Traditional financial giants are rushing in—Which altcoin ETFs will be next to launch?
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Traditional financial giants are rushing in—Which altcoin ETFs will be next to launch?
Analysts speculate that Litecoin has the highest probability (90%) of launching an ETF by the end of this year, higher than Dogecoin (75%), Solana (70%), and XRP products (65%). However, the final outcome still depends on the confirmation of the new leadership and their policy direction.
Navigating Web3 tides with focused insightsSource: Decrypt
Original Author: Liz Napolitano
The approval of U.S. Bitcoin and Ethereum ETFs last year was just the beginning: major issuers are planning to launch a wider range of U.S. funds designed to directly track the prices of various cryptocurrencies, including Dogecoin, Solana, XRP, and even TRUMP coin.
Recently, traditional financial giant Franklin Templeton filed a proposal for an XRP spot ETF—an important signal in the crypto ETF space. While similar applications have previously been submitted by crypto-native firms such as Grayscale, Bitwise, and WisdomTree, Franklin Templeton’s entry marks the formal arrival of traditional financial institutions into this emerging field.
Franklin Templeton, an asset management giant overseeing approximately $1.5 trillion in assets, may not be as dominant as BlackRock, but its market influence is still significant. In contrast, BlackRock has yet to join the race for altcoin ETFs.
Roger Bayston, Head of Quantitative Investment Solutions at Franklin Templeton, said in December that the firm's ETF legal team would be extremely busy in the first half of 2025. Last month, the company launched a cryptocurrency index fund (currently limited to BTC and ETH holdings) and has already filed for a Solana ETF.
Below is a list of potential cryptocurrency ETF products that could be launched in the United States.
Solana ETF
A spot Solana exchange-traded fund (ETF) could be a potential successor to Bitcoin and Ethereum ETFs.
Proposed funds include the VanEck Solana Trust, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF—all aiming to directly track Solana’s price.
Franklin Templeton filed an S-1 registration statement in February, and the Chicago Board Options Exchange (CBOE) submitted a rule change application on behalf of Franklin Templeton in March.
In addition, some proposed Solana futures ETFs—such as ProShares Short Solana, ProShares 2x Solana, and Vol Shares’ Solana ETF—would allow investors to make more complex bets on Solana’s price movements.
However, Bloomberg analyst James Seyffart said spot and futures Solana ETFs may not begin trading in the U.S. until 2026, as the Securities and Exchange Commission (SEC) still needs to evaluate a batch of spot Solana ETF applications. The SEC acknowledged Grayscale’s Solana ETF filing on February 6 and is now soliciting public comments—a move analysts say places the agency in a “new territory.”
The SEC typically takes 240 to 260 days to make a decision, but litigation over whether Solana qualifies as a security could extend this timeline. Nevertheless, if a spot Solana ETF is approved, the amount of investment capital it could attract would likely be substantial. JPMorgan analysts estimate that a Solana ETF could bring in $4 billion to $8 billion in investments.
Dogecoin ETF
Several issuers have indicated plans to launch spot Dogecoin ETFs.
Rex Shares applied in January to launch the Rex-Osprey DOGE ETF, while Bitwise Asset Management registered a Dogecoin ETF entity in Delaware. Additionally, cryptocurrency investment firm Grayscale plans to launch a Dogecoin ETF and introduced a Dogecoin Trust Fund at the end of January, followed by an application to convert it into an ETF.
The SEC acknowledged Grayscale’s application in February but postponed its decision in March, extending the final deadline to May 21.
Bloomberg senior ETF analyst Eric Balchunas said in January that, in theory, a spot Dogecoin ETF could launch as early as April, depending on a rule allowing federal regulators to review product proposals within a fast-track 75-day window instead of the usual eight to nine-month review period.
XRP ETF
Funds related to Ripple’s XRP—including the Rex-Osprey XRP ETF, Canary XRP ETF, and 21Shares Core XRP Trust—are under review.
In early February, the Chicago Cboe Exchange applied to federal regulators to list and trade four spot XRP ETFs, signaling growing investor interest in funds tracking Ripple Labs’ digital asset. Franklin Templeton joined this effort in March.
The SEC acknowledged multiple XRP ETF applications at the end of February and stated it would submit comments within 21 days. If approved, JPMorgan analysts expect these funds could attract $3 billion to $6 billion in investments.
Additionally, XRP futures ETFs—such as ProShares Short XRP and ProShares 2x XRP—are also under consideration, enabling investors to short XRP or make leveraged bets on its future price movements.
BitcoinPlus ETF
Truth.Fi, part of Trump Media & Technology Group, has filed trademarks for two “BitcoinPlus” products: the Truth.Fi Bitcoin Plus ETF and the Truth.Fi Bitcoin Plus SMA. It remains unclear which assets these ETFs would hold.
Cryptocurrency Index ETF
In early February, Franklin Templeton filed an amended application to launch the “Franklin Crypto Index ETF.” This ETF would track Bitcoin and Ethereum with weights of 86.31% and 13.69%, respectively, and could potentially include other cryptocurrencies in the future.
Aptos ETF
Crypto asset manager Bitwise submitted an S-1 filing to the Securities and Exchange Commission in early March, planning to launch an ETF that tracks the price of Aptos (APT).
Sui ETF
Canary Capital filed a Delaware trust application in early March to launch an ETF based on Sui.
Movement ETF
Rex Shares and Osprey Funds filed applications in early March to launch an ETF tracking MOVE, the native token of Movement Network.
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
After Trump’s inauguration, a wave of Litecoin ETF applications were filed. CoinShares submitted two registration statements—one for the “CoinShares Litecoin ETF” and another for the “CoinShares XRP ETF.” The New York Stock Exchange also reported that Grayscale is attempting to convert its existing Litecoin Trust into an ETF.
These new filings came about two months after Canary Capital submitted its Litecoin ETF application and just days after Canary filed an amendment to its fund application.
Bloomberg analyst Eric Balchunas believes that, similar to the spot HBAR ETF, Canary Capital’s Litecoin ETF may receive approval earlier than ETFs based on Dogecoin, XRP, or Solana, as Litecoin’s regulatory status is less controversial compared to coins like Solana.
BONK, TRUMP ETF
Rex Shares filed applications with federal regulators in January to launch spot TRUMP and BONK coin ETFs.
Summary
Bloomberg Intelligence analyst Seyffart noted that the SEC is unlikely to make decisions on these applications before Paul Atkins, Trump’s nominee for SEC chair, is confirmed by Congress—and no confirmation hearing for Atkins has been scheduled yet. Moreover, the approval of spot Bitcoin and Ethereum ETFs took years, with the SEC previously citing the maturity of related futures markets as a key criterion. None of the current ETF applications meet this standard.
Despite this, analysts speculate that a Litecoin ETF has the highest chance (90%) of launching by the end of this year, surpassing Dogecoin (75%), Solana (70%), and XRP products (65%). However, the final outcome will ultimately depend on the confirmation of the new leadership and their policy direction.
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