The cryptocurrency industry notched two major victories last year when several fund issuers secured long-awaited approvals to offer spot Bitcoin exchange-traded funds and their Ethereum-based counterparts in the U.S. But that doesn’t mean issuers are ready to rest on their laurels just yet.
In recent months, fund managers have proposed new investment offerings directly tracking the prices of a variety of cryptocurrencies, from Dogecoin to XRP, Solana, and even Donald Trump’s meme coin.
Here are the various crypto-based ETFs that could soon be offered in the United States, and a look at the high-profile filings so far for each asset.
Solana
Spot Solana exchange-traded funds are one potential alternative to Bitcoin and Ethereum ETFs that could begin trading in the U.S. this year or next.
The proposed funds, which include the VanEck Solana Trust, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, would directly track the price of the fourth-largest cryptocurrency by market capitalization.
Meanwhile, a handful of proposed Solana futures ETFs such as the ProShares Short Solana, ProShares 2x Solana, and Vol Shares’ Solana ETF would enable investors to make more complex bets on Solana’s price movements.
However, both spot and futures Solana ETFs will likely not begin trading in the U.S. until 2026, according to Bloomberg analyst James Seyffert. That’s because the U.S. Securities and Exchange Commission still has to assess a batch of spot Solana ETF applications.
The SEC typically takes between 240 and 260 days to make decisions on applications. But ongoing litigation over whether Solana is or isn’t a security could prolong that process for several would-be Solana ETFs. The regulator acknowledged Grayscale’s Solana ETF application on February 6 and is seeking public comment on the filing, marking what one analyst called “new territory” for the agency.
Nevertheless, if and when spot Solana ETFs are approved, the investor dollars they attract could be massive. JP Morgan analysts predict Solana ETFs could collectively bring in between $4 and $8 billion in investments.
Dogecoin
A few issuers have signaled that they plan to offer spot Dogecoin ETFs following a wave of political events that slingshotted the Shiba Inu-inspired meme coin to a three-year-high price of $0.48 in December.
Exchange-traded fund provider Rex Shares applied in January to launch the Rex-Osprey DOGE ETF, the company’s filing with federal regulators shows.
Meanwhile, Bitwise Asset Management has registered a Dogecoin ETF entity in Delaware, a major step towards applying for permission to launch an exchange-traded fund based on Elon Musk’s beloved cryptocurrency. But Bitwise still needs to file a comprehensive application with the SEC before any potential fund could come to market.
Finally, crypto-focused investment firm Grayscale has also signaled its intention to launch a Dogecoin ETF.
The asset manager launched in late January a Dogecoin Trust, enabling institutional and accredited investors to allocate funds to the memecoin. Shortly thereafter, Grayscale filed a 19b-4 form to convert that Trust into an ETF, joining several of its competitors in planning to roll out such a fund.
Analysts are bullish that it won’t take long for Dogecoin ETFs to hit the market, however. Bloomberg senior ETF analyst Eric Balchunas said this week that a spot Dogecoin ETF could theoretically launch as early as April, thanks to a rule that enables federal regulators to weigh in on investment offering proposals within an expedited 75-day timeframe, rather than the typical review period of eight to nine months.
XRP
Funds created around the Ripple-linked XRP—such as the Rex-Osprey XRP ETF, Canary XRP ETF and 21Shares Core XRP Trust—are up for review in the U.S., with federal regulators due to weigh in on applications for the funds later this month.
It remains unclear whether the ETFs will be approved or not, but a rash of expected rule changes at the SEC point to a higher likelihood that regulators could soon green light the funds in the U.S.
If XRP ETFs are approved, then the funds could collectively bring in between $3 and $6 billion in investments, according to a recent estimate from J.P. Morgan analysts.
Beyond spot XRP ETFs, XRP futures-based exchange-traded funds such as the ProShares Short XRP and ProShares 2x XRP are also up for consideration in the U.S.
The former would allow investors to short XRP, while the latter would enable investors to make leveraged bets on the cryptocurrency’s future price movements.
In early February, Chicago’s Cboe Exchange applied with federal regulators to list and trade four spot XRP ETFs — a sign of growing investor interest in funds tracking Ripple Lab’s crypto asset. The spot XRP ETFs would be issued by WisdomTree, Bitwise, 21Shares, and Canary Capital, respectively.
Bitcoin Plus ETF
Trump Media and Technology Group’s Truth.Fi has applied to register a trademark for two “Bitcoin Plus” products, in addition to four other investment vehicles. The funds are called Truth.Fi Bitcoin Plus ETF and Truth.Fi Bitcoin Plus SMA.
It remains unclear which assets the Bitcoin Plus ETFs would hold, if approved. It’s possible the “plus” part of their names could refer to another cryptocurrency which the funds would track alongside Bitcoin. Truth.Fi did not respond to Decrypt’s request for comment and clarification.
Crypto Index ETF
In early February, asset manager Franklin Templeton filed an amended petition to offer its “Franklin Crypto Index ETF.”
If approved, the exchange-traded fund will track Bitcoin and Ethereum, weighting the assets 86.31% and 13.69%, respectively. It could also include additional cryptocurrencies in the future, Franklin Templeton said in its filing.
HBAR
Canary Capital filed for the first HBAR ETF last November. HBAR is the native cryptocurrency of the Hedera network.
In an X post in December, Bloomberg analyst Eric Balchunas expressed optimism about a spot HBAR ETF’s odds of receiving approval in the U.S., saying that such a fund could launch before its higher-profile Solana and XRP-based counterparts. Despite that, it remains unclear whether there is sufficient investor demand for such a fund, he said.
Litecoin
A rash of Litecoin-based ETF applications have been filed following President Donald Trump’s inauguration this week, as the chilly crypto regulatory environment shows signs of thawing.
CoinShares filed two registration statements for a “CoinShares Litecoin ETF” and “CoinShares XRP ETF,” while the New York Stock Exchange signaled that Greyscale is trying to convert its existing Litecoin Trust into an ETF.
The new filings come roughly two months after Canary Capital filed for its own Litecoin ETF, and days after Canary submitted an amendment to its application for the fund.
Litecoin is a peer-to-peer cryptocurrency created to improve verification time for blockchain transactions. Much like its spot HBAR ETF counterpart, Canary Capital’s Litecoin ETF is likely to get approved before Dogecoin, XRP, and Solana-based funds, according to Bloomberg analyst Eric Balchunas.
That’s because Litecoin’s regulatory status is less disputed than that of other altcoins such as Solana, which remain at the center of a legal battle between the SEC and major crypto industry players, according to Balchunas.
BONK, Trump, and beyond
Rex Shares filed with federal regulators in January to launch spot Trump and BONK-based ETFs, respectively.
The proposed funds form part of a growing list of meme coin-based investment products spun up by issuers, who are apparently eager to capitalize on investors’ growing interest in the digital assets market amid the latest crypto bull run.
Bloomberg analysts predict that TRUMP, BONK, and other meme coin-based ETFs could begin trading as soon as April—that is, if issuers’ proposals undergo and pass an expedited review process with federal regulators.
Edited by Andrew Hayward
Editor’s note: This story was first published on January 26, 2025 and last updated with new details on February 9.
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