Source: Decrypt

Original Author: Liz Napolitano

The approval of Bitcoin and Ethereum ETFs in the US last year was just the beginning: major issuers are planning to launch more types of US funds that directly track the prices of various Altcoins, including Doge, Solana, XRP, and even TRUMP coins.

Recently, traditional financial giant Franklin Templeton submitted a proposal for an XRP Spot ETF, which is undoubtedly an important signal in the field of Cryptocurrency ETFs. Although crypto-native institutions such as Grayscale, Bitwise, and WisdomTree have previously submitted similar applications, Franklin Templeton's entry marks the formal entry of traditional financial giants into this emerging field.

Franklin Templeton is an asset management giant with about $1.5 trillion in assets under management. Although not as influential as BlackRock, its entry still cannot be underestimated. In comparison, BlackRock has not yet joined the competition for Altcoin ETFs.

Roger Bayston, head of quantitative investment solutions at Franklin Templeton, said in December last year that the ETF legal team will be exceptionally busy in the first half of 2025. The company launched a Cryptocurrency Index Fund (currently only holding BTC and ETH) last month and has also applied for a Solana ETF.

Here is a list of potential Cryptocurrency ETF products that may be launched in the US.

Solana ETF

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

The proposed listings 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 filed an S-1 registration statement in February, and the Chicago Board Options Exchange (CBOE) filed 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) will allow investors to make more complex bets on the price movements of Solana.

However, Bloomberg analyst James Seyffart said that spot and futures Solana ETFs may not start trading in the US until 2026, as the 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, which an analyst said marks the agency's entry into a "new frontier".

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

Doge ETF

Some issuers have indicated plans to launch spot Doge ETFs.

Rex Shares applied in January to launch the Rex-Osprey DOGE ETF, while Bitwise Asset Management also registered a Doge ETF entity in Delaware. In addition, cryptocurrency investment firm Grayscale plans to launch a Doge ETF and launched a Doge trust fund at the end of January, followed by an application to convert it to an ETF.

The SEC acknowledged Grayscale's application in February but delayed the decision in March, extending the final decision deadline to May 21.

Bloomberg senior ETF analyst Eric Balchunas said in January that, in theory, a spot Doge ETF could launch as early as April, depending on a rule that allows federal regulators to weigh investment product proposals in a fast-tracked 75-day timeline, rather than the usual eight to nine months of review.

XRP ETF

Funds related to XRP associated with Ripple (such as 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, indicating growing investor interest in funds tracking the Ripple Labs cryptocurrency asset. Franklin Templeton also joined the fray in March.

The SEC acknowledged multiple XRP ETF applications in late February and said it would submit comments within 21 days. If XRP ETFs are approved, JPMorgan analysts estimate these funds could bring in $3 billion to $6 billion in investment.

In addition, XRP futures ETFs (such as ProShares Short XRP and ProShares 2x XRP) are also being considered, with the former allowing investors to Short XRP and the latter allowing them to make leveraged bets on the future price of XRP.

Bitcoin Plus ETF

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

Cryptocurrency Index ETF

Franklin Templeton submitted an amended application in early February to launch a "Franklin Cryptocurrency Index ETF". The ETF will track the prices of Bitcoin and Ethereum, with weightings of 86.31% and 13.69% respectively, and may include other cryptocurrencies in the future.

Aptos ETF

Cryptocurrency asset manager Bitwise filed an S-1 document with the SEC 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, planning to launch an ETF based on Sui.

Movement ETF

Rex Shares and Osprey Funds filed an application in early March to launch an ETF that tracks the native token MOVE of the 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 took office, a series of Litecoin ETF applications were submitted. CoinShares filed two registration statements for a "CoinShares Litecoin ETF" and a "CoinShares XRP ETF", and the New York Stock Exchange also indicated that Grayscale is trying to convert its existing Litecoin trust into an ETF.

The new applications were submitted a few days after Canary Capital submitted its Litecoin ETF application modification, and about two months after Canary submitted its fund application.

Bloomberg analyst Eric Balchunas believes that, similar to the spot HBAR ETF, Canary Capital's Litecoin ETF may be approved earlier than funds based on Doge, XRP, and Solana, as Litecoin's regulatory status is less controversial than some other coins.

BONK, TRUMP ETF

Rex Shares filed an application with 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 Paul Atkins, the SEC chair nominated by Trump, is confirmed by Congress, and a confirmation hearing for Atkins has not yet been scheduled. In addition, the approval of spot Bitcoin and Ethereum ETFs took years, and the SEC previously used the maturity of the related futures market as an important approval criterion, which the currently pending ETF applications have not yet met.

Nevertheless, analysts speculate that a Litecoin ETF has the highest chance (90%) of listing by the end of this year, higher than Doge (75%), Solana (70%), and XRP products (65%), although the final outcome still depends on the confirmation and policy direction of the new leadership.