Source: Decrypt

Original Author: Liz Napolitano

The approval of Bitcoin and Ethereum ETFs in the U.S. last year was just the beginning: major issuers are planning to launch more types of U.S. 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 a spot XRP ETF, which is undoubtedly an important signal in the cryptocurrency ETF space. Although similar applications have been submitted by cryptocurrency-native institutions like Grayscale, Bitwise, and WisdomTree, Franklin Templeton's entry marks the official foray of traditional financial giants into this emerging field.

Franklin Templeton is a massive asset management giant managing approximately $15 trillion in assets. While it may not be as influential as BlackRock, its entry into the market is still significant. In contrast, BlackRock has yet to join the competition for altcoin ETFs.

Roger Bayston, head of quantitative investment solutions at Franklin Templeton, stated last December that the ETF legal team would 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 cryptocurrency ETF products that may be launched in the U.S.

Solana ETF

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

Proposed funds include the VanEck Solana Trust, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, which will directly track the price of Solana.

Franklin Templeton submitted 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.

Additionally, 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 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 evaluate a batch of spot Solana ETF applications. The SEC acknowledged Grayscale's Solana ETF application on February 6 and is seeking public comments on the application, with one analyst stating that this marks the agency's entry into a "new territory."

The SEC typically takes 240 to 260 days to make a decision, but litigation regarding whether Solana is a security may extend this process. Nevertheless, if a spot Solana ETF is approved, the investment funds it attracts could be substantial. JPMorgan analysts predict that a Solana ETF could bring in $4 billion to $8 billion in investments.

Dogecoin ETF

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

Rex Shares applied to launch the Rex-Osprey DOGE ETF in January, while Bitwise Asset Management also registered a Dogecoin ETF entity in Delaware. Additionally, cryptocurrency investment firm Grayscale plans to launch a Dogecoin ETF and launched a Dogecoin trust fund at the end of January, subsequently submitting 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 decision 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 weigh investment product proposals in a fast track of 75 days, rather than the usual eight to nine months review period.

XRP ETF

Funds related to Ripple's XRP (such as 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 types of spot XRP ETFs, indicating growing investor interest in funds tracking Ripple Labs' crypto assets. Franklin Templeton also 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 the XRP ETF is 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, 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

Trump Media and Technology Group's Truth.Fi has applied to register trademarks for two "Bitcoin Plus" products, namely Truth.Fi Bitcoin Plus ETF and Truth.Fi Bitcoin Plus SMA. It is currently unclear which assets these ETFs will hold.

Cryptocurrency Index ETF

Franklin Templeton submitted a revised application in early February to launch the "Franklin Cryptocurrency Index ETF." This ETF will track the prices of Bitcoin and Ethereum, weighted at 86.31% and 13.69%, respectively, and may include other cryptocurrencies in the future.

Aptos ETF

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

Sui ETF

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

Movement ETF

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

HBAR ETF

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

Litecoin ETF

Following Trump's inauguration, a series of Litecoin ETF applications were submitted. CoinShares submitted 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 were submitted about two months after Canary Capital submitted its Litecoin ETF application and a few days after Canary submitted its fund application amendment.

Bloomberg analyst Eric Balchunas believes that, similar to the spot HBAR ETF, Canary Capital's Litecoin ETF may receive approval sooner than funds based on Dogecoin, XRP, and Solana, as Litecoin's regulatory status is less contentious than that of 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 the SEC is unlikely to make decisions on these applications before the confirmation of SEC Chairman Paul Atkins, nominated by Trump, and there is currently no scheduled confirmation hearing for Atkins. Additionally, the approval of spot Bitcoin and Ethereum ETFs has previously taken years, as the SEC has considered the maturity of the related asset futures markets as an important approval criterion, and the pending ETF applications do not meet this standard.

Nevertheless, analysts speculate that the likelihood of a Litecoin ETF launching by the end of this year is the highest (90%), followed by Dogecoin (75%), Solana (70%), and XRP products (65%), although the final outcome still depends on the confirmation of the new leadership and its policy direction.

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