Since 2025, the U.S. Securities and Exchange Commission (SEC) has continuously received applications for various cryptocurrency ETFs , and the cryptocurrency market has set off a new wave of ETF applications. From Bitcoin , Ethereum , to Litecoin , Ripple (XRP), Dogecoin (DOGE), Solana and other cryptocurrency-related ETF applications have come in one after another, attracting widespread attention in the market.
In recent years, with the continuous development and maturity of the cryptocurrency market, investors' demand for cryptocurrency-related investment products has been growing. As a convenient investment tool, ETFs enable investors to participate in cryptocurrency investment in traditional financial markets, and therefore have been favored by many investors and financial institutions. Previously, the approval of Bitcoin and Ethereum spot ETFs laid the foundation for the application of other cryptocurrency ETFs and also stimulated the enthusiasm of more institutions to apply.
On January 15, the US SEC postponed the application resolution of Bitwise BITW to convert into an ETF to July. On January 16, VanEck submitted an application for an on-chain economy ETF to the US SEC. On January 23, Bitwise applied to the state of Delaware to register a Dogecoin -related ETF . On January 28, Cboe submitted a 19b-4 application seeking to allow the physical creation and redemption of ARK Bitcoin and Ethereum ETFs . On January 29, Cboe BZX again submitted a spot Solana ETF application on behalf of multiple ETF issuers, and Bitwise submitted the S-1 document for the Dogecoin ETF to the US SEC.
On February 1, the SEC postponed the approval of the rule change for the Grayscale Digital Large Cap Fund to be converted into a spot ETF . On February 7, the SEC advanced the XRP, Litecoin , and Solana ETF applications, solicited public comments on the proposal to convert the Grayscale Litecoin Trust into an ETF , and considered amending the BlackRock Spot Bitcoin ETF proposal to allow physical redemption. On February 8, the SEC postponed the resolution on BlackRock's Ethereum ETF options trading to April 9.
On February 11, the SEC accepted the physical redemption application of 21Shares Bitcoin and Ethereum spot ETFs . On February 12, the US SEC accepted the Solana spot ETF applications of 21Shares, Bitwise, Canary and VanEck, and opened a 21-day public comment period for the Canary Solana ETF . On February 13, Cboe BZX submitted an amendment application to the US SEC to allow 21Shares Ethereum ETF to be pledged.
On February 14, the SEC accepted Grayscale's application to convert its XRP Trust into an ETF . The SEC confirmed that it had received Grayscale's revision of its XRP ETF application and had confirmed that it had accepted the DOGE ETF application. On February 15, the New York Stock Exchange submitted a proposal to the SEC to allow Grayscale 's Ethereum ETF to be pledged. Osprey Funds applied to the SEC to convert the Osprey Bitcoin Trust into an ETF . The SEC accepted 21Shares' spot XRP ETF application.
On February 18, the US stock exchange MEMX applied to the SEC for approval to list the 21Shares XRP ETF . On February 19, the US SEC confirmed receipt of the spot Litecoin ETF application submitted by CoinShares, confirmed that the CoinShares spot XRP ETF application had been submitted, solicited public feedback on approving Grayscale and Bitwise Ethereum ETF option trading, and confirmed receipt of the Bitwise spot XRP ETF application.
On February 20, the U.S. SEC solicited public opinions on the WisdomTree XRP ETF proposal and once again confirmed that it had received the spot Litecoin ETF application submitted by CoinShares.
The emergence of numerous cryptocurrency ETF applications reflects the market's strong interest and confidence in cryptocurrency investment. However, there is still uncertainty as to whether these applications will be approved. The SEC will consider a variety of factors during the approval process, including market maturity, investor protection, price manipulation risks, etc. For example, in the XRP-related ETF application, the ongoing lawsuit between Ripple and the SEC may affect the approval result. For ETF applications such as Litecoin and Dogecoin , their approval results will also be affected by the market regulatory environment and the SEC's overall attitude towards the cryptocurrency market. In addition, as the number of applications increases, the SEC's approval speed and standards will also become the focus of market attention. The progress of this series of ETF applications will have a profound impact on the future development of the cryptocurrency market and the investment landscape.
