Trump has designated cryptocurrencies to be included in his strategic reserves, and the "US currency" spot ETF has entered an acceleration period?

Author: Nianqing, ChainCatcher

On March 2, Trump issued a statement on cryptocurrency reserves, saying that his executive order for digital assets directed the presidential working group to advance crypto strategic reserves including XRP, SOL and ADA to "ensure the United States becomes the center of cryptocurrency in the world." Subsequently, Trump added that BTC and ETH were also included in the reserves. After the news was announced, the above five assets mentioned by Trump ushered in a sharp rise, giving a shot of the crypto market that continues to decline.

Related reading: " Trump "rescue the market", a look at the most popular "macro events" and "US currency" this week "

In addition to the two spot ETFs that have been listed, the approval and promotion of "US currency" ETFs such as XRP, SOL, and ADA may also usher in an accelerated period.

Earlier this year, with the new administration taking office, the SEC had announced the creation of a new cryptocurrency task force led by Commissioner Hester Peirce, which insiders see as the door to update regulations and approvals from more cryptocurrency funds. The approval of a wider range of cryptocurrency ETFs including SOL, XRP, LTC, DOT and DOGE may be accelerated, and the crypto ETF market continues to heat up.

Altcoins are about to usher in a new wave of applications and listings. At present, multiple entities are applying for spot ETFs for assets such as SOL, XRP, LTC, DOT, ADA, TRUMP, DOGE, HBAR, BONK, APTOS, etc.

**Latest altcoin (excluding ETH) spot ETF application trends and key time

points**

Note: The "SEC Next Review Time" and "SEC Final Decision Period" above are estimated time based on the date submitted by 19b-4 and the 240-day review cycle. The SEC may approve, refuse, or extend the review time in advance. It is recommended to pay close attention to the official SEC announcements for the latest progress.

1. Solana

Solana ETF is the most popular and fastest-progressive following Bitcoin and Ethereum ETFs. It began to enter the application stage in the second half of last year. On February 6, the US SEC explicitly acknowledged the Solana 19b-4 file filed by Grayscale because the last time the SEC led by Gary Gensler asked the Chicago Options Exchange to withdraw the Solana ETF 19b-4. Bloomberg analyst Eric Balchunas said this is the first time that the ETF filing tracks tokens previously known as "securities" has been recognized by the U.S. Securities and Exchange Commission.

The SEC's application for Grayscale was officially confirmed on February 6, while the applications of several other companies were confirmed after February 11. From the date of release of the Federal Register on February 18, the SEC has 45 days (as of March 14) to provide initial responses. However, the industry generally expects that the SEC may use the entire 240-day review period to make a final decision by October 16.

2. Ripple

Currently, many entities are applying for XRP ETFs. Grayscale's application was officially confirmed by the SEC on February 14, 2025, and a 240-day review period was launched. The decision deadline is approximately mid-October 2025. The SEC once classified XRP as unregistered securities. Ripple and SEC's cases are currently in the appeal stage, but because the new government comes to power, the related cases are likely to continue the previous ruling, that is, XRP is not considered unregistered securities. But this case will still affect the review progress of the XRP ETF.

3. Dogecoin

Grayscale’s Dogecoin Spot ETF application has been confirmed by the SEC, with a review period of 240 days from the date of publication of the Federal Register, with an estimated decision-making date of around October 2025. Currently, Grayscale's application is the fastest. Bitwise submitted an S-1 registration application on January 28, 2025, but has not submitted 19b-4 documents. REX Shares and Osprey Funds also submitted applications in January 2025, but are also in their early stages. Dogecoin's status as a meme coin may pose an obstacle to institutional investors. In addition, Bitwise recently registered a Doge ETF in Delaware in January, but has not submitted relevant documents like the SEC.

4. Litecoin

On October 15, 2024, Canary Capital submitted an S-1 registration application for the first Litecoin spot ETF, followed by a 19b-4 document by Nasdaq on January 15, 2025. The SEC confirmed the application on January 29, 2025, with the review period also being 240 days, with an estimated deadline of October 2025. This will also be the fastest Litecoin spot ETF application.

5. Polkadot

Currently, Grayscale and 21Shares have submitted Polkadot (DOT) spot ETF applications. Among them, Grayscale and 21Shares have been confirmed by the SEC and entered the formal review stage. The review period is expected to end in October 2025, and 21Shares' application is also within a similar time frame.

6. Cardano

The US SEC officially confirmed the application for Grayscale Cardano Trust on February 24, 2025, and launched a 240-day review period, with an estimated decision-making deadline of October 2025. This is also the first independent Cardano spot ETF application in the United States.

7. TRUMP

Rex Shares & ospreyFunds submitted its first Trump spot ETF application to the SEC on January 21, which is still in a very early stage and has not submitted 19b-4 documents yet. In addition, Trump Media & Technology Group (TMTG) plans to launch a variety of ETF products through its new brand Truth.Fi. Although TMTG has applied for registration of relevant trademarks, it has not submitted a formal ETF application document to the SEC.

8. HBAR

On November 12, 2024, Canary Capital submitted its first S-1 registration application for HBAR spot ETF, and in February 2025, Nasdaq submitted its 19b-4 document on its behalf. The SEC confirmed the application on February 25, 2025 and launched a 240-day review period, with an estimated decision-making deadline of October 2025.

9. BONK

On January 21, REX Shares and Osprey Funds jointly submitted a meme coin ETF application, including Bonk, and no relevant 19b-4 documents were submitted yet.

10. APTOS

On February 25, Bitwise registered an Aptos ETF entity in Delaware. Usually, it is the preliminary preparation step for submitting Form S-1 to the US Securities and Exchange Commission (SEC). At present, the SEC official website has not found the application updates of relevant ETFs. Bitwise launched Aptos Staking ETP on six major Swiss exchanges last November. 21Shares also launched Aptos Staking ETP on the Euronext exchange in Amsterdam and Paris in November last year.

Some new applicants

Recently, in addition to the institutions such as Grayscale, Bitwise, 21Shares, etc. that we often see, the applicants for altcoins have also added several new faces, namely Rex Shares & ospreyFunds, Canary Capital and Tuttle Capital.

Rex Shares & ospreyFunds

On January 21, 2025, Rex Shares and Osprey Funds jointly submitted multiple cryptocurrency ETF applications to the U.S. Securities and Exchange Commission (SEC), including funds for meme coins (such as TRUMP, DOGE, BONK) and mainstream cryptocurrencies (such as BTC, ETH, SOL, XRP).

Rex Shares is a U.S. Exchange Trading Products (ETP) provider founded in 2015. The company focuses on designing innovative investment tools that provide investors with flexibility and control to address specific investment challenges. Rex Shares has launched Bitcoin-related leveraged ETFs such as the T-REX 2X Long MSTR Daily Target ETF (MSTU), which is designed to provide 2x leverage exposure to MicroStrategy, which frequently buys Bitcoin.

Originally a digital asset subsidiary of Rex Shares, Osprey Funds was founded in 2018 to focus on providing investors with smart, secure and low-cost digital asset investment solutions. In March 2021, Osprey Funds was split from Rex Shares and became an independent legal entity. Its flagship product, Osprey Bitcoin Trust (OBTC), exceeded US$150 million at the time. Featured with low management fees (0.49%), OBTC aims to compete with Grayscale Bitcoin Trust (GBTC) and trade on the OTCQX.

Canary Capital

Canary Capital is an investment company focused on digital assets, founded in September 2024 and headquartered in the United States, founded by former Valkyrie Funds co-founder Steven McClurg. The company is committed to providing innovative, secure cryptocurrency investment vehicles to institutions and qualified investors.

Canary Capital encryption-related products and actions are as follows:

1. ETF Application :

• On October 8, 2024, Canary Capital filed an S-1 application for the first spot XRP ETF with the U.S. Securities and Exchange Commission (SEC), aiming to provide XRP exposure to investors through traditional brokerage accounts. Subsequently, the SEC officially accepted the application in February 2025 and entered the public comment stage.

• In the same month, the company also submitted an application for the Litecoin ETF (LTCC) and was accepted by the SEC in January 2025, becoming one of the first altcoin ETFs to be officially recognized.

• In February 2025, Canary Capital submitted the S-1 document for the Hedera (HBAR) ETF, and Nasdaq subsequently submitted Form 19b-4 to promote its listing process.

• Single Asset Trust :

  • In October 2024, the company launched the first Hedera (HBAR) trust in the United States, providing direct investment channels for institutional investors.
  • On February 20, 2025, the Canary AXL Trust was launched, aiming at the native token of Axelar network, and Coinbase is used as the custodian to further expand its investment layout in the field of blockchain interoperability.

Tuttle Capital

Tuttle Capital is a US-based investment management company focusing on launching theme and leveraged investment tools designed to meet the market's demand for high-risk, high-return strategies. Recently, Tuttle Capital has submitted applications for 10 leveraged cryptocurrency ETFs, covering mainstream cryptocurrencies (such as XRP, Solana, Litecoin, Cardano, Chainlink, Polkadot) and meme coins (such as TRUMP, MELANIA, BONK). This action has attracted market attention.

Previously, in January 2024, Tuttle Capital submitted applications to the Securities and Exchange Commission (SEC) for six leveraged and reverse Bitcoin ETFs, including T-REX 1.5X, 1.75X and 2X Long/Inverse Spot Bitcoin Daily Target ETFs. The funds are designed to amplify the daily performance of Bitcoin spot ETFs through leverage, although the Bitcoin spot ETF was not approved at the time, showing their advanced bets on the crypto market.