Current Status of the Shanzhai ETF Craze: A Detailed Look at the 2025 Cryptocurrency ETF Applications

Original Title: "Every U.S. Crypto ETF You Need to Know About in 2025"

Author: Coingecko

Compiled by: Felix, PANews

With the rise of a more crypto-friendly U.S. government and the departure of SEC Chairman Gary Gensler, asset management firms are now launching a wider range of exchange-traded funds (ETFs) covering altcoins, meme coins, and even NFTs.

Key Points

• BTC and ETH spot ETFs have attracted billions of dollars in institutional inflows, legitimizing cryptocurrencies in TradFi.
• Asset management firms are actively applying for ETFs covering Solana, XRP, Litecoin, Cardano, and more.
• ETFs for meme coins like DOGE, TRUMP, BONK, and PENGU have also been submitted.
• Bloomberg and Polymarket estimate that the approval chances for assets like SOL, XRP, and LTC are between 75% and 90%, while the approval chances for SUI, APT, and meme-based funds are very low.

There are divisions in the crypto space. From liquidity to views on L1 supremacy, opinions vary widely. But if there is one thing that can unite all crypto enthusiasts, it is the hope that cryptocurrencies will be accepted by the mainstream.

Between 2024 and 2025, as cryptocurrency ETFs gain approval and rapidly expand, the dream of mainstream acceptance for cryptocurrencies takes a significant step forward.

For the first time, investors can directly invest in various digital assets through traditional brokerage accounts, without the need for complex crypto wallets or exchanges.

Institutional investors, previously hesitant due to regulatory uncertainty, poured billions into Bitcoin and Ethereum ETFs within weeks of their launch. The impact was immediate. Bitcoin prices soared to new all-time highs, and Ethereum ETFs were quickly approved. These ETFs provided traditional financial participants with a more convenient investment channel and deeper market liquidity. This also set a precedent for the regulatory approval of other cryptocurrency ETFs.

Now, with Gary Gensler stepping down as SEC Chairman and a more crypto-friendly government in power, asset management firms are seizing the opportunity to apply for more altcoin ETFs, such as Solana and Ripple, as well as meme coins like Dogecoin, BONK, and Trump Memecoin.

This article provides a comprehensive overview of the current state of the cryptocurrency ETF boom.

Bitcoin ETF Lays the Foundation for the Market

For a long time, Bitcoin has been the representative of cryptocurrencies, and in 2024, with the approval of the first spot Bitcoin ETFs in the U.S., Bitcoin officially enters the mainstream financial system. Although Bitcoin futures ETFs have existed since 2021, the launch of spot ETFs marks a watershed moment, as investors can directly hold actual Bitcoin assets rather than derivative contracts.

In just a few days of trading, spot Bitcoin ETFs attracted billions in inflows. This influx significantly increased Bitcoin's liquidity and solidified its status as a legitimate asset class alongside traditional commodities like gold.

As multiple asset management firms launched competitive Bitcoin ETFs, the market quickly became a battleground for investors. While BlackRock's iShares Bitcoin Trust dominated early inflows, firms like Fidelity, ARK Invest, and VanEck also garnered significant participation.

As of 2025, several large asset management firms have launched spot Bitcoin ETFs. Here are the main funds and their Bitcoin holdings.

Source: Blockworks Bitcoin ETF Tracker

Key differences between futures Bitcoin ETFs and spot Bitcoin ETFs:

• Futures Bitcoin ETFs (e.g., BITO): Hold Bitcoin futures contracts from the Chicago Mercantile Exchange rather than actual Bitcoin. Due to contract rollovers, tracking errors can occur.
• Spot Bitcoin ETFs (e.g., IBIT): Directly hold Bitcoin, allowing for precise tracking of Bitcoin's market price.

Ethereum ETF

Following the success of Bitcoin ETFs, the next major milestone in the cryptocurrency ETF space is the launch of Ethereum ETFs. While Bitcoin is often seen as "digital gold," Ethereum serves as the backbone of the DeFi and smart contract ecosystem.

Initially, regulators were hesitant to approve Ethereum ETFs. However, with the SEC's approval of spot Bitcoin ETFs in early 2024, the path for Ethereum became clearer.

By May 2024, several Ethereum futures ETFs received regulatory approval, marking another watershed moment for cryptocurrency adoption. The spot Ethereum ETF was approved in July 2024. In the months leading up to the approval, Ethereum's price broke the $4,000 mark, mirroring Bitcoin's earlier surge this year.

As of 2025, the spot Ethereum ETFs collectively hold a significant amount of Ether, making them one of the largest institutional investment vehicles for this asset.

Source: Blockworks Ethereum ETF Tracker

At the time of writing, nearly 3 million ETH are held by ETFs, marking a new high in institutional participation in ETH.

Altcoin ETF Season Approaches

With spot Bitcoin and Ethereum ETFs firmly established, asset management firms are now turning their attention to the broader cryptocurrency ecosystem.

Encouraged by the SEC's increasingly open stance on cryptocurrencies and the improving regulatory framework, asset management firms are applying for a batch of altcoin ETFs. These proposals aim to attract investors to popular tokens like Litecoin, XRP, Solana, Dogecoin, and Cardano.

Although the U.S. has not yet approved any altcoin ETFs, several are in active review, and the regulatory attitude is changing. Analysts and industry insiders believe that once the first one is approved, other altcoin ETFs will quickly follow suit, similar to the domino effect seen with Bitcoin and Ethereum approvals.

Solana (SOL) ETF

Solana has seen a surge in popularity over the past year, making it one of the most sought-after altcoin ETF candidates. With a robust DeFi ecosystem, Solana is viewed as Ethereum's strongest competitor in the smart contract space.

However, a key regulatory hurdle remains: whether Solana is considered a security. Ongoing litigation and classification debates may delay the SEC's decision. Nevertheless, the infrastructure is being laid—DTCC (the Depository Trust & Clearing Corporation) has already listed two Solana futures ETFs (SOLZ, SOLT), and the Chicago Mercantile Exchange is preparing to launch SOL futures contracts in 2025.

VanEck Solana Trust

Submission Date: June 2024

Details: VanEck has submitted an S-1 registration statement to the SEC to launch a Solana spot ETF aimed at directly tracking the price of SOL. This is the first application for a Solana spot ETF in the U.S.

21Shares Core Solana ETF

Submission Date: June 2024

Details: Following VanEck, 21Shares submitted an S-1 filing to the SEC for a Solana spot ETF, which will be listed on the Cboe BZX exchange.

Bitwise Solana ETF

Submission Date: November 2024

Details: Bitwise initially applied to establish a statutory trust for the Solana ETF in Delaware but later withdrew the application and resubmitted an S-1 filing to the SEC.

Grayscale Solana ETF (Spot ETF Conversion)

Submission Date: January 2025

Details: Grayscale has applied to the SEC to convert its existing Solana Trust (GSOL) into a spot ETF, to be listed on the NYSE Arca. This application is based on its $134 million assets under management trust.

Canary Solana ETF

Submission Date: Late 2024 to Early 2025

Details: Canary Capital has submitted an S-1 filing for a Solana spot ETF to the SEC. This comes amid growing interest in altcoin ETFs following Trump's election victory.

Franklin Templeton Solana ETF

Submission Date: March 2025

Details: Franklin Templeton, managing over $15 trillion in assets, has submitted S-1 and 19b-4 forms to the SEC to launch a spot Solana ETF on the Cboe BZX exchange, making it the sixth large institution to apply for a U.S. spot SOL ETF.

According to Bloomberg industry research analysts, the chances of the Solana ETF being approved are high (75%).

Potential Impact: Analysts expect that if the ETF is approved, it could bring in $3 billion to $6 billion in inflows.

XRP (Ripple) ETF

XRP faces a unique challenge: its legal status. Although Ripple achieved some legal victories in 2023, the SEC's final stance on whether XRP is a security remains unclear. However, the submission of a large number of related documents in early 2025 indicates optimism that legal clarity is imminent, or at least sufficient to approve exchange-traded funds (ETFs).

Bitwise XRP ETF

Submission Date: October 2024

Details: Bitwise Asset Management has submitted an S-1 registration statement to the SEC, marking the first formal XRP ETF proposal in the U.S.

Canary Capital XRP ETF

Submission Date: October 2024

Details: Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg, has submitted an S-1 registration statement for a spot XRP ETF to the SEC.

21Shares Core XRP ETF

Submission Date: November 2024

Details: Swiss cryptocurrency investment firm 21Shares has submitted an S-1 registration statement to the SEC to launch a spot XRP ETF.

WisdomTree XRP ETF

Submission Date: December 2024

Details: Global asset management firm WisdomTree has submitted an S-1 registration statement to the SEC to launch a spot XRP ETF, which will be listed on the Cboe BZX exchange.

Grayscale XRP ETF (Spot ETF Conversion)

Submission Date: January 2025

Details: Grayscale Investments has submitted an application to the SEC to convert its existing XRP Trust (with $16.1 million in assets under management as of January 2025) into a spot ETF, to be listed on the NYSE Arca.

CoinShares XRP ETF

Submission Date: January 2025

Details: European cryptocurrency investment firm CoinShares has submitted an S-1 listing application to the SEC to launch a spot XRP ETF.

ProShares XRP ETF

Submission Date: January 17, 2025

Details: ProShares has submitted an S-1 listing application to the SEC for a spot XRP ETF, along with three other XRP-related investment products (details undisclosed).

Teucrium XRP ETF

Submission Date: January 21, 2025

Details: Teucrium has submitted an S-1 listing application to the SEC for a spot XRP ETF.

MEMX XRP ETF

Submission Date: February 2025 (exact date undisclosed)

Details: U.S.-based exchange MEMX has submitted an application to the SEC to launch an XRP ETF under the commodity trust category.

Volatility Shares XRP ETF

Submission Date: March 10, 2025

Details: Volatility Shares has submitted an S-1 listing application to the SEC for a spot XRP ETF, aimed at directly tracking the price of XRP.

Franklin Templeton XRP ETF

Submission Date: March 11, 2025

Details: Franklin Templeton (managing over $15 trillion in assets) has submitted S-1 and 19b-4 forms to the SEC to launch a spot XRP ETF, with Coinbase Custody serving as the custodian.

Will the XRP ETF be approved? The likelihood is low (Bloomberg analysts predict a 65% approval chance). However, according to Polymarket data, the approval probability is higher at 81%.

Potential Impact: JPMorgan analysts estimate that if the XRP ETF is approved, it could attract $4 billion to $8 billion in ETF inflows, significantly boosting XRP's market cap and credibility.

Litecoin (LTC) ETF

If Bitcoin is "digital gold," then Litecoin is "digital silver."

Litecoin has long been one of the oldest and most actively traded cryptocurrencies in the market. Launched by Charlie Lee in 2011, Litecoin aims to provide faster transaction speeds and lower fees than Bitcoin, making it an ideal choice for everyday transactions.

Canary Capital Litecoin ETF

Submission Date: October 2024

Details: An S-1 registration statement has been submitted to the SEC, marking the first proposal for a spot Litecoin ETF in the U.S.

The Canary Litecoin ETF is currently viewed as the most likely altcoin ETF to be approved. LTC has a long history dating back to 2011 and meets several of the SEC's standards regarding liquidity, history, and market maturity.

Grayscale Litecoin Trust (ETF Conversion)

Submission Date: January 2025

Details: Grayscale Investments has submitted an application to the SEC to convert its existing Grayscale Litecoin Trust (LTCN), which manages $127.4 million in assets, into a spot ETF. The converted ETF will be listed on the NYSE Arca.

Grayscale's move to convert its existing Litecoin Trust into an ETF further strengthens market expectations that Litecoin will be one of the first altcoins to receive ETF approval.

CoinShares Litecoin ETF

Submission Date: January 2025

Details: European digital asset management firm CoinShares has submitted an S-1 listing application to the SEC for a spot Litecoin ETF, providing investment opportunities without direct custody. The ETF will be issued in basket units of 5,000 shares and traded on Nasdaq.

Will the Litecoin ETF be approved? The likelihood is high (analysts estimate a 90% chance of approval in 2025).

Potential Impact: With the opening of ETF channels, LTC's visibility, liquidity, and price are expected to rise.

Cardano (ADA) ETFs

Cardano is one of the top ten cryptocurrencies by market cap, boasting a large and loyal community. Its focus on peer-reviewed development and environmental sustainability makes it attractive to ESG-focused investors. However, the lack of a futures market in the U.S. may delay SEC approval.

Grayscale Cardano Trust (ETF Conversion)

Submission Date: February 2025

Details: NYSE Arca, representing Grayscale Investments, has submitted a 19b-4 form to the SEC to list and trade shares of the Grayscale Cardano Trust, with the stock ticker GADA.

Will the ADA ETF be approved? According to Polymarket data, the outlook for the Cardano ETF is positive, with a 65% approval probability.

Potential Impact: Increased staking participation, growth in the number of validators, and long-term price stability.

Avalanche (AVAX) ETF

Avalanche is another L1 blockchain competing with Ethereum. VanEck's trust setup indicates its intentions, but the lack of a formal SEC application means it remains in the early stages.

VanEck Avalanche ETF

Submission Date: March 2024

Details: Global investment management firm VanEck has submitted an S-1 registration statement to the SEC to launch a spot Avalanche ETF.

Will the AVAX ETF be approved? Bloomberg ETF analyst James Seyffart states that while the likelihood of a spot AVAX ETF is relatively low, it may significantly increase later this year.

Potential Impact: This will largely depend on the approval environment for Solana and Cardano.

Aptos (APT) ETF

Aptos is an L1 blockchain built by former Meta engineers. The ETF application submitted by Bitwise is seen as a bold move to capture the next wave of altcoin growth.

Bitwise Aptos ETF

Submission Date: March 2025

Details: Bitwise Asset Management has submitted an S-1 registration statement to the SEC.

Previously, Bitwise registered the "Bitwise Aptos ETF" trust entity in Delaware on February 25, 2025, as a preliminary administrative step. The S-1 application submitted on March 5 formally confirms the ETF proposal, with Coinbase Custody listed as the proposed custodian.

Will the APT ETF be approved? The likelihood is low to moderate (more likely after SOL, XRP, and ADA approvals).

Potential Impact: If approved after other altcoin ETFs, its short-term impact may be minimal, but it would be a symbolic victory for emerging blockchains.

Sui (SUI) ETF

Sui, like Aptos, is an emerging L1 blockchain with a developing ecosystem. The ETF applications submitted so far are largely speculative, indicating long-term confidence rather than imminent approval.

Canary Sui ETF

Submission Date: March 2025

Details: Canary Capital has submitted an S-1 registration statement to the SEC. The application does not specify the exchange or stock ticker for the ETF. Previously, Canary Capital registered a trust entity for the Sui ETF in Delaware on March 6, 2025, as a preliminary step before submitting the S-1.

Will the SUI ETF be approved? The likelihood is extremely low (approval is not expected before 2026).

Potential Impact: Shortly after the news of the SUI ETF application, its price surged over 10%. If this enthusiasm continues, the potential impact on SUI's price could exceed previous all-time highs.

Move (MOVE) ETF

The MOVE ETF aims to track the price of the native token MOVE of the Move Network. Move Network is an Ethereum L2 protocol built on MoveVM (originally developed by Facebook's Diem team). Move focuses on faster, gas-efficient smart contracts, positioning itself as the next generation of blockchain infrastructure layer.

The MOVE ETF adopts the application strategy of previous L1 ETFs (like Aptos and Sui) but places more emphasis on technology and developer communities.

Rex-Osprey MOVE ETF

Issuer: Rex Shares and Osprey Funds

Details: REX Shares and Osprey Funds partnered to submit an S-1 registration statement for the "REX-Osprey MOVE ETF" to the SEC on March 10, 2025. The ETF is awaiting confirmation of its 19b-4 form by the SEC to enter the formal review process.

Will the MOVE ETF be approved? MOVE remains a relatively new asset, lacking deep institutional liquidity or derivatives markets. Therefore, the likelihood of approval is not optimistic.

Potential Impact: If approved, MOVE could serve as a template for ETFs based on infrastructure tokens (like Optimism and StarkNet).

Meme Coin ETFs

Although meme coins are outliers in the cryptocurrency space, often viewed as internet jokes with no intrinsic value (a view that is indeed valid), their durability and cultural relevance are undeniable.

Today, asset management firms are beginning to test the boundaries of regulatory permission by submitting ETF proposals for some of the most well-known meme coins, including Dogecoin, TRUMP coin, and BONK coin.

Can meme-based assets be issued in the form of regulated financial products? If so, how will regulators define the line between satire and securities?

Dogecoin (DOGE) ETF

Few meme coins have transcended their "meme status" to become tokens that impact the real world. Dogecoin is one of them.

Dogecoin (DOGE) has consistently maintained a top market cap in the cryptocurrency space, demonstrating strong resilience through multiple market cycles. Its strong liquidity, broad exchange support, and high user activity make it an increasingly attractive asset for institutional products.

Rex Shares Osprey Dogecoin ETF

Submission Date: January 2025

Details: This is part of a wave of applications targeting meme coins and other cryptocurrencies.

Grayscale Dogecoin Trust (ETF Conversion)

Submission Date: January 2025

Details: Grayscale Investments submitted an application to the SEC on January 31, 2025, to convert its existing private Dogecoin trust into a spot ETF, to be listed on the NYSE Arca under Rule 8.201-E (based on commodity trust shares).

Bitwise Dogecoin ETF

Submission Date: Entity registered, full application pending

Details: As a preliminary measure, Bitwise Asset Management registered the "Bitwise Dogecoin ETF" trust entity in Delaware on January 23, 2025. They subsequently submitted an S-1 registration statement to the SEC on January 28, 2025, to launch a spot Dogecoin (DOGE) ETF. The NYSE Arca submitted a 19b-4 form to the SEC on March 3, 2025, to approve the ETF for trading, advancing the approval process.

Will the Dogecoin ETF be approved? Bloomberg ETF analyst Eric Balchunas believes the chances of approval for the Dogecoin ETF are 75%.

Potential Impact: Approval of the Dogecoin ETF could serve as a catalyst for meme coins to gain recognition in mainstream markets.

Trump Memecoin ETF

At the end of 2024, with the collision of political discourse and meme culture, the TRUMP token rapidly gained popularity.

Rex Shares Trump ETF

Submission Date: January 21, 2025

Among all ETF applications in 2025, this is undoubtedly the most controversial, as it is the first serious attempt to package a meme coin with a clear political imprint into an ETF.

Its ETF proposal promises to invest 80% or more of its assets in the token or related derivatives.

Will the Trump ETF be approved? Due to the political nature of the underlying asset (the Trump Memecoin), this ETF is likely to be rejected. Even Bloomberg's Eric Balchunas and other ETF experts have called the application "absurd." Most analysts believe this is merely a test case or publicity stunt rather than a legitimate path to approval.

Potential Impact: If this ETF is approved, it would pose a significant reputational risk to the SEC.

BONK ETF

The application for the BONK ETF was submitted simultaneously with the TRUMP ETF application as part of Rex Shares' strategy to expand its meme coin business.

Given BONK's significant attention on Solana and its strong retail participation, it has the potential to become a candidate for a more "serious" meme coin ETF.

Rex Shares BONK ETF

Submission Date: January 21, 2025

Issuer: Rex Shares / Osprey

Asset: BONK -- a Shiba Inu-themed meme coin on Solana

Will the BONK ETF be approved? The likelihood of approval for the BONK ETF in the short to medium term is very low.

Potential Impact: If the BONK ETF is approved, it could trigger a series of issues leading to the entry of other meme coin ETFs (such as PEPE and FWOG) into the market.

PENGU ETF

PENGU is the official token of the Pudgy Penguins NFT series.

Canary Capital PENGU ETF

Submission Date: March 2025

Details: The application for the Canary PENGU ETF is still in its early stages, with only the S-1 form submitted so far. The next step is for the exchange (such as Nasdaq or Cboe) to submit a 19b-4 form and gain SEC approval.

Unlike other cryptocurrency ETFs focused on NFTs, this fund plans to hold both cryptocurrencies and NFTs simultaneously. Specifically, its asset allocation will be:

• 80% to 95% of assets allocated to the native token PENGU of the Pudgy Penguins ecosystem.
• 5-15% allocated to Pudgy Penguins NFTs.
• The remaining allocation will be used for ETH and SOL to enhance liquidity.

If approved, it would become the first ETF in the U.S. to directly hold NFTs.

Significance:

• The first time NFTs are included in a regulated investment vehicle.
• Opens the door for other NFT series (such as Bored Apes and Azuki).
• Provides a new investment avenue for speculators and cultural investors.

Will the PENGU ETF be approved? The likelihood is low to uncertain. The SEC has never approved an ETF that holds non-fungible assets, and there are still questions about the valuation, storage, and settlement of such NFTs.

Potential Impact: The first inclusion of NFTs in a regulated investment vehicle could significantly raise the profile of PENGU and Pudgy Penguins, driving up the floor price.

Conclusion

2024-2025 is a critical period for cryptocurrency ETFs.

Bitcoin and Ethereum funds have now become part of the financial landscape, while a second wave of crypto assets is poised for the SEC's decision. Funds for cryptocurrencies like Litecoin, XRP, Solana, and Dogecoin may emerge this year and next, significantly expanding the influence of crypto assets in traditional markets.

Whether each pending ETF receives approval depends on the degree of regulatory leniency and market maturity. If most ETFs are approved, we can expect to witness a closer integration of the crypto industry with mainstream finance by 2026.