New filing; S-1 submitted; under SEC review
Aug 26, 2025 Canary Capital Canary TRUMP Coin ETF $TRUMP memecoin Spot New filing; S-1 submitted; awaiting SEC comments
Jul 8, 2025 Trump Media Trump “Blue Chip” Crypto ETF BTC, ETH, SOL Undisclosed New filing; multi-asset proposal under review
Jun 27, 2025 VanEck VanEck Solana Trust Solana (SOL) Spot Final deadline: Oct 10, 2025
Mar 14, 2025 VanEck VanEck Avalanche ETF Avalanche (AVAX) Spot Deadline extended; review ongoing, likely into late 2025
Feb 21, 2025 Franklin Franklin Solana ETF Solana (SOL) Undisclosed Under review
Feb 10, 2025 Grayscale Cardano Trust → ETF Cardano (ADA) Spot Final deadline now Oct 26, 2025
Jan 28, 2025 Bitwise Bitwise DOGE ETF Dogecoin (DOGE) Spot Formal proceedings; Aug 26 comment period closed; decision pushed into Q4 2025
Jan 24, 2025 CoinShares CoinShares XRP ETF XRP Undisclosed Comment deadline passed Aug 24; review continues into Q4
Jan 24, 2025 CoinShares CoinShares Litecoin ETF Litecoin (LTC) Undisclosed Under review
Jan 17, 2025 ProShares ProShares Solana ETF Solana (SOL) 1940 Act Final decision expected H2 2025
Jan 17, 2025 ProShares ProShares XRP ETF XRP 1940 Act Final decision expected H2 2025
Jan 17, 2025 ProShares ProShares Short Solana Solana (SOL) 1940 Act Final decision expected H2 2025
Jan 17, 2025 ProShares ProShares 2x Solana Solana (SOL) 1940 Act Final decision expected H2 2025
Jan 17, 2025 ProShares ProShares -2x XRP XRP 1940 Act Final decision expected H2 2025
Dec 27, 2024 Vol Shares Solana ETF (SOLZ) Solana (SOL) 1940 Act SEC delay; pending
Dec 27, 2024 Vol Shares 2x Solana ETF (SOLT) Solana (SOL) 1940 Act SEC delay; pending
Dec 21, 2024 REX & Osprey REX-OSPREY SOL ETF (SSK) Solana (SOL) Undisclosed Launched July 2; AUM ~$150M as of Aug 2025
Dec 21, 2024 REX & Osprey REX-OSPREY XRP ETF XRP Undisclosed Final decision expected Q4 2025
Dec 21, 2024 REX & Osprey REX-OSPREY ETH ETF Ethereum (ETH) Undisclosed Launched July 2; trading live

Source: Bloomberg 

Altcoin ETFs to Watch (2025–2026)

By late November 2025, the first U.S. altcoin ETFs have already come to market, including Solana, XRP, Litecoin and Hedera funds and 21Shares’ two FTSE Crypto 10 index ETFs, showing that the SEC’s new framework is now being used in practice

Whether you are tracking memecoins, staking-enabled products, or blue-chip blockchain networks, here’s a comprehensive list of altcoin ETFs to watch this cycle.

These products represent the next front in regulated crypto investing and the assets that could lead the next leg of adoption.

  1. Solana (SOL): VanEck, 21Shares, Franklin, REX-Osprey (SSK Solana + Staking ETF)
  2. XRP: Grayscale, Bitwise, CoinShares, ProShares, WisdomTree, Franklin, Canary Capital
  3. Dogecoin (DOGE): Grayscale, Bitwise, 21Shares, REX-Osprey, Canary Capital
  4. Cardano (ADA): Grayscale (conversion of Cardano Trust into spot ETF)
  5. Avalanche (AVAX): VanEck (spot ETF filing)
  6. Litecoin (LTC): CoinShares, Grayscale, Canary Capital
  7. Polkadot (DOT): On SEC review list; highlighted by analysts for likely approval
  8. Hedera (HBAR): Included in top ETF prospects; pending review
  9. Tron (TRX): Canary Capital (staked TRX ETF filing in May 2025)
  10. Injective (INJ): Canary Capital (ETF filing underway)
  11. Chainlink (LINK): Among 20 altcoins with pending ETF interest; issuers not yet disclosed
  12. Sui (SUI): Canary Capital (filed ETF)
  13. Sei (spot ETF): 21 Shares (filed an S-1)
  14. Aptos (APT): Bitwise (filed as part of diversified ETF)
  15. Uniswap (UNI): On watchlists; included in broader index products
  16. Bitcoin Cash (BCH): Part of ETF basket strategies; under consideration
  17. Near (NEAR): Under watch; potential filing expected
  18. Cronos (CRO): Included in multialtcoin ETF baskets; not yet filed individually
  19. Pudgy Penguins (PENGU): Canary Capital (NFT-themed ETF filing)
  20. TRUMP (memecoin): REX-Osprey (ETF filed in Jan 2025)
  21. BONK (memecoin): REX-Osprey (ETF filed alongside TRUMP token)

Not All Crypto ETFs Are Created Equal: Why Structure Matters for SEC Approval

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.

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.

  • Updated review window: The SEC now uses a shortened review clock for many crypto ETPs. New 19b-4 filings face an initial decision deadline of 75 days, with extensions possible out to March 27, 2026. This replaces the old “up to 240 days” standard.
  • 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 now extend far beyond Bitcoin and Ethereum. Solana, XRP, Dogecoin, Cardano, Avalanche, and now Sei (SEI) are leading the next wave, with memecoins like TRUMP also entering the mix.

While VanEck, 21Shares, Bitwise, and Grayscale continue to dominate the field, new entrants such as Canary Capital and Trump Media show how quickly the landscape is diversifying.

The SEC’s July approval of in-kind creations and redemptions, the launch of Project Crypto on July 31, and the pending adoption of generic listing standards expected in September could collectively reshape approval speed and structure, bringing altcoin ETFs closer to market than ever.

The question is no longer if altcoin ETFs will launch — it is which tokens clear the SEC’s new review framework first, and potentially during October 2025 as 19b-4 withdrawals enable S-1 approvals anytime, though government shutdown delays remain a factor.

This weekly tracker will continue to share key players, filings, and turning points so readers can stay ahead of what matters.

FAQs

How many crypto ETF applications will the SEC review in 2025?

As of April 2025, the SEC is reviewing 72 crypto-related ETF filings, encompassing assets like XRP, Litecoin, Solana, and even memecoins such as Dogecoin.

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.
Dr. Lorena Nessi

Dr. Lorena Nessi is an award-winning journalist and media technology expert with 15 years of experience in digital culture and communication. Based in Oxfordshire, UK, she combines academic insight with hands-on media practice.

She holds a PhD in Communication, Sociology, and Digital Cultures, and an MA in Globalization, Identity, and Technology.

Lorena has taught at Fairleigh Dickinson University, Nottingham Trent University, and the University of Oxford. She is a former producer for the BBC in London, with additional experience creating television content in Mexico and Japan.

Her research focuses on digital cultures, social media, technology, capitalism, and the societal impact of blockchain innovation.

She has written extensively on digital media and emerging technologies, with her work featured in both academic and media platforms. Her Web3 expertise explores how blockchain technologies shape culture, economics, and decentralized systems.

Outside of work, Lorena enjoys reading science fiction, playing strategic board games, traveling, and chasing adventures that get her heart racing. A perfect day ends with a relaxing spa and a good family meal.

Dr. Guneet Kaur

Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.

Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.

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