Trump designates cryptocurrency as part of strategic reserves, is the "American Coin" spot ETF entering an acceleration phase?

Author: Nianqing, ChainCatcher

On March 2, Trump made a statement regarding cryptocurrency reserves, indicating that his digital asset executive order directs the presidential task force to advance a crypto strategic reserve that includes XRP, SOL, and ADA, "ensuring that the U.S. becomes the world crypto center." Trump later added that BTC and ETH are also included in the reserves. Following the announcement, the five assets mentioned by Trump saw significant increases, providing a boost to the continuously declining crypto market.

Related Reading: “Trump 'saves the market', a look at this week's most关注的 'macro events' and 'U.S. coins'”

In addition to the already listed BTC and ETH spot ETFs, the approval and advancement of ETFs for "U.S. coins" like XRP, SOL, and ADA may also enter a period of acceleration.

At the beginning of this year, with the new government in power, the U.S. Securities and Exchange Commission announced the establishment of a new cryptocurrency task force led by Commissioner Hester Peirce, which insiders view as a gateway to updated regulations and more cryptocurrency fund approvals. This could accelerate the approval of a broader range of cryptocurrency ETFs, including SOL, XRP, LTC, DOT, and DOGE, thus continuously heating up the crypto ETF market.

Altcoins are about to see a new wave of applications and listings. Currently, multiple entities are applying for spot ETFs for assets such as SOL, XRP, LTC, DOT, ADA, TRUMP, DOGE, HBAR, BONK, and APTOS.

Latest Altcoin (excluding ETH) Spot ETF Application Dynamics and Key Timelines

Note: The "Next SEC Review Date" and "SEC Final Decision Date" in the above image are estimated based on the submission date of the 19b-4 and the 240-day review cycle. The SEC may approve, reject, or extend the review period ahead of time. It is recommended to closely monitor official SEC announcements for the latest developments.

1. Solana

The Solana ETF is the most anticipated and currently the fastest progressing after Bitcoin and Ethereum ETFs, having entered the application stage in the second half of last year. On February 6, the SEC officially acknowledged Grayscale's submitted Solana 19b-4 document, as previously, the SEC led by Gary Gensler had requested the Chicago Board Options Exchange to withdraw the Solana ETF 19b-4. Bloomberg analyst Eric Balchunas stated that this is the first time an ETF filing tracking tokens previously referred to as "securities" has been acknowledged by the SEC.

The SEC's confirmation of Grayscale's application was on February 6, while applications from several other companies were confirmed after February 11. From the date the federal register was published on February 18, the SEC has 45 days (until March 14) to provide a preliminary response. However, the industry generally expects the SEC to utilize the full 240-day review period, giving a final decision by October 16.

2. Ripple

Currently, multiple entities are applying for the XRP ETF, with Grayscale's application officially confirmed by the SEC on February 14, 2025, initiating a 240-day review period, with a decision deadline around mid-October 2025. The SEC had previously classified XRP as an unregistered security, and the case between Ripple and the SEC is currently in the appeals stage. However, with the new government in power, it is likely that the previous ruling, which stated that XRP is not an unregistered security, will continue. Nonetheless, this case will still affect the review progress of the XRP ETF.

3. Dogecoin

Grayscale's Dogecoin spot ETF application has been confirmed by the SEC, with a review period of 240 days from the date of publication in the federal register, with an expected decision date around October 2025. Currently, Grayscale's application is the fastest. Bitwise submitted an S-1 registration application on January 28, 2025, but has not yet submitted the 19b-4 document. REX Shares and Osprey Funds also submitted applications in January 2025, but are similarly in the early stages. Dogecoin's status as a meme coin may pose obstacles for institutional investors. Additionally, Bitwise recently registered a Doge ETF in Delaware in January but has not yet submitted relevant documents to the SEC.

4. Litecoin

On October 15, 2024, Canary Capital submitted the first S-1 registration application for a Litecoin spot ETF, followed by the submission of the 19b-4 document to Nasdaq on January 15, 2025. The SEC confirmed this application on January 29, 2025, with a review period of 240 days, and the expected deadline is October 2025. This will also be the fastest application for a Litecoin spot ETF.

5. Polkadot

Currently, mainly Grayscale and 21Shares have submitted applications for the Polkadot (DOT) spot ETF, with both Grayscale and 21Shares' applications confirmed by the SEC and entering the formal review stage. The review period is expected to end in October 2025, with 21Shares' application also within a similar timeframe.

6. Cardano

The SEC officially confirmed Grayscale's Cardano Trust application on February 24, 2025, initiating a 240-day review period, with an expected decision deadline in October 2025. This is also the first independent Cardano spot ETF application in the U.S.

7. TRUMP

Rex Shares & Osprey Funds submitted the first Trump spot ETF application to the SEC on January 21, which is still in a very early stage and has not yet submitted the 19b-4 document. Additionally, Trump Media & Technology Group (TMTG) plans to launch various ETF products under its new brand Truth.Fi. Although TMTG has applied for the relevant trademark, it has not yet submitted formal ETF application documents to the SEC.

8. HBAR

On November 12, 2024, Canary Capital submitted the first S-1 registration application for an HBAR spot ETF, and in February 2025, Nasdaq submitted the 19b-4 document on its behalf. The SEC confirmed this application on February 25, 2025, initiating a 240-day review period, with an expected decision deadline in October 2025.

9. BONK

On January 21, REX Shares and Osprey Funds jointly submitted an ETF application for meme coins including Bonk, but no relevant 19b-4 document has been submitted yet.

10. APTOS

On February 25, Bitwise registered an Aptos ETF entity in Delaware. This is typically a preliminary step before submitting the S-1 form to the SEC. Currently, there are no related ETF application dynamics found on the SEC's official website. Bitwise launched the Aptos Staking ETP on six major exchanges in Switzerland last November. 21Shares also launched the Aptos Staking ETP on the Euronext exchanges in Amsterdam and Paris last November.

Some New Application Entities

Recently, in addition to the familiar entities like Grayscale, Bitwise, and 21Shares, several new faces have emerged in the altcoin application space, including Rex Shares & Osprey Funds, Canary Capital, and Tuttle Capital.

Rex Shares & Osprey Funds

On January 21, 2025, Rex Shares and Osprey Funds jointly submitted multiple cryptocurrency ETF applications to the SEC, including funds targeting meme coins (such as TRUMP, DOGE, BONK) and mainstream cryptocurrencies (such as BTC, ETH, SOL, XRP).

Rex Shares is a U.S. exchange-traded product (ETP) provider established in 2015. The company focuses on designing innovative investment tools to provide investors with flexibility and control to address specific investment challenges. Rex Shares has launched leveraged ETFs related to Bitcoin, such as the T-REX 2X Long MSTR Daily Target ETF (MSTU), which aims to provide 2x leveraged exposure for MicroStrategy, which frequently purchases Bitcoin.

Osprey Funds was initially a digital asset subsidiary of Rex Shares, established in 2018, focusing on providing smart, secure, and low-cost digital asset investment solutions for investors. In March 2021, Osprey Funds spun off from Rex Shares to become an independent legal entity, with its flagship product, Osprey Bitcoin Trust (OBTC), surpassing $150 million in assets under management at that time. OBTC features a low management fee (0.49%) and aims to compete with Grayscale Bitcoin Trust (GBTC), trading on the over-the-counter market (OTCQX).

Canary Capital

Canary Capital is an investment firm focused on digital assets, founded in September 2024 and headquartered in the U.S. by former Valkyrie Funds co-founder Steven McClurg. The company is dedicated to providing innovative and secure cryptocurrency investment tools for institutional and accredited investors.

Canary Capital's crypto-related products and actions are as follows:

1. ETF Applications:

• On October 8, 2024, Canary Capital submitted its first S-1 application for a spot XRP ETF to the SEC, aiming to provide XRP exposure through traditional brokerage accounts. Subsequently, the SEC officially accepted this application in February 2025, entering the public comment phase.
• In the same month, the company also submitted an application for a Litecoin ETF (LTCC), which was accepted by the SEC in January 2025, becoming one of the first formally recognized altcoin ETFs.
• In February 2025, Canary Capital submitted the S-1 document for a Hedera (HBAR) ETF, and Nasdaq subsequently submitted the 19b-4 form to promote its listing process.

1. Single Asset Trusts:

• In October 2024, the company launched the first Hedera (HBAR) trust in the U.S., providing a direct investment channel for institutional investors.
• On February 20, 2025, it launched the Canary AXL Trust, targeting the native token AXL of the Axelar network, using Coinbase as the custodian, further expanding its investment layout in blockchain interoperability.

Tuttle Capital

Tuttle Capital is an investment management company based in the U.S. that focuses on launching thematic and leveraged investment tools to meet market demand for high-risk, high-return strategies. Recently, Tuttle Capital submitted applications for 10 leveraged cryptocurrency ETFs, covering mainstream cryptocurrencies (such as XRP, Solana, Litecoin, Cardano, Chainlink, Polkadot) and meme coins (such as TRUMP, MELANIA, BONK). This move has attracted market attention.

Previously, in January 2024, Tuttle Capital submitted applications for six leveraged and inverse Bitcoin ETFs to the SEC, including T-REX 1.5X, 1.75X, and 2X Long/Inverse Spot Bitcoin Daily Target ETFs. These funds aim to amplify the daily performance of Bitcoin spot ETFs through leverage, despite the fact that Bitcoin spot ETFs had not yet been approved at that time, indicating its forward-looking bet on the crypto market.