The cryptocurrency ETF landscape is heating up as institutional interest grows and regulatory clarity slowly takes shape. With spot Bitcoin and Ethereum ETFs already approved in the U.S., investors and asset managers are turning their attention to the next wave of digital assets seeking exchange-traded fund status. From Solana to XRP, Cardano to Dogecoin, multiple firms are vying for approval on new spot ETFs — each representing a potential milestone in the mainstream adoption of crypto.
This article dives into the latest developments of five high-profile cryptocurrency ETF applications, analyzing key players, regulatory timelines, market performance, and the feasibility of approval. Whether you're an investor tracking regulatory shifts or a crypto enthusiast curious about market evolution, this guide delivers timely insights into what’s coming next.
📊 Current Status of Major Cryptocurrency ETF Applications (as of February 2025)
As of early 2025, several major asset managers have submitted formal applications for spot ETFs tied to alternative cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) is reviewing these filings under its standard 45-to-90-day evaluation window after public comment periods. Below is a detailed breakdown of the most significant applications.
Cardano (ADA) Spot ETF
Applicant: Grayscale Investments
Filing Date: Second week of February 2025
Exchange: Cboe BZX
Grayscale made headlines by submitting the world’s first spot ADA ETF application — a move that sparked immediate market reaction. ADA price surged nearly 16% following the announcement, reflecting strong investor sentiment.
The application is currently under initial review by the SEC. If no extensions are granted, the commission must issue a preliminary response by March 25, 2025, with a final decision potentially delayed until May 10, 2025.
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XRP Spot ETF
Applicants: Bitwise Asset Management, Grayscale, 21Shares, WisdomTree, Canary Capital
Primary Filing Exchange: Cboe BZX (via Bitwise)
Multiple firms have entered the race for an XRP-based ETF, with Bitwise leading the charge after officially filing on February 18, 2025. This follows years of legal ambiguity around XRP’s classification as a security — a debate largely settled after Ripple Labs’ partial victory in its lawsuit against the SEC in late 2023.
With clearer regulatory footing, institutions now view XRP as a viable candidate for ETF inclusion. The SEC has until April 4, 2025, for an initial response (extendable to May 19, 2025) before rendering a final verdict.
Market analysts suggest that approval would validate XRP's status as a non-security digital asset and could unlock billions in institutional capital.
Solana (SOL) Spot ETF
Applicants: VanEck, Grayscale, Bitwise, 21Shares, Canary Capital
Status: Multiple S-1 filings submitted between late 2024 and early 2025
Solana has emerged as one of the strongest contenders for a spot ETF due to its robust ecosystem growth, high transaction throughput, and increasing adoption in decentralized finance (DeFi) and NFTs.
VanEck — known for its early advocacy of crypto ETFs — filed its proposal with Nasdaq, while Grayscale and others followed suit. For Grayscale’s application, the SEC’s preliminary response window opens around March 31, 2025, with a possible extension to mid-May.
SOL’s price has remained resilient despite broader market volatility, gaining over 40% in the past six months, signaling strong investor confidence ahead of potential ETF approval.
Litecoin (LTC) Spot ETF
Applicants: Grayscale, Canary Capital, Nasdaq (on behalf of unnamed issuer)
Filing Date: January 25, 2025 (Nasdaq)
Often referred to as "digital silver" to Bitcoin’s "gold," Litecoin continues to maintain relevance due to its fast settlement times and low fees. While not as dominant as it once was, LTC remains among the top 20 cryptocurrencies by market cap.
Nasdaq’s filing on behalf of an undisclosed issuer marked a renewed institutional interest in legacy altcoins. Grayscale and Canary Capital are also advancing parallel applications.
The SEC’s initial deadline for feedback is March 15, 2025, extendable to April 29, 2025. Approval would signal that even older-generation blockchains still hold value in regulated financial products.
Dogecoin (DOGE) Spot ETF
Applicants: NYSE Arca (representing unnamed issuer), Grayscale, Bitwise, 21Shares, WisdomTree
Status: Multiple draft registrations filed in Q4 2024 – Q1 2025
Despite its meme-driven origins, Dogecoin has attracted serious institutional attention thanks to its large community base and frequent mentions by high-profile figures like Elon Musk. DOGE processed over $30 billion in transaction volume in 2024 alone.
While skepticism remains about whether a meme coin qualifies for regulated investment products, the sheer trading volume and liquidity make it technically feasible for ETF structuring.
The SEC is expected to respond preliminarily by mid-March 2025, with final decisions possible by late April 2025.
🔍 Feasibility Analysis: What Determines ETF Approval?
Not every cryptocurrency ETF application will succeed. The SEC evaluates each based on several critical factors:
Regulatory Clarity
The primary hurdle for any crypto ETF is satisfying the SEC’s concerns about market manipulation, custody standards, and pricing transparency. After approving Bitcoin and Ethereum ETFs — both deemed commodities — the commission appears more open to other decentralized assets with established markets.
However, tokens previously classified as securities (like XRP during litigation) face higher scrutiny unless precedent clearly establishes their non-security status.
Market Maturity & Liquidity
Assets like Solana and Litecoin boast deep liquidity pools and mature derivatives markets — key requirements for ETF pricing stability. In contrast, less-traded altcoins may struggle to meet surveillance-sharing agreements with regulated exchanges.
Investor Demand
Strong retail and institutional demand increases approval odds. For example, Grayscale’s GBTC demonstrated sustained interest in Bitcoin exposure through traditional finance channels — a model other issuers hope to replicate.
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📈 Recent Price Performance (Past Month)
| Asset | 30-Day Price Change | Market Cap (Feb 2025) | Key Catalyst |
|---|---|---|---|
| ADA | +18% | $17.3B | Grayscale ETF filing |
| XRP | +14% | $31.8B | Ripple court win momentum |
| SOL | +9% | $78.5B | DeFi and NFT resurgence |
| LTC | +6% | $8.9B | Renewed institutional interest |
| DOGE | +11% | $14.2B | Social media buzz and trading volume |
Note: All data reflects market conditions as of February 19, 2025.
The positive price reactions across all five assets underscore how ETF speculation can drive short-term momentum — but long-term success depends on regulatory acceptance.
❓ Frequently Asked Questions (FAQ)
Q: Why are so many firms applying for the same crypto ETF?
A: Multiple applications increase pressure on the SEC to rule consistently. If one issuer gets rejected without clear justification, others can challenge the decision — accelerating regulatory clarity.
Q: Can the SEC reject all these applications?
A: Yes. The SEC has historically been cautious about crypto products due to fraud and volatility risks. However, post-Bitcoin ETF approvals suggest a shifting stance — especially for large-cap, liquid assets.
Q: Will a spot ETF boost the underlying crypto price long-term?
A: Historically yes — Bitcoin’s price rose significantly after spot ETF approval. Similar effects are expected for Solana or XRP if approved, due to increased institutional inflows.
Q: How does an ETF differ from buying crypto directly?
A: An ETF offers exposure without managing private keys or using exchanges. It’s accessible via traditional brokerage accounts, making it ideal for risk-averse or regulated investors.
Q: Are these ETFs backed by real crypto assets?
A: Spot ETFs are designed to hold actual cryptocurrency in secure custody solutions — unlike futures-based ETFs that track prices indirectly.
🔮 Final Outlook: Which One Will Be Approved First?
While all five applications are progressing steadily, Solana (SOL) and XRP appear to have the strongest combination of legal clarity, market depth, and institutional backing. VanEck’s proven track record with crypto filings gives SOL an edge, while XRP benefits from recent court rulings affirming its legitimacy.
Cardano and Litecoin face steeper challenges due to lower trading volumes relative to top-tier assets. Dogecoin remains a wildcard — popular with retail investors but viewed skeptically by regulators.
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Conclusion
The expansion of cryptocurrency ETFs beyond Bitcoin and Ethereum marks a pivotal phase in digital asset adoption. As Grayscale, Bitwise, VanEck, and others push forward with ADA, XRP, SOL, LTC, and DOGE applications, the industry inches closer to broader financial integration.
While no approval is guaranteed, the momentum is undeniable. Investors should monitor SEC deadlines throughout Q2 2025 — when decisions on these landmark filings could reshape the future of crypto investing.
Core Keywords: cryptocurrency ETF, spot ETF application, SEC approval process, Solana ETF, XRP ETF, Cardano ADA ETF, Litecoin LTC ETF, Dogecoin DOGE ETF