Why Are Spot ETFs So Important?

Spot ETF assets are crucial because investors choose this route to gain exposure to the direct price movement of a crypto asset. This development appears as a reflection of growing institutional and individual interest in altcoin ETFs.
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Major players such as Bitwise and Franklin Templeton are also expanding their portfolios with DOGE, XRP, and Solana-focused ETFs, offering diverse opportunities to their investors. Grayscale is currently in a strong position to build a broad spot ETF portfolio. These new listings further expand the variety of its already wide range.

GDOG and GXRP Details

For its spot ETP listings, Grayscale will use the label GDOG for Dogecoin and GXRP for XRP. As with many spot ETPs, these funds initially targeted private investments. However, they are now transitioning to public exchanges, making them accessible to all investors.
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What is Grayscale GSOL?

Its basic logic is essentially the same as a spot ETF. In other words, investors do not need to directly purchase Solana, nor deal with various security risks, wallet management, or storage issues. Instead, they can invest in a product that mirrors Solana’s price movements. However, this product is not yet a fully approved spot ETF. Grayscale has already initiated the process to convert this trust into a spot ETF.

The Solana Ecosystem is Growing

Solana, with its high-performance transaction capacity and low-cost infrastructure, stands out as an ideal blockchain network for staking-focused investment products. The launch of GSOL is seen as an important step in Solana’s institutional adoption journey.

The staking mechanism within the network allows investors to earn passive income while strengthening the blockchain’s security and transaction validation. This makes Solana not only attractive for individual investors but also a compelling option for ETF-based professional funds.

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Grayscale’s fund is based on the CoinDesk Large Cap Index, which includes Bitcoin, Ethereum, Solana, XRP, and Cardano. With an asset pool of approximately $755 million, GDLC offers investors broad exposure to major cryptocurrencies. 

Meanwhile, 85% of the fund’s assets are already represented by SEC-approved spot ETFs. This ratio indicates compliance with regulatory standards. Additionally, NYSE Arca has provided a structure compliant with Rule 8.500-E, which is required for the ETF to be listed. 

What Does GDLC ETF Approval Mean? 

Grayscale had previously made a significant step by converting its Bitcoin Trust fund into an ETF. Now, with GDLC, it aims to launch a second ETF focused on altcoins. This development allows for the diversification of spot ETFs and broader investor participation in the market. 

The suspension of approval by the SEC suggests a detailed review process before the fund can gain permanent ETF status. The commission will make a final decision after internal discussions. During this process, the fund’s structure and risk distribution will be reassessed. 

Experts highlight that most assets in GDLC are already included in approved ETFs. This fact is one of the strongest arguments supporting Grayscale’s application. Moreover, this development opens the path for Solana, Cardano, and XRP in the spot ETF space. According to Bloomberg analysts, the SEC is now more likely to give the green light to altcoin ETFs. 

Has a New Era Started in Crypto ETF Processes? 

The suspension of Grayscale GDLC ETF is not just about one company’s process but has the potential to affect the direction of the entire sector. Institutional investors, in particular, find it easier to enter the crypto market with approved products. 

At the same time, interest in crypto asset ETFs may increase following the SEC’s decision. Such developments are crucial for investors in terms of both trust and accessibility. Ultimately, Grayscale’s application has become a test case for the market. The SEC’s decision will directly influence other altcoin-focused ETF applications as well. 

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With U.S. crypto ETFs attracting strong demand, this development is likely to intensify the spotlight on traditional markets’ growing integration with blockchain technology.

Trump Media Targets Bitcoin and Ethereum ETF Listing

Trump Media, the parent company of Truth Social, submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) on June 24. The filing aims to list a dual-asset ETF under the ticker B.T. on NYSE Arca, holding 75% Bitcoin and 25% Ethereum.

Structured as a commodity-based trust, the ETF would be sponsored by Yorkville America Digital. Custody of both crypto assets will be handled by Foris DAX Trust Company, an affiliate of Crypto.com.

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If approved, this ETF will provide simplified, single-ticker exposure to the largest digital currencies, giving retail and institutional investors easier access through conventional brokerage platforms.

Second ETF Push From Trump Media

The 19b-4 filing follows an S-1 submission from June 16, which details structural and regulatory elements required for the fund’s offering. Both filings are necessary for the ETF to become publicly tradable.

The trust’s strategy remains passive, using CME CF benchmark rates to calculate NAV. The crypto holdings will be stored in cold storage, while Crypto.com will act as execution agent and also provide staking and liquidity services.

Following this submission, the SEC now has up to 240 days to decide, though an initial response is expected within 45 days.

A New Era for Crypto Funds?

This is Trump Media’s second ETF proposal. The earlier one, filed on June 3, focuses solely on Bitcoin and also seeks listing via NYSE Arca. That application is currently under SEC review, with a final decision expected by January 29, 2026.

As digital asset ETFs gain traction in the U.S., the political and financial implications of such filings are becoming increasingly significant.

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Grayscale Solana and Litecoin ETF Applications Face Delay 

The SEC continues to review Grayscale’s proposed ETFs for Solana Trust and Litecoin Trust. The agency is assessing compliance with the Securities Exchange Act of 1934. If approved, Solana and Litecoin ETFs would trade publicly through traditional investment accounts. However, the SEC has requested more time to determine whether both applications meet legal and market conditions. As a result, Grayscale’s ETF applications are now subject to an extended review process. 

According to Polymarket, the Solana ETF has an 82% approval probability, while the Litecoin ETF stands at 80%. Investors are closely monitoring these developments, as approval could usher in a new era for the crypto market. 

BlackRock’s Bitcoin ETF Model and Public Comment Process 

The SEC is evaluating BlackRock’s proposed rule change for the iShares Bitcoin Trust, which would allow in-kind redemptions. Authorized participants could exchange ETF shares directly for Bitcoin instead of cash. Additionally, BlackRock has applied for in-kind creation and redemption processes for its spot Ethereum ETF. Despite recent delays, the U.S. SEC has accepted a spot Dogecoin ETF filing from 21Shares. 

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The filings refer to Bitwise’s DOGE ETF and Franklin Templeton’s XRP ETF, respectively. On the same day, Nasdaq also submitted a request to list a 21Shares Dogecoin ETF.

High Market Cap, But Mixed Demand

As of April 29, Dogecoin had a market capitalization of around $26 billion, making it the world’s most traded memecoin. Meanwhile, XRP, the native token of the XRP Ledger, holds a market cap of about $133 billion, according to CoinGecko.

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The SEC is currently reviewing roughly 70 crypto ETF proposals as of April 21. Bloomberg analyst Eric Balchunas noted that the range of proposed funds includes everything from XRP, Litecoin, and Solana to niche tokens like “Penguins” and “2x Melania.”

Analysts: Bitcoin and Ethereum Remain Core

Despite the surge in filings, analysts warn that investor appetite may remain focused on core assets like Bitcoin (BTC) and Ethereum (ETH). As Balchunas put it, “Getting ETF-ized is like getting your music on all streaming platforms — no guarantee of listens, but increases exposure.”

In a comment letter dated April 25, Nasdaq urged the SEC to apply equal regulatory standards to digital assets, especially those that resemble traditional securities.

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Grayscale’s Solana ETF Application

As Solana’s price has fallen to 13-month lows, Grayscale’s application to convert its Solana Trust into an ETF has rekindled interest in the market. The move is seen as part of a strategy to expand investor access amid rising crypto adoption.

The Regulatory Process and Grayscale’s Strategy

Grayscale has taken its 19b-4 application, which it filed last December, a step forward by filing for a Solana ETF to trade on NYSE Arca. The SEC’s changing stance raises expectations that it could follow suit for Solana, following the approval of Bitcoin and Ethereum ETFs.

A notable detail, Grayscale’s application states that SOL tokens will not be staking. This approach is considered a compliance strategy that takes into account the SEC’s regulatory sensitivities towards proof-of-stake systems.

Solana Price and Market Reaction

Grayscale’s ETF application comes at a time when Solana’s price has fallen to 13-month lows. SOL is trading around $114.50, while market volatility is driven by geopolitical risks and economic uncertainty in the US.

The fate of Solana’s ETF application depends on the SEC’s decision. Given that giants like Fidelity have filed similar applications, regulatory developments will be one of the key factors that will determine the future of the altcoin market. Analysts predict that if Grayscale wins approval, Solana could attract more institutional investor interest.

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BlackRock Talks Up the Potential of Staking!

BlackRock’s Head of Digital Assets, Robert Mitchnick, highlighted the importance of staking in boosting returns for Ethereum ETFs. Speaking at a conference, he remarked, “The next phase in the evolution of [ether ETFs] is staking.” Since none of the Ethereum ETFs launched with staking, adding this feature could significantly enhance their investment appeal.

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NYSE Arca Files Rule Change for Bitwise Ether ETF

Meanwhile, NYSE Arca filed a proposed rule change that could allow the Bitwise Ether ETF to stake its ETH holdings and generate yield. This filing follows similar proposals from Grayscale, 21Shares, and Fidelity. If approved by the SEC, staking could become a standard feature of Ethereum ETFs.

Despite attracting billions in investments, spot Ethereum ETFs have underperformed compared to Bitcoin ETFs. BlackRock’s ETH ETF manages around $2.3 billion, while its Bitcoin ETF has amassed nearly $48 billion. Adding staking yields may help Ethereum ETFs close the gap and draw greater institutional interest.

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NYSE Arca Files Rule Change Proposal to List Bitwise Dogecoin ETF

NYSE Arca has filed a proposed rule change to list and trade shares of the Bitwise Asset Management Dogecoin exchange-traded fund (ETF).

On March 3, the New York Stock Exchange subsidiary submitted the 19b-4 filing, which, if approved by the SEC, would enable the exchange to list the Bitwise Dogecoin ETF, a fund that provides direct exposure to the Dogecoin memecoin.

Coinbase will serve as the custodian of Dogecoin, while Bank of New York Mellon will handle cash custody, administration, and transfer agency functions.

The ETF uses cash creations and redemptions, meaning that investors will not be able to directly contribute or receive Dogecoin.

Bitwise filed the S-1 registration form for the product with the U.S. Securities and Exchange Commission (SEC) at the end of January.

If approved, this would become one of the first U.S.-listed memecoin ETFs, providing regulated access to Dogecoin for both institutional and retail investors.

Increased Applications and Dogecoin Price

Dogecoin prices did not react to the filing and fell over 15%, dropping to $0.19 on March 2 in a broader crypto market downturn that wiped out all gains from Donald Trump’s U.S. crypto reserve announcement.

On February 13, the SEC acknowledged Grayscale’s filings for the Grayscale Dogecoin Trust, meaning the review and decision process for the product has started, with a potential deadline around mid-October.

Meanwhile, on March 3, Nasdaq filed a similar proposed rule change with the SEC to list and trade shares of the Grayscale Hedera Trust, which will track the price of HBAR, the native token of the Hedera Network. Additionally, in late February, Nasdaq filed for a similar Hedera product from Canary Capital.

Following the change in administration and the SEC’s crypto-friendly stance, multiple altcoin ETF applications, including funds tracking Cardano, Solana, Polkadot, Litecoin, and XRP prices, have been filed in the United States.

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The SEC has begun reviewing a proposal from NYSE Arca to allow staking activities within the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF. The ruling is expected by May 26, 2025.

On February 14, 2025, NYSE Arca filed a request to modify rules to allow Grayscale Ethereum funds to stake ETH through trusted providers and earn rewards.

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Both ETFs are already trading in the market. The Grayscale Ethereum Trust ETF was approved by the SEC in May 2024, and the Grayscale Ethereum Mini Trust ETF was approved in July 2024.

Staking Process and Regulatory Framework

The proposed changes include that staking will only be carried out by Grayscale. ETH will not be combined with other institutions and third-party staking services will not be marketed.

There will be no changes to the current custody regulations, with Coinbase Custody continuing to safeguard the ETH assets in the ETFs.

The SEC will subject the proposal to a public review process. The initial decision deadline is 45 days but can be extended up to 90 days from the publication date.

In March 2024, Grayscale Investments proposed adding staking features to its spot Ethereum ETF but faced regulatory hurdles. Fidelity also made a similar attempt during the same period.

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