Introduction – The Altcoin ETF Era
Bitcoin Spot ETFs, which began trading in the US on January 11, 2024, went down in crypto history as the first major products to allow institutional investors direct access. Just a few months later, in July 2024, the listing of Ethereum Spot ETFs on exchanges took this process to the next level. These two launches strengthened the bridge between traditional finance and the digital asset market, paving the way for altcoin ETFs by 2025.
On September 17, 2025, the U.S. Securities and Exchange Commission (SEC) approved general listing standards allowing exchanges to list commodity-based trust shares. This decision represents a fundamental shift in the crypto ETF approval process. Exchanges could now list ETFs with just an S-1 registration statement, without having to file individual Rule 19b-4 amendment applications. The regulation in question entered into force with its publication in the Federal Register on September 22, 2025, under the title “Listing Standards for Commodity-Based Trust Shares.”
This publication not only formalized the SEC’s decision but also laid the foundation for the new legal framework that paves the way for altcoin ETF approvals.
With this step, the SEC officially requested the withdrawal of 19b-4 filings for assets such as Solana (SOL), Ripple (XRP), Cardano (ADA), Litecoin (LTC), and Dogecoin (DOGE). Thus, these filings were removed from their old final decision date schedules and moved directly to the S-1 review system. However, for investors, October 2025 continues to be seen as the “decision month” when these applications will actually be evaluated. This is because, although the process format has changed, the calendar expectation remains the same.
According to a Reuters report, the new system can shorten approval times from 270 days to as little as 75 days. This opens the door for the SEC to simultaneously approve multiple altcoin ETFs in October. However, the partial shutdown of the US federal government at the beginning of October reduced the SEC’s staffing levels, temporarily slowing the pace of reviews. However, analysts predict that once the government reopens, approvals could come in succession, like “opening the floodgates.”
This report will examine altcoin ETF applications expected to be finalized in October 2025.
Altcoin ETF 2025 Calendar
There are currently 16 different spot altcoin ETF applications in the final stages of review by the SEC. While some of these applications are for the same assets from different issuers, they all share the same goal: to provide direct and regulated access to cryptocurrencies for institutional investors.
All of these applications are among the files that could be finalized by October 2025. All applications are being evaluated under the S-1 registration statement process, and the old 19b-4 timelines are now only for reference. Still, these dates continue to be tracked as indicators shaping investor expectations.
The table below shows the crypto assets applied for, the issuing companies, the relevant exchanges, the SEC file numbers, and the October 2025 final decision dates according to 19b-4.
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 111,460.0 | +2.41% |
| Ethereum (ETH) | 4,080.79 | +2.43% |
| Bitcoin Spot ETF | −366.6M | Net Outflow |
| Ethereum Spot ETF | −232.3M | Net Outflow |
| Nasdaq (NAS100) | 24,957.2 | +0.36% |
| S&P 500 (SPX) | 6,664.00 | +0.53% |
| Russell 2000 (RUT) | 2,472.0 | +0.42% |
| U.S. Dollar Index (DXY) | 98.502 | −0.04% |
| VIX Volatility Index (VIX) | 20.77 | −17.91% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.024 | +0.32% |
| Brent Crude Oil (BRENT) | 60.615 | −0.80% |
| LBMA Gold (XAU) | 4,234.635 | −0.45% |
| LBMA Silver (XAG) | 51.6029 | −0.60% |
Note: Since 19b-4 filings have been withdrawn, the date columns are for reference only. The entire process is proceeding through S-1 filings.
Pending Altcoin ETF Overview
Upon reviewing the table, Solana (SOL) stands out by a wide margin among altcoin ETF applications.
Five different issuers—VanEck, Grayscale, Canary, Bitwise, and 21Shares—have filed separate applications for the same asset. This intense interest shows that Solana is positioned as the “strongest candidate after Ethereum” among institutional investors. In particular, its high transaction speed, low-cost structure, and increasingly expanding ecosystem are leading fund managers to consider Solana as the most promising network for a spot ETF launch after Bitcoin and Ethereum.
Another notable group is Ripple (XRP) ETF applications. A total of six issuers have filed with the SEC. Some of these applications have been updated with innovative features such as staking capability and low management fees. This indicates that XRP is being positioned not just as a payment network token, but as an income-generating asset class.
On the Litecoin (LTC) side, three issuers—Grayscale, Canary, and Coin Shares—stand out. While some applications aim for a competitive structure by lowering management fees to 0.95%, some funds have adopted an in-kind creation and redemption model. This method allows assets to be delivered directly in crypto form, strengthening the on-chain interaction of ETFs.
Progress is more limited for Dogecoin (DOGE) and Cardano (ADA). Currently, only Grayscale has ETF applications for both assets. This indicates that these assets have not yet gained widespread institutional adoption, but as the market matures, new issuers may enter this space.
Looking at the overall picture, all applications aim to be listed on major exchanges such as Cboe, NYSE, and Nasdaq. Once the S-1 reviews are complete, it is predicted that the SEC may announce a wave of collective approvals for similar asset groups. Such a scenario could trigger simultaneous price movements among both institutional and individual investors, ushering in a new era of liquidity in the altcoin market.
Expectations and Outcomes
Experts believe that the SEC’s potential approval of altcoin ETF applications could trigger the second major wave of institutional expansion in the crypto market. This process, which began with the approval of Bitcoin and Ethereum ETFs, has the potential to evolve into a multi-asset era in the latter part of 2025.
SEC Chairman Paul S. Atkins stated the following in his remarks regarding the regulation:
“By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets. This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets.”
This statement shows that the SEC is not only simplifying a technical procedure but also aiming to make US capital markets the global center of digital asset innovation. The press release also emphasized that this decision will directly contribute to the listing process for digital asset-based trusts like the Grayscale Digital Large Cap Fund and the market access of spot crypto products.
In the short term, strong price movements are expected in assets such as Solana (SOL), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), and Cardano (ADA) following the approval news. However, the real impact in the medium term will be seen through these ETFs increasing liquidity, expanding institutional access, and facilitating the transformation of digital assets into more permanent financial instruments.
However, it is known that the process has temporarily slowed down due to the US federal government shutdown at the beginning of October. The fact that most SEC staff are on unpaid leave may cause delays in the S-1 review schedule. Therefore, the possibility that approvals may not be completed by October 2025 or may be delayed until November cannot be ruled out. Nevertheless, analysts note that once the government reopens, the SEC could approve multiple altcoin ETF applications in quick succession.
Ultimately, October 2025 is not just a calendar period for crypto markets. It appears to be a historic threshold in the integration of crypto into the financial system. If these approvals occur, many assets, including Solana, Ripple, Litecoin, Dogecoin, and Cardano, will find their place not only on blockchains but also in Wall Street portfolios.
Disclaimer
The information, analysis, and opinions presented in this article are for informational purposes only and do not constitute investment advice. Cryptocurrency markets are highly volatile and subject to significant risks. Past performance does not guarantee future results. Readers should conduct their own research or consult a licensed financial advisor before making investment decisions. Darkex and its affiliates are not responsible for any financial losses arising from investment actions based on this content.
