美國總統唐納德·特朗普（Donald Trump）的返回辦公室已引發了對山寨幣的重新機構利益

這次激增反映了對山寨幣作為可行投資機會的越來越多的認可。在本文中，我們將深入研究動態的Altcoin ETF景觀

U.S. President Donald Trump's return to office has sparked renewed institutional interest in altcoins, leading to a surge in applications for altcoin spot exchange-traded funds (ETFs). This interest is driven by a broader recognition of altcoins as viable investment opportunities, especially among institutional investors.

美國總統唐納德·特朗普（Donald Trump）的重返職務激發了對山寨幣的重新機構利益，從而導致了Altcoin現貨交易所交易資金（ETFS）的申請激增。這種興趣是由對AltCoins作為可行的投資機會的廣泛認可所致，尤其是在機構投資者中。

Following the approval of Bitcoin (BTC) and Ethereum (ETH) spot ETFs earlier in the year, asset managers are now actively pursuing the creation of spot ETFs for other major altcoins.

在今年早些時候獲得比特幣（BTC）和以太坊（ETH）ETF的批准之後，資產管理人員現在正在積極追求為其他主要山寨幣創建現貨ETF。

Among the altcoins that are the main focus of ETF applications are Solana (SOL), Litecoin (LTC), Polkadot (DOT), and XRP. These altcoins have been selected due to their varying characteristics, technical capabilities, and the strengths of the asset managers applying for them.

ETF應用主要重點的AltCoins包括Solana（Sol），Litecoin（LTC），Polkadot（DOT）和XRP。由於其不同的特性，技術能力以及申請它們的資產經理的優勢，因此選擇了這些山寨幣。

In this article, we'll take a closer look at the dynamic landscape of altcoin ETF applications, highlighting the key altcoins that are being targeted for ETFs and the potential market impact and regulatory challenges.

在本文中，我們將仔細研究Altcoin ETF應用程序的動態格局，強調針對ETF的關鍵Altcoins以及潛在的市場影響和監管挑戰。

What is an altcoin spot ETF application?

什麼是Altcoin Spot ETF應用程序？

An altcoin spot ETF application is a formal request submitted to regulators to create an exchange-traded fund (ETF) that directly holds altcoins (cryptocurrencies other than Bitcoin) as underlying assets.

AltCoin Spot ETF應用程序是向監管機構提交的正式請求，以創建一個直接將Altcoins（比特幣以外的加密貨幣）作為基礎資產持有的交換基金（ETF）。

This allows investors to gain regulated exposure to the altcoins’ real-time market prices without having to purchase and store the altcoins themselves.

這使得投資者可以在不必購買和存儲Altcoins本身的情況下獲得對Altcoins實時市場價格的監管風險。

How does an altcoin spot ETF application work?

Altcoin spot ETF應用程序如何工作？

The process of applying for such an ETF in the United States involves several detailed steps, which are primarily overseen by the Securities and Exchange Commission (SEC).

在美國申請此類ETF的過程涉及幾個詳細的步驟，這些步驟主要由證券交易委員會（SEC）監督。

It begins with the asset management firm proposing the ETF and partnering with a national securities exchange—like NYSE, Nasdaq-100 (NDAQ), or Cboe—where the ETF will be listed. This exchange plays a key role in the application process.

它始於資產管理公司提議ETF，並與國家證券交易所（例如NYSE，NASDAQ-100（NDAQ）或CBOE）合作，將列出ETF。此交換在申請過程中起關鍵作用。

Together, they submit Form 19b-4 to the SEC, proposing a rule change to list and trade the new altcoin spot ETF. This form includes details about the ETF's structure, the underlying asset (the altcoin), custody arrangements, and measures to prevent fraudulent and manipulative practices.

他們一起向SEC提交了19b-4表格，並提出了規則更改，以列出並交易新的Altcoin lot ETF。此表格包括有關ETF結構，基礎資產（Altcoin），監護權安排以及防止欺詐性和操縱性實踐的措施的詳細信息。

Upon receiving Form 19b-4, the SEC initiates a structured review process. The proposed rule change is published in the Federal Register, kicking off the official review period.

在收到19b-4表格後，SEC啟動了結構化的審查過程。擬議的規則更改發表在聯邦公報上，開始了正式的審查期。

This publication also serves as an opportunity for public comment, allowing various stakeholders—including industry experts, investors, and other interested parties—to share their feedback on the proposed ETF.

該出版物也是公眾評論的機會，允許各種利益相關者（包括行業專家，投資者和其他有關方面）分享他們對擬議ETF的反饋。

The SEC can take up to 240 days from the initial filing to make a final decision on the application. Within this timeframe, the agency can extend specific intervals—such as 45 days or 90 days—to collect more information or thoroughly consider public comments.

SEC從初始文件開始最多需要240天，以便對申請做出最終決定。在此時間範圍內，該機構可以擴展特定的間隔（例如45天或90天）來收集更多信息或徹底考慮公眾意見。

During its review, the SEC assesses several critical factors to determine if the altcoin is suitable for inclusion in an ETF.

在審查過程中，SEC評估了幾個關鍵因素，以確定AltCoin是否適合包含在ETF中。

The agency examines the exchange's market surveillance capabilities to ensure it can effectively monitor trading activities and prevent fraud or manipulation.

該機構檢查了交易所的市場監視能力，以確保它可以有效監控交易活動並防止欺詐或操縱。

Additionally, the SEC evaluates the custody solutions to guarantee the safekeeping of the altcoin, protecting it against theft or loss.

此外，SEC還評估了監護解決方案，以保證對山寨幣的保管，從而防止盜竊或損失。

Finally, the agency considers the liquidity and market size of the altcoin, assessing its maturity through indicators like trading volume and market capitalization to ensure it can adequately support an ETF structure.

最後，該機構考慮了Altcoin的流動性和市場規模，通過諸如交易量和市值之類的指標來評估其成熟度，以確保它可以充分支持ETF結構。

After reviewing all the relevant materials and feedback, the SEC can decide whether to approve the ETF application, allowing the ETF to be listed and traded on the exchange.

在審查了所有相關材料和反饋之後，SEC可以決定是否批准ETF申請，從而允許在交易所列出ETF並交易ETF。

However, if the SEC identifies any concerns—such as insufficient investor protection or evidence of market manipulation—it may choose to deny the application.

但是，如果SEC確定了任何問題（例如不足的投資者保護或市場操縱證據），則可能會選擇拒絕該應用程序。

Moreover, if the agency requires more time to collect information or engage with public feedback, it can choose to delay the application further.

此外，如果該機構需要更多時間來收集信息或參與公共反饋，則可以選擇進一步延遲申請。

Current altcoin spot ETF application landscape

當前的Altcoin斑點ETF應用程序格局

Following the approval of Bitcoin and Ethereum spot ETFs in the United States earlier this year, asset managers have expanded their focus to other cryptocurrencies.

在今年早些時候在美國批准了比特幣和以太坊斑點ETF之後，資產管理者將重點擴大到其他加密貨幣。

Major firms Grayscale Investments, Bitwise, VanEck, and Canary Capital have filed applications with the U.S. SEC for ETFs tied to cryptocurrencies such as XRP, Solana, Hedera, and Litecoin.

主要公司灰度投資，位，Vaneck和Canary Capital已向美國SEC提出了與XRP，Solana，Hedera和Litecoin等加密貨幣相關的ETF的申請。

Among these, Litecoin has a higher likelihood of approval in 2025, according to analysts from Bloomberg Intelligence, who assign a 90% probability. Meanwhile, Dogecoin, Solana, and XRP are seen with 75%, 70%, and 65% chances, respectively.

彭博情報局的分析師稱，其中萊特幣在2025年的批准可能性更高，他們分配了90％的概率。同時，Dogecoin，Solana和XRP的機會分別為75％，70％和65％的機會。

In the international scene, Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), has approved the world’s first Spot XRP ETF—Hashdex Nasdaq XRP Index Fund.

在國際舞台上，巴西的證券監管機構ComissãodeValoresMobiliários（CVM）已批准了世界上第一個位置XRP ETF -Hashdex Nasdaq XRP Index Fund。

This ETF will allow investors to gain direct exposure to XRP through Brazil's B3 stock exchange without the need to purchase and store the cryptocurrency themselves.

該ETF將允許投資者通過巴西的B3證券交易所直接接觸XRP，而無需購買和存儲加密貨幣。

Why is there a sudden rise in altcoin spot ETF applications?

為什麼AltCoin斑點ETF應用突然增加？

Several factors have contributed to the surge in altcoin spot ETF applications.

幾個因素導致了Altcoin Spot ETF應用的激增。

Growing investor demand: Investors are increasingly seeking diversified exposure

投資者的需求不斷增長：投資者越來越多地尋求多元化的風險