Axie Infinity (axs) 
Crypto ETF Issuers Flood the SEC with Filings in 2025
Crypto exchange-traded fund (ETF) issuers are seizing every opportunity to capitalize on what appears to be a more favorable stance towards digital assets by the U.S. Securities and Exchange Commission (SEC). As of April 21, 2025, a staggering 72 crypto-related ETFs are awaiting approval, according to data shared by Bloomberg analyst Eric Balchunas. This influx of applications highlights the growing institutional interest in cryptocurrencies and their potential as investment vehicles.
The Diversity of Crypto ETF Applications
The list of pending ETF applications is remarkably diverse, including a mix of altcoins, non-fungible token (NFT) tokens, memecoins, and even leveraged funds. Among the more unconventional entries is a leveraged fund focused on the Melania Trump token, aptly named the “Melania 2x Fund.” This fund is one of ten leveraged memecoin and altcoin funds filed by Turtle Capital, a firm registered in the Cayman Islands.
Balchunas described the situation as the beginning of a “wild year” for the crypto ETF sector, remarking on the sheer variety of assets being considered. This diversity underscores the industry’s efforts to cater to different investor profiles, from those interested in established cryptocurrencies to those seeking exposure to niche and speculative assets.
XRP and Solana Take the Lead in ETF Filings
While the range of crypto-related ETFs is broad, certain assets are emerging as clear leaders in terms of popularity among prospective issuers. Notably, XRP, Solana (SOL), and Litecoin (LTC) have seen a significant number of ETF filings. By mid-April 2025, XRP had ten individual filings, followed by Solana with five.
These altcoins have consistently attracted institutional attention due to their established market presence and technological capabilities. Solana, for example, is known for its high-performance blockchain, while XRP continues to be a prominent player in cross-border payment solutions.
Meanwhile, Litecoin and Dogecoin (DOGE) are tied for third place, each with three ETF filings. Litecoin’s appeal lies in its similarities to Bitcoin but with faster transaction speeds, while Dogecoin has gained mainstream recognition, partly due to its association with high-profile figures like Elon Musk.
Why Crypto ETFs Are Gaining Traction
Crypto ETFs are becoming increasingly popular as they offer a simplified way for both retail and institutional investors to gain exposure to digital assets. Rather than directly holding cryptocurrencies, investors can purchase shares in an ETF that holds the underlying assets. This approach reduces the complexity of managing private keys and wallets while adhering to stringent regulatory requirements for asset custody and transparency.
For institutional investors, ETFs provide a bridge to the crypto market without the need to navigate the technical and security challenges associated with direct ownership. Similarly, retail investors benefit from the ease of access, often through traditional brokerage accounts.
The Road Ahead for Crypto ETFs
With the SEC faced with an unprecedented number of crypto ETF applications, the crypto investment landscape is poised for significant developments. The approval—or rejection—of these funds will likely shape the market narrative for the rest of 2025 and beyond.
As ETFs continue to gain traction, they represent a key step in bridging the gap between traditional finance and the rapidly evolving cryptocurrency ecosystem. Whether you’re a seasoned investor or just beginning your journey, keeping an eye on these developments could provide valuable insights into the future of digital assets.
