The U.S. Crypto ETFs You Need To Know About In 2025

A crypto exchange-traded fund (ETF) is an investment vehicle that allows retail investors to gain exposure to the price movements of major cryptocurrencies, like Bitcoin and Ethereum, without directly owning the underlying asset. These products can track a single crypto asset or a basket of them, and are traded on a traditional stock exchange just like regular ETFs. 

One main advantage of crypto ETFs is that they provide investors with a simplified, regulated, and familiar way to invest in cryptocurrency. It offers benefits like liquidity, accessibility, and the ability to gain market exposure without requiring custody of the digital asset.

There are two main types of crypto ETFs:

• Spot ETFs: These funds directly hold the actual cryptocurrency it is tracking.
• Futures ETFs: These track the price of a cryptocurrency through futures contracts tied to it, and do not directly hold the asset. 

History of Crypto ETFs In The U.S

The first crypto ETF was launched in the U.S. in 2021, after the Securities and Exchange Commission (SEC) approved the ProShares Bitcoin Strategy ETF.

This was a futures product tracking Bitcoin futures contracts, and did not directly hold BTC. Nevertheless, this marked a significant milestone in crypto history, as it allowed US retail investors to get exposure to the flagship cryptocurrency through a regulated product. 

However, this wasn’t the first attempt at releasing such a product. In 2010, Tyler and Cameron Winklevoss, the billionaire twins who founded the Gemini crypto exchange, filed a proposal to release a Bitcoin investment product, only to be rejected by the SEC alongside several other similar applications.

At the time, regulators cited concerns about market manipulation and investor protection for dismissing the products. 

A breakthrough came in July 2023 after a court ruled that the SEC had unreasonably denied digital asset manager Grayscale from converting its Grayscale Bitcoin Trust (GBTC) into a spot ETF.

The court ruling was followed by the SEC approving eleven spot Bitcoin ETF applications in January 2024, marking a watershed moment for the crypto industry. 

The spot Bitcoin ETFs, released by Wall Street giants, including BlackRock, Fidelity, Franklin Templeton, and Grayscale, among others, were an instant success.

On their first day of trading, the funds witnessed inflows above $1 billion. They also became the fastest ETFs to have AUM (assets under management) of $50 billion, achieving the feat in less than a year since launch. 

The astounding success of spot Bitcoin ETFs turned the attention of issuers to the second-largest cryptocurrency by market capitalization – Ethereum. In late June, the SEC approved nine spot Ethereum ETFs, providing investors with exposure to ETH without having to directly hold the asset.

U.S. Spot Bitcoin ETFs

As of April 2025, there are eleven spot Bitcoin ETFs trading on Wall Street. Here is a breakdown of the leading funds and their BTC holdings at press time. 

ETF	TICKER	ISSUER	BITCOIN HOLDINGS	MARKET SHARE
BlackRock iShares Bitcoin Trust	IBIT	BlackRock	570,500 BTC	50.80%
Fidelity Wise Origin Bitcoin Trust	FBTC	Fidelity	197,700 BTC	17.61%
Grayscale Bitcoin Trust	GBTC	Grayscale	190,000 BTC	16.62%
Grayscale Bitcoin Mini Trust	BTC	Grayscale	47,600 BTC	4.24%
ARK 21Shares Bitcoin ETF	ARKB	ARK Invest & 21Shares	47,300 BTC	4.21%
Bitwise Bitcoin ETF	BITB	Bitwise Asset Management	37,600 BTC	3.35%
VanEck Bitcoin Trust	HODL	VanEck	13,700 BTC	1.22%
Valkyrie Bitcoin Fund	BRRR	Valkyrie	5,900 BTC	0.53%
Invesco Galaxy Bitcoin ETF	BTCO	Invesco & Galaxy Digital	5,300 BTC	0.47%
Franklin Bitcoin ETF	EZBC	Franklin Templeton	5,000 BTC	0.45%
WisdomTree Bitcoin Trust	BTCW	WisdomTree	2,300 BTC	0.20%

According to the latest estimates, the US spot Bitcoin ETFs collectively hold an estimated 1.108 million BTC, valued at $111 billion. This amount constitutes more than 5% of Bitcoin’s total circulating supply. 

U.S. Spot Ethereum ETFs

As of April 2025, there are nine spot Ethereum ETFs trading in the U.S., which hold substantial amounts of Ether in reserves. Here is a breakdown of the funds and their ETH holdings at press time:

ETF	TICKER	ISSUER	ETH HOLDINGS	MARKET SHARE
Grayscale Ethereum Trust	ETHE	Grayscale	1.22M ETH	42.11%
BlackRock iShares Ethereum Trust	ETHA	BlackRock	1.20M ETH	41.41%
Fidelity Ethereum Fund	FETH	Fidelity	419,000 ETH	14.49%
VanEck Ethereum ETF	ETHV	VanEck	47,600 ETH	1.64%
21Shares Core Ethereum ETF	CETH	21Shares	4,600 ETH	0.16%
Bitwise Ethereum ETF	ETHW	Bitwise	4,100 ETH	0.14%
Franklin Ethereum ETF	EZET	Franklin Templeton	1,000 ETH	0.03%
Invesco Galaxy Ethereum ETF	QETH	Invesco	800 ETH	0.03%

As per reports, the total AUM by spot Ethereum ETFs in the US is approximately $6.77 billion. 

Altcoin ETFs Next In Line In The U.S.

With the spot Bitcoin and Ethereum ETFs marking their place on Wall Street, asset managers are now focused on releasing investment products tied to other leading crypto assets.

Encouraged by the pro-crypto SEC leadership under the Trump administration, there is growing openness to the digital asset class, and asset managers have filed applications for a wave of ETFs backed by alternative cryptocurrencies, such as Litecoin (LTC), XRP, Solana (SOL), Cardano (ADA), and more. 

At press time, no altcoin ETFs have been approved in the US, but they are all being considered and reviewed by the regulatory watchdog. Industry experts believe it is only a matter of time before the SEC greenlights the first set of spot altcoin ETFs, and the rest will follow. 

Let’s take a look at the various altcoin ETFs currently awaiting the Commission’s approval. 

1. Solana ETFs 

Solana’s (SOL) popularity has surged over the past year, with the blockchain preferred by many over Ethereum for decentralized finance (DeFi) applications and services. It is viewed as the closest rival to Ethereum in the smart contract space. 

As of April 2025, there is no approved Solana ETF in the United States. The SEC has acknowledged filings from Grayscale for an investment fund tracking the price performance of SOL.

The regulator remains cautious as SOL is still considered an unregistered security, creating doubts about a potential approval at this time. 

However, the SEC has approved futures-based Solana ETFs by Volatility Shares, which offer exposure to the leading altcoin through futures derivatives rather than direct spot holdings.

These products include the Volatility Shares Solana ETF (SOLZ) and the leveraged Volatility Shares 2x Solana ETF (SOLT). 

There are six spot Solana ETF applications currently under SEC review in the U.S., and they are the following:

ETF	TICKER	ISSUER	STATUS	EXCHANGE
Grayscale Solana ETF	GSOL	Grayscale	Final decision to be expected around October 11, 2025
VanEck Solana ETF		VanEck	Application filed in June 2024, and refiled in January 2025	CBOE BZX
21Shares Solana ETF		21Shares	Application filed in June 2024, and refiled in January 2025	CBOE BZX
Bitwise Solana ETF		Bitwise Asset Management	Application filed in June 2024, and refiled in January 2025	CBOE BZX
Canary Capital Solana ETF		Canary Capital Asset Management	Application filed in October 2024, and refiled in January 2025	CBOE BZX
Franklin Templeton Solana ETF		Franklin Templeton	Application filed in March 2025	CBOE BZX

2. Ripple (XRP) ETFs

Compared to other crypto assets awaiting potential ETFs, XRP is a unique entry in this list, mainly due to its legal status.

Ripple Labs, the developer of the XRPL blockchain and XRP coin, has been entangled in a long-standing legal dispute with the SEC.

Despite Ripple gaining a partial victory in July 2023, the regulator decided to appeal the decision, with Ripple cross-appealing. 

However, in April 2025, the US Court of Appeals granted a joint motion to hold the SEC vs Ripple appeal in a 90-day abeyance, signalling a potential settlement.

The settlement reportedly involves Ripple paying a $50 million fine in return for the SEC agreeing to drop the injunction against institutional XRP sales.

This could boost the institutional adoption of XRP and pave the way for spot Ripple ETFs in the U.S. 

Due to its superior market liquidity and depth on regulated exchanges, analysts see XRP as the frontrunner for US spot ETF approval among altcoins.

XRP has also outperformed its main competitors, SOL and ADA, in liquidity since late 2024. The recent launch of a leveraged XRP ETF (XXRP) by Teucrium, which aims to deliver twice the daily returns of XRP, further supports the case for the SEC approving investment funds backed by the fourth-largest cryptocurrency. 

As of April 2025, there are seven spot XRP ETFs under review at the SEC, and they are the following:

ETF	TICKER	ISSUER	STATUS
Bitwise XRP ETF		Bitwise Asset Management	Application filed in October 2024 and acknowledged by the SEC in February 2025
Canary Capital XRP ETF		Canary Capital	Application filed in October 2024 and acknowledged by the SEC in February 2025
21Shares Core XRP ETF		21Shares	Application filed in November 2024, and acknowledged by the SEC in February 2025
WisdomTree XRP ETF		WisdomTree	Application filed in December 2024 and acknowledged by the SEC in January 2025
Grayscale XRP ETF		Grayscale	Application filed in January 2025 and acknowledged by the SEC in March 2025
CoinShares XRP ETF		CoinShares	Application filed in January 2025 and acknowledged by the SEC in March 2025
ProShares XRP ETF		ProShares	Application filed in January 2025 and acknowledged by the SEC in March 2025
Teucrium XRP ETF		Teucrium	Application filed in January 2025
MEMX XRP ETF		MEMX	Application filed in February 2025
Volatility Shares XRP ETF		Volatility Shares	Application filed in March 2025
Franklin Templeton XRP ETF		Franklin Templeton	Application filed in March 2025

3. Litecoin ETFs

Litecoin (LTC) is considered the “digital silver” to Bitcoin’s (BTC) “digital gold”. LTC is one of the oldest and most actively traded cryptocurrencies in the market. It was designed to offer faster transaction times and lower fees compared to Bitcoin. 

With over a decade of operational history, it was fitting for Litecoin’s inclusion in multiple ETF proposals following the approval of spot Bitcoin and Ethereum ETFs. However, as of April 2025, all spot LTC ETF applications are under review by the SEC. 

Here are the spot Litecoin ETF applications currently awaiting approval in the US:

ETF	TICKER	ISSUER	STATUS
Canary Capital Litecoin ETF	LTCC	Canary Capital	Application filed in October 2024
Grayscale Litecoin Trust ETF		Grayscale Investments	Application filed in January 2025
CoinShares Litecoin ETF		CoinShares	Application filed in January 2025

Litecoin ETFs have a higher probability of gaining approval from the SEC among other altcoins, as some applications are already in advanced stages. The ticker of Canary Capital’s Litecoin ETF (LTCC) is now listed on the Depository Trust and Clearing Corporation (DTCC) website.

This is a key development before the potential launch of the investment fund, as the DTCC is the primary clearing house for U.S. securities transactions. 

Bloomberg ETF analysts Eric Balchunas and James Seyffart have predicted a 90% chance that the SEC will approve a Litecoin spot ETF in 2025. This likelihood is higher than XRP (65%) and SOL (70%). 

Also Read: Tron Price Prediction 2025 – 2030: TRX Heading Up?

4. Cardano ETFs

Cardano (ADA) is among the top 10 cryptocurrencies by market capitalization. It has a large and loyal community, and the blockchain’s focus on peer-reviewed development and environmental sustainability makes it appealing to conscious retail and institutional investors. 

As of April 2025, the spot ADA ETF proposals are still under the SEC’s review. Here are the Cardano ETFs that you need to be aware of:

ETF	TICKER	ISSUER	STATUS	EXCHANGE
Grayscale Cardano Trust ETF	GADA	Grayscale Investments	Application filed in February 2025	NYSE Arca
Tuttle Leveraged ADA Crypto ETF		Tuttle Capital	Application filed in January 2025	NYSE Arca

5. Avalanche (AVAX) ETF

Avalanche (AVAX) is yet another Ethereum rival that has seen increased demand from investors to be launched in an ETF form. Issuers like VanEck and Grayscale are pursuing spot AVAX ETF applications. 

On April 8, 2025, Nasdaq submitted a 19b-4 application with the SEC seeking approval to list the VanEck Avalanche Trust ETF, a product that would hold AVAX tokens directly, providing investors with regulated exposure without self-custody.

In March, Grayscale filed a similar application with the SEC to convert its existing Avalanche Trust fund into a spot ETF. Both filings would be listed on the Nasdaq if approved. 

6. Aptos (APT) ETF

Bitwise filed an S-1 registration statement with the SEC on March 5, 2025, seeking to list the Bitwise Aptos APTUSD ETF. The product would track the price of APT, providing investors direct exposure to the native cryptocurrency of the Aptos blockchain without direct custody. 

Moreover, the asset manager has registered a Delaware trust entity named “BITWISE APTOS ETF” as an initial administrative step toward the ETF launch.

Coinbase Custody is set to be the official custodian for the spot Aptos ETF. The ticker symbol, proposed fees, and the stock exchange where it will be listed are yet to be specified. 

7. Sui (SUI) ETF

Canary Capital has filed an S-1 registration with the SEC to launch the Canary Sui ETF on the Cboe BZX exchange. The asset manager has also registered a trust entity for the product in Delaware. However, the filing did not specify the ticker symbol for the Canary SUI ETF. 

Institutional interest in the Sui network is on the rise, with major financial institutions like Grayscale, Franklin Templeton, VanEck, and Ant Financial all launching investment products or initiatives on the blockchain in recent months.

The ETF aims to track the performance of SUI, the native token of the Aptos blockchain, and provide regulated exposure to the asset that is gaining traction in DeFi applications.

A notable innovation in the proposed Canary SUI ETF is the potential to stake a portion of the fund’s SUI holdings through trusted staking providers. This could generate additional rewards for the ETF, adding value for investors. 

8. Move (MOVE) ETF

ETF issuers Rex Shares and Osprey Funds filed an S-1 registration with the SEC in March for the “REX-Osprey MOVE ETF”, an investment product aiming to track the price performance of MOVE, the native token of the Movement Network – an Ethereum Layer-2 protocol focused on providing faster, gas-efficient smart contracts on a next-gen blockchain infrastructure layer. 

However, doubts remain about the product’s approval because MOVE is still a relatively young crypto asset and lacks deep institutional liquidity or derivatives markets. If approved, it could serve as a template for ETFs based on infrastructure tokens. 

Memecoin ETFs

Memecoins were introduced to the crypto market purely for humor. These cryptocurrencies are often dismissed as internet jokes with no intrinsic value. However, these assets have grown to become some of the most recognizable cryptocurrencies, like Dogecoin (DOGE) and Shiba Inu (SHIB). 

Now, asset managers are beginning to explore the regulatory boundaries of the permissibility of ETFs backed by leading memecoins, including DOGE, TRUMP, and BONK.

But the question on everyone’s mind is, can a meme-based asset be offered in a regulated financial wrapper? If so, where do regulators draw the line separating satire and security?

1. Dogecoin (DOGE) ETFs

Grayscale, Bitwise, 21Shares, and REX-OSPREY have filed applications for spot DOGE ETFs in the United States. These proposals are for both spot and futures-based Dogecoin ETFs. 

In January 2025, digital asset manager Grayscale launched a Dogecoin Trust and filed to convert the fund into a spot ETF, similar to how it converted its Bitcoin Trust into an ETF in January 2024. The SEC acknowledged Grayscale’s 19b-4 filing in February, with a final decision expected by October 2025. 

Bitwise has also submitted an S-1 registration and a 19b-4 filing for a spot Dogecoin ETF, with Coinbase Custody appointed as the custodian for the fund’s DOGE holdings and Bank of New York Mellon overseeing its cash assets. NYSE Arca has filed to list the ETF, which will track the CF Dogecoin Dollar Settlement Price.

21Shares filed an S-1 registration statement in April 2025 and plans to submit the 19b-4 form to gain the SEC’s approval to launch a Dogecoin ETF. The issuer has formed a partnership with the House of Doge, the corporate arm of Dogecoin Foundation, which will provide marketing and operational support. 

Analysts estimate a 75% chance of the Dogecoin ETF gaining approval this year, with the launch expected to bring more liquidity and institutional interest to DOGE and pave the way for other meme coin ETFs. 

2. TRUMP ETF

Donald Trump launched his official meme coin, the TRUMP coin, in January, ahead of his inauguration as the 47th President of the United States. The Solana-based meme token exploded in popularity on the back of the President’s overwhelming support for the crypto industry. 

The same month, REX-Osprey proposed launching a spot TRUMP ETF to track the price performance of the TRUMP token, but its regulatory status remains unclear.

Also Read: Sandbox Price Prediction (SAND) 2025-2030: Future Trends and Analysis

3. BONK ETF

Rex-Osprey has submitted applications to launch an exchange-traded fund tracking the popular Solana-based BONK meme coin. The filing was made alongside the issuer’s DOGE and TRUMP ETFs. The product aims to provide investors with a regulated, easier access to the BONK token through traditional stock markets. 

This will be a significant development for the meme coin market because it could attract institutional interest to the highly volatile crypto asset class. A BONK ETF could improve the token’s liquidity, stabilize its price, and increase its adoption. As of April 2025, the filing is awaiting approval from the SEC. 

4. PENGU ETF

PENGU is a Solana-based coin designed by the developers of the Pudgy Penguins NFT collection. The token launched in late 2024 is aimed at improving liquidity and increasing utility for the Pudgy Penguins ecosystem. 

In March 2025, Canary Capital applied with the SEC to launch the Canary PENGU ETF. This product is rather unique because it would be the first exchange-traded fund to hold actual NFTs alongside their native token.

The fund is designed primarily to hold PENGU tokens, accounting for 80-95% of its assets, and the Pudgy Penguins NFTs, which make up 5-15% of the holdings. Additionally, the fund will hold ETH and SOL to facilitate transactions and liquidity within the fund.

However, the crypto community and analysts have expressed mixed feelings about the fund, with skepticism about the demand and viability of NFT-backed ETFs, while others see it as a step towards mainstream adoption and regulatory transparency for digital collectibles. 

Final Thoughts

The approval and rapid adoption of Bitcoin and Ethereum ETFs have fundamentally transformed the ETF landscape and the broader financial markets. These products have made it significantly easier for traditional and institutional investors to gain exposure to digital assets without facing the technical and custodial complexities that come with direct ownership. 

The launch of Bitcoin ETFs marked a pivotal moment for the crypto market, signalling its maturation and growing acceptance by the mainstream. Spot Bitcoin ETFs were among the most successful ETF launches in history, attracting billions in capital inflows within months and quickly amassing AUM rivaling established products like Gold ETFs. This was followed by the subsequent launch of spot Ethereum ETFs. 

With President Trump announcing a pro-crypto regulatory regime and the new SEC leadership open to considering cryptocurrencies as an investment product, financial firms are exploring opportunities in launching ETFs backed by altcoins and meme coins. Applications for ETFs tracking XRP, Solana, Litecoin, and Cardano are in their advanced stages, with analysts predicting a 60-90% chance for the products’ approval by the end of 2025. 

There are also proposals for ETFs backed by memecoins, such as DOGE, BONK, and TRUMP, and NFTs like the Pudgy Penguins. However, the possibility of these products launching in the market looks grim as regulators need to be convinced by their market performance and investment potential. 

Nevertheless, 2025 will be a pivotal year for the crypto market, as we can expect altcoins to make their Wall Street debut, further cementing the place of digital currencies in the traditional financial space.