KEYTAKEAWAYS
- Volatility Shares officially launched the first Solana (SOL) futures ETF in the United States
- ETFs for cryptocurrencies such as Litecoin, Dogecoin, and XRP are being prepared at a rapid pace
- Spot ETF Progress Is Slow
CONTENT
On March 20, 2025, the US financial market welcomed a major breakthrough—Volatility Shares officially launched the first Solana (SOL) futures ETF in the United States. This initiative not only marks a further enhancement of Solana’s position in mainstream financial markets but also paves the way for the listing of other altcoin ETFs. As traditional financial giants enter the space, the cryptocurrency ETF market is experiencing unprecedented development opportunities.
MARKET EXPECTATIONS FOR SOLANA FUTURES ETF ARE HIGH
Volatility Shares has launched two Solana futures ETFs: the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). SOLZ has a management fee of 0.95% until June 30, 2026, after which it will increase to 1.15%, while SOLT offers investors 2x leverage with a management fee of 1.85%.
The launch of these two ETFs is viewed as an important step toward Solana’s mainstream adoption.
Market reaction to the Solana futures ETF has been extremely optimistic. Discussions among investors and enthusiasts highlight expectations for price increases, with some even predicting that $SOL could reach $200 by the end of March. This issuance may not only increase institutional investor interest but could also reshape market perceptions of Solana.
WHICH ALTCOIN ETFS WILL FOLLOW
The launch of the Solana futures ETF is just the tip of the iceberg. As traditional financial giants enter the market, the listing of more altcoin ETFs has become a focus of market attention. Franklin Templeton, Grayscale, 21Shares, and other institutions have submitted applications for spot Solana ETFs to the SEC. Additionally, ETFs for cryptocurrencies such as Litecoin, Dogecoin, and XRP are being prepared at a rapid pace.
Dogecoin ETF
Rex Shares and Bitwise Asset Management have indicated plans to launch a spot Dogecoin ETF. The SEC acknowledged Grayscale’s application in February but extended the final decision deadline to May 21. Bloomberg Senior ETF Analyst Eric Balchunas believes that a spot Dogecoin ETF could launch as early as April.
XRP ETF
Funds related to Ripple’s XRP are under review. Franklin Templeton submitted a proposal for an XRP spot ETF in March, showing growing investor interest in funds tracking Ripple Labs’ crypto asset. If the XRP ETF is approved, JPMorgan analysts estimate these funds could attract $3-6 billion in investments.
Litecoin ETF
Following Trump’s inauguration, a series of Litecoin ETF applications were submitted. Bloomberg analyst Eric Balchunas believes that Litecoin ETFs might be approved earlier than funds based on Dogecoin, XRP, and Solana, as Litecoin’s regulatory status is less controversial than that of other coins like Solana.
Sui ETF
Canary Capital submitted a Delaware trust application in early March, planning to launch an ETF based on Sui.
Aptos ETF
Cryptocurrency asset management company Bitwise submitted an S-1 filing to the Securities Commission in early March, planning to launch an ETF tracking the price of Aptos (APT).
Movement ETF
Rex Shares and Osprey Funds submitted applications in early March, planning to launch an ETF tracking the MOVE native token of the Movement Network.
HBAR ETF
Canary Capital submitted the first HBAR ETF application in November last year. HBAR is the native cryptocurrency of the Hedera network.
Analysts speculate that Litecoin ETFs have the highest probability (90%) of being listed before the end of this year, higher than Dogecoin (75%), Solana (70%), and XRP products (65%). Franklin Templeton’s entry marks the formal entry of traditional financial giants into this emerging field. The company manages approximately $1.5 trillion in assets, and the impact of its entry cannot be underestimated.
SPOT ETF PROGRESS IS SLOW
Despite market anticipation for altcoin ETF listings, regulatory challenges remain. The SEC’s determination of Solana’s securities status is still unclear, and whether the SOL spot ETF is approved could reshape the competitive landscape of public chains. Additionally, the approval of spot Bitcoin and Ethereum ETFs took several years, with the SEC previously using the maturity of the relevant asset futures market as an important approval criterion, which none of the pending ETF applications currently meet.
On March 12, the United States Securities and Exchange Commission (SEC) delayed multiple cryptocurrency spot ETF applications, including Grayscale’s Cardano (ADA) and DOGE spot ETFs, Canary’s XRP, Solana, and Litecoin spot ETFs, as well as VanEck’s Solana spot ETF.
The approval prospects for spot ETFs, including SOL, do not appear very clear. Nevertheless, analysts generally believe that with the accelerated deployment of institutional funds, the market prospects for altcoin ETFs remain broad.
Volatility Shares’ launch of the first Solana futures ETF in the United States marks the cryptocurrency ETF market’s entry into a new development stage. As traditional financial giants enter the market, the listing of more altcoin ETFs has become a focus of market attention. If more ETFs are approved and listed, the cryptocurrency market will welcome more diverse and mature development opportunities.
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