It’s a frenzy to list altcoin and meme coin ETFs. Where do they stand?

The race to launch altcoin and meme coin ETFs has only just started, but the field is already crowded. So far this year, there have been about 60 filings to list crypto ETFs, according to two Bloomberg Intelligence analysts. They run the gamut of coins — from dogecoin and litecoin to Solana and XRP — to name just a few. And yes, there has been a filing for a trump ETF.

The normalization of altcoins and meme coins is moving at mind-blowing speed, and while none of them have an ETF approved yet, the process is underway. Earlier this month, the SEC acknowledged four solana ETF filings, including from VanEck, Canary, 21Shares, and Bitwise. Just last week, it also acknowledged Grayscale’s XRP ETF and doge ETF.

Acknowledging the filings is a key early step in the ETF approval process, indicating that the SEC thinks they can be viable products, said Alexander Blume, CEO of digital asset trading firm Two Prime.

“This allows for the obligatory public comment period and diligence process to commence,” he added. 

It was a little more than a year ago, in January 2024 that the SEC approved bitcoin ETFs and they started trading. Approval for ethereum ETFs followed quickly, which started trading in July. The entire bitcoin ETF process took years: Grayscale incorporated a bitcoin trust in 2013 and converted it to an ETF in February 2017. It took until last year for the SEC to approve it, along with several others.

Now, things appear to be moving at a much more rapid pace as more altcoins and meme coins join the landscape. What’s the big difference here?

The crypto-friendly administration — which has promoted meme coins of its own — and a massive crypto bull market are fueling the optimism and appetite for these products. Of course, not all coins have equal chances of getting approved, partly because of their classification or volatility. And, when it comes to the order of their approval, opinions are split. Bloomberg Intelligence’s James Seyffart puts the likelihood of a litecoin ETF being approved at 90% but an XRP ETF at just 65%.

But in this eeny-meeny-miny-moe regulatory game, and in a year full of crypto surprises, all bets are off. Here’s where the ETFs stand.

Litecoin

Canary and Grayscale have both filed for litecoin ETFs.

Nic Puckrin, crypto analyst and founder of Coin Bureau, said these are expected to be approved first, in line with what Bloomberg Intelligence is predicting. Litecoin has already been classified as a commodity by the CFTC, so the SEC doesn’t have to worry about whether it’s an unregistered security.

“Solana is also practically a shoo-in. Its legal status is less clear than litecoin, but there’s clear interest from institutions and President Trump himself, and it’s by far the altcoin with the most ETF applications. So solana will come soon after litecoin,” he said.

The SEC acknowledged Canary’s litecoin ETF on January 29 and Grayscale’s on February 6.

The commission allows comments from the public for 21 days post-acknowledgement, some of which argue that litecoin has regulatory clarity, so its “legal framework is already well understood and transparent.”

“The market is ready,” independent analyst Gapett Chad wrote. “With a market capitalization of over $5.5 billion and trading volumes exceeding $500 million per day, LTC has the necessary liquidity to support an ETF.”

The final deadline is October 2 for the SEC to approve or reject the ETFs, according to Bloomberg Intelligence.

Solana

In January, Grayscale, VanEck, 21Shares, Canary, and Bitwise all filed with the SEC for solana ETFs. The commission acknowledged all of them on February 11. Franklin Templeton also joined the race on February 12. 

As Puckrin said, experts view solana ETFs as being approved next after the litecoin ones, thanks to a few drivers. Two Prime’s Blume added that previous SEC legal rulings make it likely the token will be treated as a commodity.

Laurenth Alba, head of business development at solana software company Rome Protocol, said it’s another frontrunner because institutional traders, not just retail traders, are interested and because of its growing role in the ethereum ecosystem.

The final SEC deadline is October 10, according to Bloomberg Intelligence.

XRP

XRP ETFs entered the race early, with filings from Grayscale, Bitwise, Canary, 21Shares, and WisdomTree. The SEC acknowledged Grasycale’s fund on February 13, Bitwise’s on February 18, and Canary’s on February 19.

Ripple’s XRP is the fourth-largest crypto by market cap, at $141.2 billion, CoinGecko data shows. 

For Chris Chung, cofounder of solana swap platform Titan, XRP “has the payments narrative from the previous cycle and a big foundation, so it has the biggest chance.”

The final SEC deadline is October 17, according to Bloomberg Intelligence.

Dogecoin

Last month, there was a slew of filings for dogecoin (the OG of meme coins) ETFs, including from Bitwise and Rex Osprey.

On January 31, Grayscale filed a 19b-4 form with NYSE Arca to transform its doge trust, listed earlier in the day, into a dogecoin ETF. The SEC acknowledged it on February 13. 

But dogecoin ETFs might have a more arduous approval path. Despite the renewed appetite for the token (partly thanks to Elon Musk and his DOGE government effort), it’s still extremely volatile. 

That’s why for Chung, the approval order goes like this: XRP, solana, litecoin, and doge.

“Doge would probably be last as it’s a meme coin, so it’s harder to justify why it would be listed as an ETF,” he said.

The final SEC deadline is October 18, according to Bloomberg Intelligence.

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider.