The Current Trend of Clone ETFs: A Detailed Overview of Cryptocurrency ETF Applications in 2025

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

Author: Coingecko

Translated by: Felix, PANews

With a more crypto-friendly U.S. government coming into power and the departure of SEC Chair Gary Gensler, asset management companies are now launching broader exchange-traded funds (ETFs), covering altcoins, meme coins, and even NFTs.

Key Points

• Spot BTC and ETH ETFs have attracted billions of institutional funds, legitimizing cryptocurrencies in TradFi.


• Asset management companies are actively applying for ETFs covering Solana, XRP, Litecoin, Cardano, etc.


• ETFs for meme coins such as DOGE, TRUMP, BONK, and PENGU have also been submitted.


• Bloomberg and Polymarket estimate that the approval chances for assets like SOL, XRP, and LTC range from 75% to 90%, while those for SUI, APT, and meme-based funds are very low.

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

Between 2024 and 2025, with the approval and rapid expansion of crypto ETFs, the dream of mainstream acceptance of cryptocurrencies took a significant step forward.

Investors can now directly invest in various digital assets through traditional brokerage accounts without going through complex crypto wallets or exchanges.

In the weeks following the launch of Bitcoin and Ethereum ETFs, institutional investors who had previously hesitated due to regulatory uncertainty poured billions of dollars into them. The impact was immediate. Bitcoin prices surged to new historical highs, and Ethereum ETFs were quickly approved. These ETFs provided traditional financial participants with a more convenient investment channel and deeper market liquidity. They also set a precedent for the regulatory approval of other crypto ETFs.

Now, with Gary Gensler stepping down as chairman of the U.S. Securities and Exchange Commission and a more crypto-friendly government in power, asset management companies are seizing the opportunity to apply for more altcoin ETFs, such as Solana and Ripple, as well as meme coins like Dogecoin (Dogecoin), BONK, and Trump Meme Coin.

This article provides an overview of the current state of the crypto ETF boom.

Bitcoin ETF Lays the Foundation for the Market

For a long time, Bitcoin has been the symbol of cryptocurrency. In 2024, with the approval of the first spot Bitcoin ETFs in the United States, Bitcoin officially entered the mainstream financial system. Although Bitcoin futures ETFs have existed since 2021, the launch of spot ETFs is a watershed moment because investors can directly hold actual Bitcoin assets instead of derivative contracts.

Within just a few days of listing, spot Bitcoin ETFs attracted billions of dollars in inflows. This influx greatly increased Bitcoin's liquidity and solidified its position as a legitimate asset class alongside traditional commodities like gold.

With multiple asset management companies launching competitive Bitcoin ETFs, the market became a battlefield for investors. While BlackRock's iShares Bitcoin Trust dominated the initial inflows, Fidelity, ARK Invest, and VanEck also gained significant participation.

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

Source: Blockworks Bitcoin ETF Tracker

Key differences between Bitcoin futures ETFs and spot Bitcoin ETFs:

• Bitcoin Futures ETFs (e.g., BITO): Hold Bitcoin futures contracts on the Chicago Mercantile Exchange, not actual Bitcoin. Due to contract rollover, tracking errors can occur.


• Spot Bitcoin ETFs (e.g., IBIT): Directly hold Bitcoin, accurately tracking the price of Bitcoin.

Ethereum ETF

After the success of Bitcoin ETFs, the next major milestone in the crypto ETF landscape was the launch of Ethereum ETFs. While Bitcoin is often seen as "digital gold," Ethereum is the cornerstone of the DeFi and smart contract ecosystem.

Initially, regulators were hesitant to approve Ethereum ETFs. With the U.S. SEC approving spot Bitcoin ETFs in early 2024, the path for Ethereum became clearer.

By May 2024, several Ethereum futures ETFs received regulatory approval, marking another turning point in the adoption of cryptocurrencies. Spot Ethereum ETFs were approved in July 2024. In the months before approval, Ethereum's price broke above $4,000, mirroring the surge seen earlier this year with Bitcoin.

As of 2025, Ethereum spot ETFs collectively hold a large amount of Ethereum, making it one of the largest institutional investment tools for this asset.

Source: Blockworks Ethereum ETF Tracker

As of this writing, nearly 3 million ETH are held by ETFs, indicating a new high in institutional participation in ETH.

Altcoin ETF Season is Coming

With spot Bitcoin and Ethereum ETFs now firmly established, asset management companies have turned their attention to a broader cryptocurrency ecosystem.

Encouraged by the U.S. SEC's increasingly open attitude towards cryptocurrencies and the continuous improvement of the regulatory framework, asset management companies have submitted a batch of altcoin ETF proposals. These proposals aim to attract investors to invest in popular tokens such as Litecoin, XRP, Solana, Dogecoin, and Cardano.

Although no altcoin ETF has been approved yet in the U.S., several are in active review stages, and regulatory attitudes are changing. Analysts and industry insiders believe that once the first one is approved, others will follow quickly. This is similar to the domino effect seen when Bitcoin and Ethereum were approved.

Solana (SOL) ETF

Solana has surged in popularity over the past year, becoming one of the most anticipated altcoin ETF candidates. With a strong DeFi ecosystem, Solana is seen as the strongest competitor to Ethereum 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 U.S. SEC's decision. Despite this, infrastructure is already in place—DTCC (Depository Trust & Clearing Corporation) has listed two Solana futures ETFs (SOLZ, SOLT), and the Chicago Mercantile Exchange is preparing to launch a SOL futures contract in 2025.

VanEck Solana Trust Fund

Submission Date: June 2024

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

21Shares Core Solana ETF

Submission Date: June 2024

Details: 21Shares followed VanEck's footsteps, submitting an S-1 filing to the U.S. SEC for a spot Solana ETF, which will be listed on the Cboe BZX exchange.

Bitwise Solana ETF

Submission Date: November 2024

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

Grayscale Solana ETF（Spot ETF Conversion）

Submission Date: January 2025

Details: Grayscale submitted an application to the U.S. SEC to convert its existing Solana Trust (GSOL), which had $134 million in assets under management, into a spot ETF, to be listed on the New York Stock Exchange Arca.

Canary Solana ETF

Submission Time: End of 2024 to early 2025

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

Franklin Templeton Solana ETF

Submission Time: March 2025

Details: Franklin Templeton, managing over $1.5 trillion in assets, has submitted an S-1 and 19b-4 form to the U.S. SEC, planning to launch a spot Solana ETF on the Chicago Options Exchange BZX, making it the sixth institution to apply for a U.S. spot SOL ETF.

According to Bloomberg Industry Research analysts, the likelihood of approval for a Solana ETF is 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 Coin）ETF

XRP faces a unique challenge: legal status. Although XRP achieved some legal victories in 2023, the U.S. SEC's final stance on whether XRP is a security remains unclear. However, the large number of related documents submitted at the beginning of 2025 suggests 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 submitted an S-1 registration statement to the U.S. SEC, which is the first formal U.S. XRP ETF proposal.

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 document for a spot XRP ETF to the U.S. SEC.

21Shares Core XRP ETF

Submission Date: November 2024

Details: Swiss-based cryptocurrency investment company 21Shares has submitted an S-1 registration document to the U.S. SEC, planning to launch a spot XRP ETF.

WisdomTree XRP ETF

Submission Date: December 2024

Details: Global asset management company WisdomTree has submitted an S-1 registration document to the U.S. SEC, planning 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 U.S. SEC to convert its existing XRP Trust (which had $16.1 million in assets under management as of January 2025) into a spot ETF, which will be listed on the New York Stock Exchange Arca.

CoinShares XRP ETF

Submission Date: January 2025

Details: European cryptocurrency investment company CoinShares has submitted an S-1 listing application to the U.S. SEC, planning to launch a spot XRP ETF, providing an investment opportunity without direct custody. The ETF will be issued in baskets of 5,000 shares and will be traded on NASDAQ.

Will the XRP ETF be approved? High possibility (analysts estimate a 90% chance of approval in 2025).

Potential Impact: With the opening of ETF channels, the visibility, liquidity, and price of LTC will be enhanced.

Cardano (ADA) ETFs

Cardano is one of the top ten cryptocurrencies by market capitalization, with a large and loyal community. It focuses on peer-reviewed development and environmental sustainability, making it attractive to ESG-focused investors. However, the lack of its futures market in the U.S. may delay the U.S. SEC's approval.

Grayscale Cardano Trust (ETF Conversion)

Submission Date: February 2025

Details: The New York Stock Exchange Arca representative of Grayscale Investments submitted a 19b-4 form to the U.S. SEC, planning to list and trade shares of the Grayscale Cardano Trust on the New York Stock Exchange Arca, with the stock code GADA.

Will the ADA ETF be approved? According to Polymarket data, the prospects for the Cardano ETF are optimistic, with a 65% approval probability.

Potential Impact: Increased staking participation, growth in validator numbers, and long-term price stability.

Avalanche (AVAX) ETF

Avalanche is another L1 blockchain competing with Ethereum. VanEck's trust setup indicates its intent, but due to the lack of a formal SEC application, this means it is still in the early stage.

VanEck Avalanche ETF

Submission Date: March 2024

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

Will the AVAX ETF be approved? James Seyffart, an ETF analyst at Bloomberg, said that although the possibility of a spot AVAX ETF is relatively low, it may significantly increase later this year.

Potential Impact: It 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 seize the next wave of altcoin growth.

Bitwise Aptos ETF

Submission Date: March 2025

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

Previously, Bitwise registered the "Bitwise Aptos ETF" trust entity in Delaware on February 25, 2025, which was an initial administrative step. The S-1 application submitted on March 5 confirmed the ETF proposal, with Coinbase Custody listed as the proposed custodian.

Will the APT ETF be approved? Low to medium possibility (more likely after SOL, XRP, and ADA are approved).

Potential Impact: If approved after other altcoin ETFs, its short-term impact may be limited, 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 currently submitted are largely speculative, indicating long-term confidence rather than imminent approval.

Canary Sui ETF

Submission Date: March 2025

Details: Canary Capital submitted an S-1 registration statement to the U.S. SEC. The application documents did not explicitly state the exchange or stock code for the ETF. Previously, Canary Capital registered a trust entity for the Sui ETF in Delaware on March 6, 2025, which was a preliminary step before submitting the S-1.

Will the SUI ETF be approved? Very low possibility (not expected to be approved before 2026).

Potential Impact: Soon after the news of the SUI ETF application, its price surged over 10%. If this enthusiasm continues, the potential impact on the SUI price could exceed previous historical 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 the MoveVM (originally developed by the Diem team at Facebook). Move focuses on faster and gas-saving smart contracts, positioning itself as the next generation of blockchain infrastructure layer.

The MOVE ETF follows the application strategy of previous L1 ETFs (such as Aptos and Sui), but focuses more on technology and developer communities.

Rex-Osprey MOVE ETF

Issuer: Rex Shares and Osprey Funds

Details: REX Shares and Osprey Funds jointly submitted an S-1 registration statement for the "REX-Osprey MOVE ETF" to the U.S. SEC on March 10, 2025. The ETF is waiting for the U.S. SEC to confirm its 19b-4 form to enter the formal review process.

Will the MOVE ETF be approved? MOVE is still a relatively new asset, lacking deep institutional liquidity or derivatives markets. Therefore, the approval chances are not very optimistic.

Potential Impact: If approved, MOVE could become a model for ETFs based on infrastructure tokens (such as Optimism, StarkNet).

Meme Coins ETF

Although meme coins are outliers in the cryptocurrency space, often seen as internet jokes with no intrinsic value (which is indeed true), their persistence and cultural relevance are undeniable.

Now, asset management companies are testing the boundaries of regulatory permissions, 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 as regulated financial products? If so, how will regulators distinguish between satire and securities?

Dogecoin (DOGE) ETF

Very few meme coins can transcend their "meme status" to become tokens that have an impact on the real world. Dogecoin is one of them.

Dogecoin's market capitalization has consistently ranked among the top cryptocurrencies, showing strong resilience through multiple market cycles. Its high liquidity, wide exchange support, and active user base make it an increasingly attractive asset for institutional products.

Rex Shares Osprey Dogecoin ETF

Submission Date: January 2025

Details: This is part of a series of applications for meme coins and other cryptocurrencies.

Grayscale Dogecoin Trust (ETF Conversion)

Submission Date: January 2025

Details: Grayscale Investments submitted an application to the U.S. SEC on January 31, 2025, to convert its existing private Dogecoin Trust into a spot ETF, and to list it on the New York Stock Exchange Arca according to Rule 8.201-E (commodity-based trust shares).

Bitwise Dogecoin ETF

Submission Date: Entity has been registered, complete application pending

Details: As a preliminary step, Bitwise Asset Management registered the "Bitwise Dogecoin ETF" trust entity in Delaware on January 23, 2025. Subsequently, they filed an S-1 registration statement with the U.S. SEC on January 28, 2025, to launch a spot Dogecoin (DOGE) ETF. On March 3, 2025, NYSE Arca submitted a 19b-4 form to the U.S. Securities and Exchange Commission to approve the listing of this ETF, advancing the approval process.

Will the Dogecoin ETF be approved? Eric Balchunas, an ETF analyst at Bloomberg, believes the probability of approval for the Dogecoin ETF is 75%.

Potential impact: Approval of the Dogecoin ETF could serve as a catalyst for meme coins gaining mainstream market recognition.

Trump Memecoin ETF

At the end of 2024, as political discussions collided with 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 time someone has seriously attempted to package a meme coin with clear political connotations 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 ETF experts like Eric Balchunas from Bloomberg have called the application "absurd." Most analysts believe that this is merely a test case or a publicity stunt, not a legitimate path to approval.

Potential impact: If this ETF is approved, it would pose a significant risk to the reputation of the U.S. SEC.

BONK ETF

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

Due to the significant attention BONK has received 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

Application date: January 21, 2025

Issuer: Rex Shares / Osprey

Assets: BONK – a dog-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 other memecoin ETFs such as PEPE and FWOG to enter 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 the early stages, with only the S-1 form submitted so far. The next step is for the exchange (such as Nasdaq or the Chicago Options Exchange) to submit a 19b-4 form and obtain approval from the U.S. SEC.

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

• 80% to 95% of the assets will be allocated to the native token PENGU of the Pudgy Penguins ecosystem.


• 5-15% will be allocated to Pudgy Penguins NFTs.


• The remaining allocation will be used for ETH and SOL to enhance liquidity.

If approved, it will become the first ETF in the United States to directly hold NFTs.

Importance:

• First to include NFTs in a regulated investment vehicle.


• Opens the door for other NFT series, such as Bored Apes and Azuki.


• Provides a new investment pathway for speculators and cultural investors.

Will the PENGU ETF be approved? The possibility is low to uncertain. The U.S. SEC has never approved an ETF holding non-fungible assets, and there are still questions about the valuation, storage, and liquidation methods for such NFTs.

Potential impact: Including NFTs in a regulated investment tool for the first time could significantly increase the visibility of PENGU and Pudgy Penguins, and drive up floor prices.

Conclusion

2024-2025 is a critical period for cryptocurrency ETFs.

Bitcoin and Ethereum funds have now become part of the financial sector, and a second wave of crypto assets is ready to await the decision of the U.S. SEC. This year and next, funds for Litecoin, XRP, Solana, Dogecoin, and other crypto assets may emerge, significantly expanding the influence of crypto assets in the traditional market.

Whether each pending ETF can be approved depends on the regulatory leniency and market maturity. If most ETFs are approved, by 2026, we may witness a more integrated relationship between the crypto industry and mainstream finance.