What encryption ETF applications may be approved in 2025?

Since the U.S. Securities and Exchange Commission (SEC) approved the Bitcoin Spot ETF on January 10, 2024, and trading began on January 11, 2024, various ETF applications have emerged, including both Mainstream Tokens and other Crypto Assets. This article summarizes which Crypto Assets ETFs have been applied for this year, the likelihood of approval, and the impact on the crypto market.

1. Which Crypto Assets ETFs have been applied for this year?

SOL, 99%

On June 28, REX Shares announced on platform X that the Solana staking ETF "REX-OspreySOL+StakingETF" is coming soon. It is reported that this ETF aims to track the performance of Solana while generating returns through on-chain staking. It is claimed to be the first staking crypto assets ETF in the United States. Additionally, Bloomberg's senior ETF analyst Eric Balchunas revealed on platform X that the SEC has stated there are no further comments, so it seems they are ready to launch.

Previously, multiple institutions submitted applications for SOL Spot ETFs from the end of 2024 to the beginning of 2025. Sosovalue analysts pointed out that the SEC accepted the 19b-4 form for the SOL Spot ETF submitted by Grayscale Solana Trust on February 12. If we refer to the extreme approval cases of Bitcoin Spot ETFs, the latest approval date will be set for October 10, 2025.

On June 26, investment management company Invesco Ltd and cryptocurrency-focused company Galaxy Digital LP also joined the competition for the Solana ETF. Subsidiaries of both companies submitted a registration statement to the SEC, applying for the "Invesco Galaxy Solana ETF." The statement said that if approved, the fund would trade on the Chicago Options Exchange (Cboe) BZX under the ticker symbol "QSOL." Invesco Capital Management LLC will act as the sponsor, and BNY Mellon will serve as the manager. Galaxy will be responsible for acquiring the tokens. The statement also noted that Coinbase Custody Trust Company, LLC would act as the custodian for SOL. Earlier this month, the SEC requested that Solana ETF issuers update their S-1 filings, indicating that approval may be forthcoming.

The probability predicted by the Polymarket platform for this year is 99%.

XRP, 85%

On April 30, ProShares Trust's 4 crypto futures XRP ETFs registered with the SEC in the United States became effective on January 17, 2025 (ProShares XRP ETF, ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF).

On April 26, the world's first Spot ETF linked to XRP was issued by Hashdex and managed by Genial Investimentos, starting trading on the Brazilian Stock Exchange B3 on April 25. The ETF code is XRPH11, which tracks the Nasdaq XRP Reference Price Index. According to Hashdex, the ETF will allocate at least 95% of its net assets to XRP.

On June 18, Purpose Investments Inc.'s Purpose XRP ETF began trading on the Toronto Stock Exchange, trading under the symbol XRPP. This ETF offers direct exposure to Spot XRP. It is also the first Spot XRP ETF in North America.

On June 18, the crypto asset management company 3iQ launched the 3iQ XRP ETF (XRPQ) on the Toronto Stock Exchange (TSX). The 3iQ XRP ETF has a management fee rate of 0% for the first six months, and users can invest through registered accounts in Canada. Listing on the TSX will allow qualified investors globally to participate in the investment, but they must comply with local regulations.

In addition, Grayscale, Bitwise, 21Shares, WisdomTree, and Canary Capital have also submitted applications for an XRP Spot ETF. Nate Geraci, CEO of ETFStore, an expert in U.S. ETFs, stated on social media that the XRP Spot ETF is about to launch. "With Ripple withdrawing its lawsuit against the SEC, it has cleared the way for the XRP Spot ETF... and also paved the way for BlackRock's participation."

The probability predicted by the Polymarket platform this year is 85%.

BNB, probability unknown

On April 2, VanEck registered the BNB ETF in Delaware. On May 5, Vaneck submitted the S-1 filing for the BNB ETF.

Bloomberg's senior ETF analyst Eric Balchunas pointed out: Many people criticize VanEck's BNB ETF application. However, just knowing some of Zhao Changpeng's statements will reveal that he is advising multiple governments on establishing cryptocurrency reserves, and he has also suggested including BNB in the reserves, which may be why Jan VanEck took notice and acted. Again, this is just a hypothetical idea, but the logic is very clear.

SUI, 60%

On May 27, 21Shares filed to list the 21Shares SUI ETF on the Nasdaq, which tracks the spot price of the Sui native token SUI. The ETF aims to calculate its net asset value daily based on the SUI USD reference price compiled by CF Benchmarks, without using leverage or derivatives, and only holding spot SUI, which is custodied by BitGo and Coinbase Custody. This trust product will allow institutions to invest in SUI through traditional brokerage accounts, providing investors with a more transparent and compliant access path.

On June 11, Nasdaq submitted an application to the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF, a spot trading fund based on the SUI token. The 19b-4 document has now been officially released to the SEC's public registration system, marking the formal start of the review process. If listed in the U.S., it will further broaden investors' adoptability of this innovative Layer 1 ecosystem known for its outstanding performance and practicality. 21Shares has already launched the Sui ETP on the Euronext exchanges in Paris and Amsterdam, and the fund inflow for this product has significantly increased this year.

Bloomberg ETF analyst James Seyffart predicts a 60% chance of approval this year.

SEI, probability unknown

On April 30, Canary Capital submitted an S-1 registration statement to the SEC, planning to manage what may become the first Spot SEI ETF in the United States, and the fund includes staking elements. The proposed fund aims to provide investors with direct exposure to the price of the Sei network's native crypto asset SEI, with assets being custodied by BitGo and Coinbase. The trust fund plans to stake a portion of its assets through one or more infrastructure providers, potentially providing additional returns for investors. Additionally, the fund will handle the creation and redemption of shares in cash, similar to the structure of existing Spot Bitcoin and Ethereum ETFs in the United States.

PENGU, 50%

On June 26, Cboe BZX Exchange submitted a 19b-4 application for the Canary PENGU ETF to the U.S. Securities and Exchange Commission (SEC).

Bloomberg ETF analyst James Seyffart predicts that the probability of the PENGU ETF being approved this year is 50%.

LTC, 82%

Grayscale and Canary Capital have submitted LTC ETF applications. The two institutions submitted the relevant 19b-4 filings on January 16 and January 24, 2025, respectively, and both have been accepted by the SEC.

On May 6, the U.S. Securities and Exchange Commission (SEC) delayed its decision on the Canary Spot Litecoin ETF.

The probability of the LTC ETF being approved this year, as predicted by the Polymarket platform, is 82%.

DOT, 90%

On March 18, Nasdaq submitted the 19b-4 form for the Polkadot ETF application on behalf of 21 Shares to the SEC.

On May 15, the SEC decided to delay the approval of the 21Shares Spot Polkadot ETF.

On June 24, the SEC postponed the review of the 21Shares Spot Polkadot ETF.

The SEC has extended the review period for the 21Shares Polkadot Trust ETF listing application to July 26, 2025.

Bloomberg ETF analyst James Seyffart predicts a 90% probability of the DOT ETF being approved this year.

AVAX, 90%

On March 15, VanEck submitted its S-1 filing for the Avalanche ETF to the SEC.

On March 28, Nasdaq submitted a Grayscale Avalanche ETF application to the SEC.

On April 23, the U.S. Securities and Exchange Commission (SEC) confirmed the Spot Avalanche ETF submitted by VanEck.

On June 13, the SEC delayed its decision on the Vaneck Spot Avalanche ETF.

Nate Geraci, the president of The ETF Store, stated on platform X that with Nasdaq submitting the 19b-4 form application for the Grayscale Avalanche ETF, the altcoin ETFs currently submitted to the SEC cover 11 types, including: XRP, SOL, DOGE, ADA, AVAX, SUI, HBAR, DOT, LTC, APT, and AXL.

Bloomberg ETF analyst James Seyffart predicts a 90% chance of the AVAX ETF being approved this year.

DOGE, 75%

On February 14, the SEC has confirmed the acceptance of the 19b-4 application submitted by Grayscale and the New York Stock Exchange to establish a DOGE ETF.

On March 12, the SEC announced the delay of the Grayscale Spot DOGE ETF decision.

On April 10th, 21Shares submitted an application to the SEC, planning to launch a Spot Dogecoin Exchange-Traded Fund.

On April 29, Nasdaq has submitted the 19b-4 form for the DOGE ETF application by 21Shares to the SEC.

On April 30, the SEC postponed its decision on Bitwise's Spot DOGE ETF application to June 15, 2025.

On June 26, Bitwise Asset Management submitted a revised S-1 filing for the DOGE ETF to the SEC, allowing for the first time the "physical" creation and redemption, aligning the operation of this ETF with that of the Spot Bitcoin and Ethereum ETFs already approved by the SEC.

The probability of the LTC ETF being approved this year, according to the Polymarket platform, is 75%.

ADA，90%

In February of this year, Grayscale submitted the world's first ADA Spot ETF application to the SEC.

On March 12, the SEC delayed the approval of Grayscale's Spot ADA ETF.

Bloomberg ETF analyst James Seyffart released a prediction that the probability of the ADA ETF being approved this year is 90%.

HBAR, 90%

On November 13, 2024, Canary submitted an application for the HBAR ETF.

On February 22, Canary submitted a revised S-1 filing for its HBAR ETF to the SEC.

On June 11, the U.S. Securities and Exchange Commission (SEC) postponed its decision on the Hedera ETF application submitted by Canary Capital.

Bloomberg ETF analyst James Seyffart predicts that the probability of HBAR ETF passing this year is 90%.

TRX ETF, probability unknown

In April 2025, Canary Capital Group officially submitted a Spot TRX ETF application to the SEC.

On May 24, Sun Yuchen revealed in an interview after the Trump cryptocurrency dinner that the application has been approved by the SEC, marking a significant breakthrough for TRON in the compliance process. The application was submitted by the Chicago Exchange and is currently in the approval process.

NEAR, probability unknown

On April 25, Bitwise has registered NEAR ETF in Delaware.

On May 6, Bitwise's registration statement indicated that the ETF would track the price movements of NEAR tokens through traditional brokers, with fees deducted. Bitwise designated Coinbase Custody as the custodian for the Bitwise NEAR ETF. The management fee, stock ticker, and listing exchange for the Bitwise NEAR ETF have not yet been determined.

TRUMP, probability unknown

On January 21, Rex has applied to launch the TRUMP ETF.

APT, probability unknown

On February 25, Bitwise filed documents for the Aptos ETF trust in Delaware, and on March 5, submitted the corresponding S-1 file to the SEC.

On June 26, Bitwise submitted the amended S-1 form for the Spot DOGE and Aptos ETF to the SEC.

AXL, probability unclear

On March 6, Canary Capital submitted the S-1 application for its AXL ETF.

2. Will the numerous cryptocurrency ETF applications bring about a "Shitcoin Season"?

Crypto Assets ETF applications often raise investors' expectations for their approval. Once the market believes that a certain Crypto Assets ETF may be approved, investors will tend to buy that particular Crypto Asset, thereby driving up the market trend.

Once the ETF is approved, it will attract more investors to participate, thereby boosting the trading volume of the entire crypto market and enhancing liquidity.

Currently, there are voices suggesting that the SEC's approval of some cryptocurrency ETFs will usher in the "Altcoin ETF Summer."

Bloomberg senior ETF analyst Eric Balchunas pointed out: "Get ready for a potential altcoin ETF summer, with Solana likely leading the charge."

Analyst Michaël van de Poppe stated that the altcoin market has actually not yet started: "The largest bull market in the history of crypto assets is about to arrive, as the market expansion after such a long bear market will surpass any previous cycle."