GuShiio.com Original author: Spirit, Golden Finance
preface
As the cryptocurrency market matures increasingly, exchange-traded funds (ETFs) have become an important bridge connecting traditional finance and digital assets. This article compiles the latest progress of crypto ETF applications, covering in detail key information such as the applicant institution, feasibility analysis, underlying asset profile, token price performance in the past month, and the SEC’s review and response period, providing readers with comprehensive market insight and future outlook.
1. Overview of the progress of the newly applied crypto ETFs
As of February 19, 2025, the crypto ETF market continues to heat up. Especially after the approval of Bitcoin and Ethereum spot ETFs, more institutions have submitted applications for other cryptocurrencies. The following are the main developments:
ADA (Cardano) Spot ETF
Applicant/Institution: Grayscale Investments Progress: Grayscale submitted the world’s first ADA spot ETF application to the US SEC in the second week of February 2025. After the news was announced, ADA prices rose by 16%. The application has now entered the preliminary review stage of the SEC. Final response and review period: The SEC usually has a 45-day initial response period (ending approximately March 25, 2025) after receiving an application, which can be extended to 90 days (approximately May 10, 2025).
XRP Spot ETF
Applicant/Institution: Progress of Bitwise Asset Management, Grayscale, 21Shares, WisdomTree, Canary Capital: Bitwise officially submitted an XRP spot ETF application through the Cboe BZX Exchange in February 2025, and the SEC confirmed receipt on February 18. Other institutions such as Grayscale and 21Shares have also submitted similar applications from the end of 2024 to the beginning of 2025, and are currently under review. Final response and review period: Taking Bitwise as an example, the SEC needs to provide a preliminary response within 45 days (approximately April 4, 2025), which can be extended to 90 days (approximately May 19, 2025).
Applicants/institutions: VanEck, Grayscale, Bitwise, 21Shares, Canary Capital Progress: Many institutions submitted SOL spot ETF applications from the end of 2024 to the beginning of 2025, of which Grayscale and VanEck’s applications have entered the 21-day public comment period. Final reply and review period: Taking Grayscale as an example, the SEC has 45 days for a preliminary reply after the comment period (approximately the end of March 2025), which can be extended to 90 days (approximately mid-May 2025).
LTC (Litecoin) Spot ETF
Applicants/institutions: Grayscale, Canary Capital, Nasdaq (representing undisclosed issuers) Progress: Nasdaq filed an LTC spot ETF application on January 29, 2025, and the SEC has accepted and entered the 45-day preliminary review (as of approximately March 15, 2025). Applications from Grayscale and Canary Capital are also advancing simultaneously. Final reply and review period: The initial reply is as of March 15, 2025 and can be extended to 90 days (approximately April 29, 2025).
DOGE (Dogecoin) Spot ETF
Applicant/Institution: NYSE Arca (representing undisclosed issuers), Grayscale Investments, Bitwise Asset Management, 21Shares, WisdomTree, Canary Capital Progress: The DOGE ETF application filed in early 2025 is still in its early stages, and the SEC has not yet disclosed more details and progress is slow. Final reply and review period: The preliminary reply period is expected to be 45 days (approximately mid-March 2025), which can be extended to 90 days (approximately the end of April 2025).
2. Through feasibility analysis
The feasibility of crypto ETFs is influenced by regulation, market demand, legal risks and technology maturity:
regulatory environment
Positive factors: The new SEC leadership (Paul Atkins) is more crypto-friendly and expectations for policy easing in 2025 are enhanced. The success of Bitcoin and Ethereum ETFs sets a precedent for other currencies. Challenges: SOL and XRP have been questioned by the SEC as “securities” and need to clarify their legal status;ADA and LTC have a higher probability of approval due to their decentralized characteristics;DOGE faces greater uncertainty due to the meme attribute. Likelihood of approval (Bloomberg analyst forecast): LTC (85%), ADA (70%), SOL (60%), XRP (50%), DOGE (20%).
market demand
LTC and ADA have certain needs due to mature technologies and community support;SOL benefits from the DeFi and NFT ecosystems, but is negatively affected by the downturn in the MEME market;XRP is concerned by institutional investors;DOGE relies more on retail sentiment and may be limited in scale.
3. Introduction of ETF underlying assets and performance of token prices in the past month
ADA（Cardano）
Introduction: Cardano is an open-source blockchain platform that focuses on academic research and sustainability, and supports smart contract and DApp development.
Performance in the past month (January 18-February 18, 2025): The price dropped from US$1 to US$0.74, a decrease of approximately 26.41%.
XRP（Ripple）
Introduction: XRP is supported by Ripple Labs and focuses on cross-border payments, emphasizing fast, low-cost transactions.
Performance in the past month: The price dropped from approximately US$3.09 to US$2.56, a decrease of approximately 18.45%.
SOL（Solana）
Introduction: Solana is a high-performance public chain known for its high throughput and low latency. It is widely used in MEME, RWA, DeFi and NFT.
Performance in the past month: The price dropped from approximately US$242 to US$169, a decrease of approximately 31.91%.
LTC（Litecoin）
Introduction: Litecoin is a Bitcoin fork coin, positioned as the “silver of Bitcoin”, with faster transaction speeds and lower fees.
Performance in the past month: The price rose from approximately US$117 to US$131.33, an increase of approximately 11.46%, boosted by ETF applications and market sentiment.
DOGE（Dogecoin）
Synopsis: Dogecoin originated from meme culture and is now a high-value cryptocurrency driven by the community and celebrities such as Musk.
Performance in the past month: The price dropped from approximately US$0.35 to US$0.25, a decrease of approximately 29.19%, with high volatility.
summary
As of February 19, 2025, the crypto ETF market has ushered in a new round of craze. Many institutions have submitted spot ETF applications for ADA (Cardano), XRP, SOL (Solana), LTC (Litecoin) and DOGE (Dogecoin) to promote the further integration of crypto assets into traditional finance. Asset management giants such as Grayscale, Bitwise, and VanEck took the lead in applying, with varying progress: LTC and ADA have a high probability of approval due to their technological maturity and regulatory friendliness, SOL and XRP need to overcome disputes over the definition of “securities”, and DOGE faces greater uncertainty due to the meme attribute. The review period is mostly concentrated from March to May 2025, and the openness of the new leadership of the SEC has injected optimistic expectations into the approval.
In terms of the performance of underlying assets, the decline has been affected by the overall correction in the market in the past month, with a range of 20%-30%. Feasibility analysis shows that regulatory deregulation, market demand and technological maturity are the key driving factors for ETF approval, but legal risks remain The main challenge. In the coming months, investors and industry observers need to pay close attention to the SEC’s final response. Crypto ETFs may become an important indicator of the crypto market in 2025.
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