在比特幣和以太坊之後，下一波加密貨幣ETF即將到來

去年美國比特幣和以太坊ETF的批准僅僅是開始：主要發行人正計劃推出更多的美國資金

Major issuers are planning to launch a wider variety of U.S. funds designed to directly track the prices of a variety of cryptocurrencies including Dogecoin, Solana, XRP, and even TRUMP coin following the approval of U.S. Bitcoin and Ethereum ETFs last year.

主要發行人計劃推出更多的美國資金，旨在直接跟踪多種加密貨幣的價格，包括Dogecoin，Solana，XRP，甚至在去年美國比特幣和以太坊ETF批准後，包括Dogecoin，Solana，XRP，甚至是特朗普硬幣。

Recently, traditional financial giant Franklin Templeton submitted a proposal for an XRP spot ETF, which is undoubtedly an important signal in the field of cryptocurrency ETFs. Although cryptocurrency native institutions such as Grayscale, Bitwise, and WisdomTree have previously submitted similar applications, the entry of Franklin Templeton marks the official entry of traditional financial giants into this emerging field.

最近，傳統的金融巨頭富蘭克林·鄧普頓（Franklin Templeton）提交了XRP Spot ETF的提案，這無疑是加密貨幣ETF領域的重要信號。儘管加密貨幣的本地機構，例如灰度，位和WisdomTree先前已經提交了類似的申請，但富蘭克林·鄧普頓（Franklin Templeton）的進入標誌著傳統金融巨頭的正式進入這個新興領域。

Asset management giant Franklin Templeton, which manages about $1.5 trillion in assets, is applying to list an ETF that would track the price of XRP, the cryptocurrency issued by Ripple Labs. The filing with the Securities and Exchange Commission on Wednesday follows several other firms' applications to list similar products, highlighting the growing interest in crypto-linked investment products.

資產管理巨頭富蘭克林·鄧普頓（Franklin Templeton）管理著約1.5萬億美元的資產，該公司正在申請列出一個可以跟踪XRP價格的ETF，這是Ripple Labs發行的加密貨幣。週三向美國證券交易委員會提交的文件遵循其他幾家公司的申請，列出了類似的產品，強調了對加密貨幣鏈接投資產品的日益增長的興趣。

Franklin Templeton is applying to list the Franklin Variable Trust as an ETF, focusing on XRP. The company is also seeking to list a cryptocurrency index fund, potentially expanding the offerings beyond Bitcoin and Ethereum.

富蘭克林·鄧普頓（Franklin Templeton）申請將富蘭克林變量信託列為ETF，重點是XRP。該公司還試圖列出一個加密貨幣指數基金，並有可能將產品擴大到比特幣和以太坊之外。

The move comes as the SEC faces a backlog of applications for spot cryptocurrency ETFs, with several major issuers already submitting proposals. Earlier this week, the DEGI (R) variable trust applied to list a Bitcoin plus token ETF, while Rex Shares and Osprey Funds filed applications for a Solana ETF and a Dogecoin ETF.

此舉是因為SEC面臨著現貨加密貨幣ETF的申請積壓，幾位主要發行人已經提交了建議。本週早些時候，DEGI（R）可變信任應用於列出比特幣加上標記ETF，而Rex共享和Osprey Funds為Solana ETF和Dogecoin ETF提交了申請。

The approval of U.S. Bitcoin and Ethereum ETFs last year was just the beginning, paving the way for a broader variety of crypto-linked investment products in the market.

去年，美國比特幣和以太坊ETF的認可僅僅是開始，為市場上更廣泛的加密貨幣投資產品鋪平了道路。

Solana ETF

Solana etf

The spot Solana exchange-traded fund (ETF) could be a potential alternative to Bitcoin and Ethereum ETFs.

現貨索拉納交換基金（ETF）可能是比特幣和以太坊ETF的潛在替代方法。

The proposed funds include the VanEck Solana Trust, 21Shares Core Solana ETF, Canary Solana ETF, and Bitwise Solana ETF, which will directly track the price of Solana.

擬議的資金包括Vaneck Solana Trust，21shares Core Solana ETF，Canary Solana ETF和Bitwise Solana ETF，它們將直接跟踪Solana的價格。

Franklin Templeton filed its S-1 registration statement in February, and the Chicago Board Options Exchange (CBOE) filed a listing rule change application on behalf of Franklin Templeton in March.

富蘭克林·鄧普頓（Franklin Templeton）於2月份提交了S-1註冊聲明，芝加哥董事會期權交易所（CBOE）於3月代表富蘭克林·鄧普頓（Franklin Templeton）提交了上市規則更改申請。

Additionally, some proposed Solana futures ETFs, such as the ProShares Short Solana, ProShares 2x Solana, and Vol Shares’ Solana ETF, would enable investors to make more complex bets on Solana’s price movements.

此外，一些提議的Solana Futures ETF，例如Proshares Short Solana，Proshares 2X Solana和Vol Shares的Solana ETF，將使投資者能夠對Solana的價格變動進行更複雜的賭注。

However, Bloomberg analyst James Seyffart said that spot and futures Solana ETFs may not start trading in the United States until 2026 because the U.S. Securities and Exchange Commission (SEC) still needs to evaluate a batch of spot Solana ETF applications. The SEC admitted Grayscale's Solana ETF application on February 6 and is seeking public comments on the application, which one analyst said marked the agency's entry into "new territory."

但是，彭博分析師詹姆斯·塞法特（James Seyffart）表示，由於美國證券交易委員會（SEC）仍然需要評估一批現貨Solana ETF應用程序，因此現場和期貨索拉納ETF可能直到2026年才開始在美國進行交易。 SEC於2月6日承認Grayscale的SOLANA ETF申請，並正在就該申請尋求公眾評論，一位分析師表示，該申請標誌著該機構進入“新領土”。

The SEC typically takes 240 to 260 days to make a decision, but litigation over whether Solana is a security could prolong the process. Nevertheless, if the spot Solana ETF is approved, the investment funds it attracts could be huge. JPMorgan analysts predict that the Solana ETF could bring in $4 billion to $8 billion in investment.

SEC通常需要240至260天才能做出決定，但是關於Solana是否擔保的訴訟可以延長該過程。但是，如果批准了現貨Solana ETF，那麼它吸引的投資資金可能是巨大的。摩根大通分析師預測，Solana ETF可以帶來40億至80億美元的投資。

Dogecoin ETF

Dogecoin etf

Some issuers have expressed plans to launch spot Dogecoin ETFs.

一些發行人已經表示計劃推出現場Dogecoin ETF。

Rex Shares applied to launch the Rex-Osprey DOGE ETF in January, and Bitwise Asset Management also registered a Dogecoin ETF entity in Delaware. In addition, cryptocurrency investment company Grayscale also plans to launch a Dogecoin ETF, and launched the Dogecoin Trust Fund at the end of January, and then submitted an application to convert it into an ETF.

REX股票在一月份申請了Rex-Osprey Doge ETF，位資產管理還註冊了特拉華州的Dogecoin ETF實體。此外，加密貨幣投資公司Grayscale還計劃推出Dogecoin ETF，並於1月底啟動了Dogecoin Trust基金，然後提交了一份申請將其轉換為ETF。

The SEC approved Grayscale’s application in February but delayed its decision in March, extending the deadline for a final decision to May 21.

SEC在2月批准了Grayscale的申請，但在3月推遲了其決定，將最終決定的截止日期延長至5月21日。

Eric Balchunas, senior ETF analyst at Bloomberg, said in January that a spot Dogecoin ETF could theoretically launch as early as April, depending on a rule that enables federal regulators to weigh investment product proposals in a quick 75-day period, rather than the typical eight- to nine-month review period.

彭博社高級ETF分析師埃里克·巴爾庫納斯（Eric Balchunas）在1月份表示，理論上可以在4月份開始發射Dogecoin ETF，這取決於使聯邦監管機構能夠在75天的快速投資產品提案中權衡典型的八到九個月的審查期。

XRP ETF

Funds centered around Ripple-related XRP, such as the Rex-Osprey XRP ETF, the Canary XRP ETF, and the 21Shares Core XRP Trust, are under review.

圍繞著與漣漪相關的XRP的資金，例如Rex-osprey XRP ETF，Canary XRP ETF和21Shares Core XRP Trust，正在審查中。

In early February, Chicago-based Cboe Exchange applied to federal regulators to list and trade four spot XRP ETFs, showing growing investor interest in funds tracking Ripple Labs’ crypto assets. Franklin Templeton also joined the ranks in March.

2月初，總部位於芝加哥的CBOE Exchange向聯邦監管機構申請並交易四個位置XRP ETF，顯示了不斷增長的投資者對追踪Ripple Labs的加密資產的資金的興趣。富蘭克林·鄧普頓（Franklin Templeton）也在三月份加入隊伍。

The SEC acknowledged multiple XRP ETF applications at the end of February and said it would submit its comments within 21 days. If the XRP ETF is approved, JPMorgan analysts expect these funds could bring in $3 billion to $6 billion in investments.

SEC在2月底確認了多個XRP ETF申請，並表示將在21天內提交評論。如果獲得XRP ETF的批准，JPMorgan分析師預計這些資金可能會帶來30億美元至60億美元的投資。

Additionally, XRP futures ETFs such as ProShares Short XRP and ProShares 2x XRP are also under consideration, with the former allowing investors to short XRP and the latter enabling investors to make leveraged bets on XRP’s future price movements.

此外，XRP期貨ETF（例如Proshares Short XRP和Proshares 2X XRP）也在考慮，前者允許投資者短暫XRP，後者使投資者能夠對XRP的未來價格變動進行利用。