On April 21, 2025, Paul Atkins was officially sworn in as the 34th Chairman of the U.S. Securities and Exchange Commission (SEC), marking a pivotal moment for the cryptocurrency industry. A known pro-crypto advocate and nominee of former President Donald Trump, Atkins’ confirmation by the Senate on April 9, 2025, has sparked renewed optimism across digital asset markets. Within days of taking office, he inherited a growing backlog of 72 pending crypto-related exchange-traded fund (ETF) applications—a number that underscores the accelerating institutional interest in blockchain-based financial products.
According to Bloomberg analyst Eric Balchunas, this surge in applications reflects both market demand and a shifting regulatory landscape. With spot Bitcoin and Ethereum ETFs already approved and trading successfully, investment firms are now pushing boundaries by seeking ETFs for altcoins, meme coins, staking-based products, and even NFT-linked tokens.
This article explores the full scope of these applications, detailing which cryptocurrencies are involved, who’s backing them, and what types of ETF structures are being proposed—spot, in-kind, staking, or options-based.
Understanding the Crypto ETF Landscape in 2025
An exchange-traded fund (ETF) allows investors to gain exposure to an asset without directly owning it. In the context of cryptocurrencies, ETFs offer a regulated, accessible pathway for traditional investors to participate in digital asset markets through brokerage accounts.
While Bitcoin spot ETFs launched in early 2024 with strong adoption, the SEC’s historically cautious stance delayed similar approvals for other tokens. Now, under new leadership, there’s growing speculation that the regulatory environment may become more favorable.
The current wave of applications spans major Layer 1 blockchains, interoperability protocols, meme-driven tokens, and even politically themed digital assets. Below is a comprehensive list of tokens with active ETF filings, based on public disclosures and analyst reports.
Cryptocurrencies With Active ETF Applications
Aptos ($APT)
Aptos is a high-performance Layer 1 blockchain designed for scalability and security using the Move programming language. Its architecture supports fast finality and upgradeable smart contracts.
- ETF Issuer: Bitwise
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Avalanche ($AVAX)
Avalanche positions itself as a scalable, secure, and eco-friendly platform for decentralized applications and enterprise use cases. It uses a unique consensus mechanism and supports subnets for customized blockchains.
- ETF Issuers: Grayscale, VanEck
Axelar ($AXL)
Axelar enables cross-chain communication across disparate blockchain networks, allowing seamless transfer of messages and assets. It plays a critical role in the multichain ecosystem.
- ETF Issuer: Canary
Bitcoin ($BTC)
While spot Bitcoin ETFs are already live and trading volume remains strong, several new filings focus on in-kind ETFs, where redemptions occur via transfer of actual BTC or other securities instead of cash. These structures aim to improve market efficiency and reduce counterparty risk.
- Note: In-kind and institutional-focused variations under review.
BNB ($BNB)
BNB is the native token of Binance Chain and Binance Smart Chain (now part of BNB Chain), powering transactions, staking, and decentralized applications within one of the world’s largest crypto ecosystems.
- ETF Issuer: Tuttle Capital
Bonk ($BONK)
Bonk is a Solana-based meme coin that gained popularity through community-driven initiatives like airdrops and decentralized exchanges. It has since expanded into DeFi tools such as Bonk Swap and reward programs.
- ETF Issuers: Tuttle Capital, REX-Ospray
Cardano ($ADA)
Cardano is a proof-of-stake Layer 1 blockchain emphasizing peer-reviewed research, sustainability, and scalability. It aims to support complex smart contracts and global financial inclusion.
- ETF Issuers: Tuttle Capital, Grayscale
Chainlink ($LINK)
Chainlink operates the leading decentralized oracle network, bridging real-world data with blockchain smart contracts. Its reliability makes it foundational infrastructure for DeFi and insurance dApps.
- ETF Issuer: Tuttle Capital
Dogecoin ($DOGE)
Originally created as a satire, Dogecoin evolved into a widely recognized digital currency backed by a passionate community and high-profile supporters like Elon Musk.
- ETF Issuers: Bitwise, REX-Ospray, 21Shares, Grayscale
Ethereum ($ETH)
Spot Ethereum ETFs were approved in mid-2024 and have seen significant inflows. New applications now target staking ETFs, which would allow investors to earn staking rewards passively through regulated funds, as well as options-based and in-kind structures.
- Note: Staking and derivatives-focused proposals under evaluation.
Hedera ($HBAR)
Hedera uses the Hashgraph consensus algorithm—a directed acyclic graph (DAG) alternative to traditional blockchain—to deliver high throughput and low fees. It’s used by enterprises for payments, identity, and tokenization.
- ETF Issuers: Grayscale, Canary
Litecoin ($LTC)
Launched in 2011 as a “lighter” version of Bitcoin, Litecoin offers faster block generation and lower transaction costs. It remains one of the longest-running cryptocurrencies with widespread merchant acceptance.
- ETF Issuers: Canary, CoinShares, Tuttle Capital
Melania Meme ($MELANIA)
A meme coin inspired by former First Lady Melania Trump, this token gained traction during the 2024 election cycle. Though speculative in nature, its cultural relevance has attracted investor curiosity.
- ETF Issuer: Tuttle Capital
Official Trump ($TRUMP)
Another politically themed meme coin tied to Donald Trump’s public persona and campaign momentum. Despite controversy, it has maintained trading volume and social media visibility.
- ETF Issuers: Tuttle Capital, REX-Ospray
Polkadot ($DOT)
Polkadot enables interoperability between specialized blockchains (parachains) via a shared security model. It’s designed to facilitate scalable and heterogeneous multi-chain applications.
- ETF Issuer: Bitwise
Pudgy Penguins ($PENGU)
Tied to the popular Pudgy Penguins NFT collection on Ethereum, this token represents efforts to bring non-fungible assets into tradable financial instruments via tokenization.
- ETF Issuer: Canary
Solana ($SOL)
Solana is a high-speed Layer 1 blockchain using proof-of-history combined with delegated proof-of-stake. Known for fast transactions and low fees, it hosts a vibrant ecosystem of DeFi, NFTs, and Web3 apps.
- Additional Applications: Staking ETFs and short-selling vehicles also filed.
- ETF Issuers: Tuttle Capital, REX-Ospray, ProShares, Fidelity, 21Shares, VanEck, Grayscale, Canary, Bitwise, Franklin
👉 See how high-performance blockchains like Solana are driving innovation in ETF development.
Sui ($SUI)
Sui is a Move-based Layer 1 blockchain optimized for parallel transaction processing, enabling near-instant settlement at minimal cost. It targets gaming, social apps, and scalable DeFi.
- ETF Issuer: Canary
XRP ($XRP)
XRP powers Ripple’s payment network, facilitating fast cross-border transactions through a consensus protocol involving trusted validator nodes—many operated by financial institutions.
- Additional Applications: Short-selling ETFs proposed alongside spot versions.
- ETF Issuers: Tuttle Capital, Teucrium, REX-Ospray, ProShares, Franklin, CoinShares, WisdomTree, Canary, Bitwise, 21Shares, Grayscale
Frequently Asked Questions (FAQ)
Q: Why are so many ETF applications being reviewed at once?
A: The approval of Bitcoin and Ethereum ETFs created a blueprint for regulators and issuers alike. With clearer pathways established, firms are racing to expand product offerings to other major cryptocurrencies before potential policy shifts.
Q: What does “in-kind” mean in ETF terms?
A: In-kind redemption means that when an authorized participant redeems ETF shares, they receive the underlying asset (e.g., BTC or ETH) instead of cash. This reduces cash drag and improves tracking accuracy.
Q: Are meme coin ETFs risky?
A: Yes. Tokens like $DOGE, $BONK, $TRUMP, and $MELANIA are highly speculative due to their reliance on social sentiment rather than utility or fundamentals. Regulatory scrutiny will likely be intense.
Q: Will all 72 applications be approved?
A: Unlikely. The SEC typically evaluates each application based on market manipulation risks, custody solutions, liquidity, and investor protection. Only those meeting stringent criteria will move forward.
Q: What role does staking play in new ETF proposals?
A: Staking ETFs would allow investors to earn yield from validating transactions on proof-of-stake networks without managing keys or running nodes—offering convenience and compliance within regulated frameworks.
Q: How might Paul Atkins influence these decisions?
A: As a pro-innovation regulator with prior SEC experience and favorable views toward blockchain technology, Chairman Atkins may accelerate reviews and support balanced frameworks that encourage responsible innovation.
Final Thoughts: A New Era for Crypto Regulation?
The sheer volume of pending crypto ETF applications signals a maturing digital asset class. From foundational protocols like Ethereum and Solana to niche communities around meme coins and NFTs, institutional finance is increasingly embracing blockchain diversity.
With Paul Atkins at the helm, the SEC may adopt a more pragmatic approach—balancing investor protection with technological progress. Whether these 72 applications result in dozens of new ETFs or only a handful of strategic approvals will depend on market readiness and regulatory clarity in the months ahead.
👉 Stay ahead of the regulatory curve and track real-time crypto market developments here.
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