Issuers pile more crypto ETF plans

New proposals continue to move beyond filings focused on solana, XRP and litecoin

article-image

WindAwake/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


We’ve rounded up the myriad of crypto ETF plans issuers are dreaming up, and launching.

The proposals continue to move beyond ones focused on solana, XRP and litecoin

An update from yesterday: A 19b-4 filing from Nasdaq signals Grayscale Investments’ intent to offer a Polkadot ETF. 21Shares put out a similar proposal a few weeks back. 

Polkadot (DOT) has a market cap of nearly $7 billion, ranking it 26th among crypto assets.  

The filing is not a proposal for Grayscale to convert one of its existing trusts to an ETF wrapper, like it had done with its bitcoin and ether products. That’s because it does not yet have a trust investing in DOT.  

I previously wrote about how Grayscale historically first goes with private placement launches for accredited investors before obtaining public quotations for unrestricted shares and making the products SEC-reporting companies. The conversion to an ETF is the final step. 

Grayscale skipped the initial steps upon filing for a Cardano ETF. Speaking of that product, the SEC acknowledged it in a Monday filing, noting the agency would solicit comments on the proposal. 

The thought is that Grayscale (despite not returning requests for comment) must feel it can take these shortcuts given the evolving regulatory environment.

This comes after Nasdaq late last week filed to list shares of Canary Capital’s proposed HBAR ETF, which hold Hedera’s native cryptocurrency. This 19b-4 filing comes a few months after the company submitted an S-1 for the product in November.

So, the momentum around altcoin ETF filings has not changed from when we last checked in. The next one we’ll see is anyone’s guess.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

We’re bullish on the PUMP token. We believe Pump.fun's brand strength, existing integrations, product roadmap, and strategic levers justify PUMP's TGE valuation, and expect the token to re-rate meaningfully higher in the months ahead.

article-image

The acquisition is Pump.fun’s first, and comes just days before its planned ICO

article-image

As Trump’s tariff war reignites, everyone is assuming the dollar will continue its path lower. But the journey might be bumpy

article-image

A valuation model for “blockchain GDP”

article-image

The mini app combines vibe-coding with a hypercasual game feed and is coming to the new Coinbase Wallet

article-image

An improbable tale of the world’s 40th graphics-chip startup

article-image

The newly announced token will debut in an ICO on Saturday