Crypto ETFs Watchlist: Key Filings, Players & Status Updates

Key Takeaways

• The SEC has received over 70 crypto ETF filings, with decisions expected throughout 2025 and possibly into 2026.
• The SEC has announced another round of delays and refined timelines on spot ETF applications.
• ETF approvals could boost token prices, increase liquidity, and attract institutional capital.
• Dogecoin ETF decision remains pending, with approval odds now estimated at 80%.

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, Litecoin and others beyond Bitcoin. 

As of May 2025, Bloomberg analysts now estimate an 80% probability of approval for a Dogecoin ETF, up from 75% earlier this year. Approval odds are even higher for Litecoin and Solana, both at 90%, while Cardano stands at 75% and XRP at 85%.

However, the SEC has delayed the process, as many expected. 

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.

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. 

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 over 70 ETF applications tied to various cryptocurrencies. 

Canary Capital filed a staked TRX (Tron) ETF on May 22, 2025, with no specific decision date yet.

At the same time, Paul Atkins’ market-friendly views and support for financial innovation have marked a shift in confidence for asset managers and crypto firms pushing for regulatory clarity. With Atkins in charge of the SEC, expectations have grown 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.

Source: Bloomberg

SEC Further Delays Altcoin ETF Decisions Amid Market and Custody Concerns

As of May 2025, the U.S. SEC has delayed decisions on several crypto ETF filings. The agency continues to be cautious while reviewing new products and market structures.

Some of the next deadlines are in July, but some proposals will have to wait longer:

• Solana ETFs, Bitwise, and 21 Shares: July 6, 2025. 
• XRP ETFs (Franklin Templeton): June 17, 2025.
• Dogecoin ETFs (e.g. 21 Shares, Grayscale): June 16, 2025.
• Cardano ETF (Grayscale): August 25, 2025.
• Bitwise’s XRP ETF: August 23, 2025.
• Coinshares XRP ETF: August 24, 2025.
• Others, such as Hedera and VanEck’s Solana Trust, expect the final decisions by August and October 2025.
• Ethereum staking amendments and Hybrid ETF proposals—including those tied to Bitcoin—: Still under SEC review, with decisions expected later in 2025. The SEC is still evaluating their concerns.

Like other altcoin ETFs (e.g., Avalanche), the SEC’s review of VanEck’s and Hedera ETFs is part of the broader 2025 timeline, driven by concerns over custody, market structure, and regulatory compliance.

The delays highlight the SEC’s concerns over asset custody, staking mechanics, and new market models. Heavy workloads and changes in regulatory strategy under new leadership have slowed the pace further.

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 part of the process.
• 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.

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