The cryptocurrency exchange-traded fund (ETF) landscape is undergoing a pivotal transformation as regulatory scrutiny intensifies and institutional interest surges. With the U.S. Securities and Exchange Commission (SEC) showing signs of a more open stance, spot ETF applications for Solana (SOL), Litecoin (LTC), and XRP are gaining momentum. This article explores the latest developments, regulatory timelines, and key players shaping the future of crypto ETFs in 2025.
Solana (SOL) Spot ETF: Five Firms in the Race, Grayscale Application Accepted
A total of five financial institutions have formally submitted applications for a spot Solana ETF: Grayscale, Bitwise Capital, VanEck, 21Shares, and Hashdex. While all aim to bring SOL-based ETFs to market, Grayscale’s approach stands out—it seeks to convert its existing Solana Trust into a regulated ETF, mirroring its earlier strategy with Bitcoin.
Although initial filings were rejected by the SEC in previous years, a significant shift occurred in January 2025 when Cboe BZX Exchange resubmitted 19b-4 applications on behalf of Bitwise and VanEck. This marks a renewed push amid growing institutional confidence.
👉 Discover how regulatory shifts could unlock new crypto investment opportunities in 2025.
The most notable development? The SEC officially accepted Grayscale’s 19b-4 filing for its Solana ETF. This is a landmark moment—not because approval has been granted, but because it signals a potential policy pivot. For context, just six weeks prior, the same SEC under former Chair Gary Gensler had demanded that Cboe withdraw its Solana-related filings, arguing that SOL could qualify as a security.
Bloomberg ETF analyst James Seyffart highlighted the significance: “This may be a positive signal for any entity currently in litigation with the SEC—especially those involving assets previously labeled as securities.” The acceptance suggests that leadership changes within the SEC could be influencing a more pragmatic regulatory approach.
Key upcoming deadlines:
- March 30, 2025: First decision window for Bitwise’s application
- April 3, 2025: Initial review deadline for VanEck’s filing
Under standard SEC procedures, after accepting a 19b-4 form, the agency publishes it in the Federal Register, triggering a 21-day public comment period. From there, the review process can extend up to 240 days through multiple extension phases (45 + 45 + 90 + 60 days). Final approval or rejection typically comes at the end of this cycle.
XRP Spot ETF: Five Major Players Submit Applications
XRP has also emerged as a strong contender in the race for ETF approval. Five major asset managers—Grayscale, Bitwise, Canary Capital, 21Shares, and WisdomTree—have all filed applications for a spot XRP ETF.
Grayscale took an early lead by submitting its 19b-4 form on January 30, 2025, aiming to convert its XRP Trust into an ETF. Shortly after, on February 6, Cboe BZX filed similar applications on behalf of Bitwise, 21Shares, and Canary Capital.
If the SEC confirms receipt, each application will enter the Federal Register publication phase, followed by public commentary and multi-stage review. Given the ongoing legal clarity from Ripple’s partial victory against the SEC in 2023—where XRP was deemed non-security in certain contexts—the regulatory path may be smoother than for other altcoins.
Still, challenges remain. The SEC has historically resisted crypto ETFs outside of Bitcoin due to concerns over market manipulation and valuation transparency. However, increased institutional participation and improved market infrastructure may help alleviate these concerns.
Litecoin (LTC) Spot ETF: Grayscale and Canary Gain Early Traction
While fewer firms are involved compared to SOL and XRP, Litecoin’s ETF journey shows promising progress. Only two entities—Grayscale and Canary Capital—have submitted spot LTC ETF applications so far.
Both filings were made in January 2025:
- Canary Capital: January 16
- Grayscale: January 24
Critically, the SEC has accepted both 19b-4 submissions, initiating the mandatory 21-day public comment period. This puts LTC ahead of many other altcoins in terms of regulatory engagement.
ETF expert Eric Balchunas remains optimistic: “I still believe Litecoin will be the next cryptocurrency to receive SEC approval for a spot ETF.” His reasoning? LTC’s long-standing presence, transparent supply mechanics, and lack of major controversy make it a low-risk candidate for regulators seeking incremental innovation.
👉 See how the next wave of crypto ETFs could reshape digital asset investing.
Broader Market Momentum: DOGE, DOT, BONK, and Thematic ETFs Enter the Fray
Beyond the top contenders, several other crypto assets are testing the waters:
- Dogecoin (DOGE): NYSE Arca submitted a 19b-4 form in February 2025 for a spot DOGE ETF, reflecting sustained retail demand.
- Polkadot (DOT): 21Shares filed an S-1 registration statement for a spot Polkadot ETF, laying groundwork for future listing.
- Thematic Funds: Rex Investments filed proposals for niche products like a Trump-themed ETF and even a BONK-focused fund—highlighting growing creativity in crypto-linked financial products.
These filings indicate that the crypto ETF ecosystem is expanding beyond blue-chip digital assets into memecoins and political themes—though the latter are less likely to gain regulatory approval in the near term.
Core Keywords and SEO Strategy
To align with search intent and enhance visibility, this article naturally integrates high-value keywords:
- crypto ETF
- spot ETF
- SEC approval
- Solana ETF
- Litecoin ETF
- XRP ETF
- Grayscale
- 19b-4 filing
These terms reflect what investors and researchers are actively searching for: real-time updates on regulatory progress, trusted issuer activity, and actionable insights into which assets may be approved next.
Frequently Asked Questions (FAQ)
Q: What does it mean when the SEC "accepts" a 19b-4 filing?
A: Acceptance means the application is formally under review. It does not imply approval but confirms the process has begun, including public disclosure and comment periods.
Q: How long does the SEC take to approve a crypto ETF?
A: The full review can last up to 240 days. After filing, key decision points occur at 45, 90, and 180 days, with extensions common.
Q: Why is Grayscale converting trusts into ETFs?
A: Converting trusts to ETFs allows for daily creation/redemption mechanisms, better pricing efficiency, and broader access via traditional brokerage platforms.
Q: Is XRP more likely to get approved after its court win?
A: Partially. While Ripple’s case clarified some use cases aren't securities, the SEC still evaluates ETFs based on market integrity, not just asset classification.
Q: Could memecoin ETFs like DOGE or BONK be approved?
A: Unlikely in the short term. The SEC prioritizes assets with clear valuation models and resistance to manipulation—criteria most memecoins currently fail.
Q: What role do exchanges like Cboe BZX play in ETF approvals?
A: Exchanges sponsor filings on behalf of issuers. They must prove their surveillance-sharing agreements prevent fraud and ensure fair trading.
The crypto ETF space is evolving rapidly. With SOL, LTC, and XRP leading the charge—and regulatory signals shifting—the next wave of digital asset investment products may arrive sooner than expected. As institutional infrastructure strengthens and compliance frameworks mature, investor access to diversified crypto exposure continues to expand.