The proposed funds range from spot, leveraged and inverse. ProShares is the leading cryptocurrency-based ETF applicant in January. The start of 2025 marked a new chapter in the interaction between the cryptocurrency market and regulated financial instruments. Applications for exchange-traded funds (ETFs) with cryptocurrencies as underlying assets have grown significantly, with XRP and solana (SOL) as the main protagonists. This boom coincides with the arrival of Donald Trump to the presidency of the United States, which has generated expectations of a more favorable regulatory environment. The United States Securities and Exchange Commission (SEC) has received at least ten ETF proposals focused on cryptocurrencies so far in January. These requests come from firms such as ProShares, VanEck, CoinShares and Tidel Finance. Although the most prominent assets are XRP and solana, proposals involving litecoin (LTC) have also been included. ProShares leads the list as the main applicant so far this yearfeaturing several leveraged, inverse, and futures-based ETFs for XRP and solana.
What is a cryptocurrency ETF?
An ETF is an investment fund listed on the stock exchange, similar to a share, whose value depends on an underlying asset, as highlighted by Criptopedia, the educational section of BitcoinDynamic. In this case, cryptocurrencies are the main focus. Currently, in the United States, only bitcoin (BTC) and ether (ETH) spot ETFs operateEthereum cryptocurrency. The new wave of applications expands the possibilities towards other cryptoassets and financial models, such as debt-based ETFs or leveraged strategies.
Featured proposals
VanEck has introduced the Onchain Economy ETF, which will invest in a wide range of companies related to the industrysuch as software developers, exchanges, payment firms and cryptocurrency mining companies. In the case of Tidal Finance, it seeks to introduce the Digital Asset Debt Strategy ETF (DADS), a fund focused on debt securities linked to sectors such as digital mining, companies that own cryptocurrencies and payment firms. CoinShares proposes the Digital Assets ETF, based on the CoinShares-Compass Crypto Market Index, to offer exposure to a diversified portfolio of digital assetsaccording to ETF specialist James Seyffart. ProShares has filed multiple applications, including the ProShares Leveraged & Inverse XRP ETF, ProShares XRP Futures ETF, and the ProShares Solana Futures ETF, demonstrating its focus on leveraged instruments and derivatives. Regarding Litecoin, Canary Capital presented a specific proposal and amended its registration form with the SECwhile Nasdaq requested permission to list and trade this ETF.
XRP and Solana as protagonists
ETF applications for XRP and solana are not new. Companies such as WisdomTree, Grayscale and 21Shares have presented proposals since 2024 to include these assets in regulated financial instruments, as reported by BitcoinDynamic. This renewed interest reflects growing demand for exposure to alternative assets beyond bitcoin and ether. The landscape of cryptocurrency-based ETFs is constantly evolving, driven by political and economic factors. The arrival of Trump to the White House and the new leadership of the SEC headed by Paul Atkins, considered a defender of digital assets, has motivated companies to bet on these instruments, diversifying the offer towards assets such as XRP, solana and litecoin. Approval or rejection by the SEC will determine not only the future of these funds, but also the pace at which digital assets move toward deeper integration with traditional markets.