在比特币和以太坊之后，下一波加密货币ETF即将到来

去年美国比特币和以太坊ETF的批准仅仅是开始：主要发行人正计划推出更多的美国资金

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.

主要发行人计划推出更多的美国资金，旨在直接跟踪多种加密货币的价格，包括Dogecoin，Solana，XRP，甚至在去年美国比特币和以太坊ETF批准后，包括Dogecoin，Solana，XRP，甚至是特朗普硬币。

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，传统的金融巨头富兰克林·邓普顿（Franklin Templeton）提交了XRP Spot ETF的提案，这无疑是加密货币ETF领域的重要信号。尽管加密货币的本地机构，例如灰度，位和WisdomTree先前已经提交了类似的申请，但富兰克林·邓普顿（Franklin Templeton）的进入标志着传统金融巨头的正式进入这个新兴领域。

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.

资产管理巨头富兰克林·邓普顿（Franklin Templeton）管理着约1.5万亿美元的资产，该公司正在申请列出一个可以跟踪XRP价格的ETF，这是Ripple Labs发行的加密货币。周三向美国证券交易委员会提交的文件遵循其他几家公司的申请，列出了类似的产品，强调了对加密货币链接投资产品的日益增长的兴趣。

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.

富兰克林·邓普顿（Franklin Templeton）申请将富兰克林变量信托列为ETF，重点是XRP。该公司还试图列出一个加密货币指数基金，并有可能将产品扩大到比特币和以太坊之外。

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.

此举是因为SEC面临着现货加密货币ETF的申请积压，几位主要发行人已经提交了建议。本周早些时候，DEGI（R）可变信任应用于列出比特币加上标记ETF，而Rex共享和Osprey Funds为Solana ETF和Dogecoin ETF提交了申请。

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，美国比特币和以太坊ETF的认可仅仅是开始，为市场上更广泛的加密货币投资产品铺平了道路。

Solana ETF

Solana etf

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

现货索拉纳交换基金（ETF）可能是比特币和以太坊ETF的潜在替代方法。

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.

拟议的资金包括Vaneck Solana Trust，21shares Core Solana ETF，Canary Solana ETF和Bitwise Solana ETF，它们将直接跟踪Solana的价格。

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.

富兰克林·邓普顿（Franklin Templeton）于2月份提交了S-1注册声明，芝加哥董事会期权交易所（CBOE）于3月代表富兰克林·邓普顿（Franklin Templeton）提交了上市规则更改申请。

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，一些提议的Solana Futures ETF，例如Proshares Short Solana，Proshares 2X Solana和Vol Shares的Solana ETF，将使投资者能够对Solana的价格变动进行更复杂的赌注。

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，彭博分析师詹姆斯·塞法特（James Seyffart）表示，由于美国证券交易委员会（SEC）仍然需要评估一批现货Solana ETF应用程序，因此现场和期货索拉纳ETF可能直到2026年才开始在美国进行交易。 SEC于2月6日承认Grayscale的SOLANA ETF申请，并正在就该申请寻求公众评论，一位分析师表示，该申请标志着该机构进入“新领土”。

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天才能做出决定，但是关于Solana是否担保的诉讼可以延长该过程。但是，如果批准了现货Solana ETF，那么它吸引的投资资金可能是巨大的。摩根大通分析师预测，Solana ETF可以带来40亿至80亿美元的投资。

Dogecoin ETF

Dogecoin etf

Some issuers have expressed plans to launch spot Dogecoin ETFs.

一些发行人已经表示计划推出现场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股票在一月份申请了Rex-Osprey Doge ETF，位资产管理还注册了特拉华州的Dogecoin ETF实体。此外，加密货币投资公司Grayscale还计划推出Dogecoin ETF，并于1月底启动了Dogecoin Trust基金，然后提交了一份申请将其转换为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的申请，但在3月推迟了其决定，将最终决定的截止日期延长至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.

彭博社高级ETF分析师埃里克·巴尔库纳斯（Eric Balchunas）在1月份表示，理论上可以在4月份开始发射Dogecoin ETF，这取决于使联邦监管机构能够在75天的快速投资产品提案中权衡典型的八到九个月的审查期。

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.

围绕着与涟漪相关的XRP的资金，例如Rex-osprey XRP ETF，Canary XRP ETF和21Shares Core XRP Trust，正在审查中。

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，总部位于芝加哥的CBOE Exchange向联邦监管机构申请并交易四个位置XRP ETF，显示了不断增长的投资者对追踪Ripple Labs的加密资产的资金的兴趣。富兰克林·邓普顿（Franklin Templeton）也在三月份加入队伍。

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月底确认了多个XRP ETF申请，并表示将在21天内提交评论。如果获得XRP ETF的批准，JPMorgan分析师预计这些资金可能会带来30亿美元至60亿美元的投资。

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期货ETF（例如Proshares Short XRP和Proshares 2X XRP）也在考虑，前者允许投资者短暂XRP，后者使投资者能够对XRP的未来价格变动进行利用。