美国总统唐纳德·特朗普（Donald Trump）的返回办公室已引发了对山寨币的重新机构利益

这次激增反映了对山寨币作为可行投资机会的越来越多的认识。在本文中，我们将深入研究动态的Altcoin ETF景观

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.

美国总统唐纳德·特朗普（Donald Trump）的重返职务激发了对山寨币的重新机构利益，从而导致了Altcoin现货交易所交易资金（ETFS）的申请激增。这种兴趣是由对AltCoins作为可行的投资机会的广泛认可所致，尤其是在机构投资者中。

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.

在今年早些时候获得比特币（BTC）和以太坊（ETH）ETF的批准之后，资产管理人员现在正在积极追求为其他主要山寨币创建现货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应用主要重点的AltCoins包括Solana（Sol），Litecoin（LTC），Polkadot（DOT）和XRP。由于其不同的特性，技术能力以及申请它们的资产经理的优势，因此选择了这些山寨币。

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，我们将仔细研究Altcoin ETF应用程序的动态格局，强调针对ETF的关键Altcoins以及潜在的市场影响和监管挑战。

What is an altcoin spot ETF application?

什么是Altcoin Spot ETF应用程序？

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应用程序是向监管机构提交的正式请求，以创建一个直接将Altcoins（比特币以外的加密货币）作为基础资产持有的交换基金（ETF）。

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

这使得投资者可以在不必购买和存储Altcoins本身的情况下获得对Altcoins实时市场价格的监管风险。

How does an altcoin spot ETF application work?

Altcoin spot ETF应用程序如何工作？

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).

在美国申请此类ETF的过程涉及几个详细的步骤，这些步骤主要由证券交易委员会（SEC）监督。

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.

它始于资产管理公司提议ETF，并与国家证券交易所（例如NYSE，NASDAQ-100（NDAQ）或CBOE）合作，将列出ETF。此交换在申请过程中起关键作用。

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.

他们一起向SEC提交了19b-4表格，并提出了规则更改，以列出并交易新的Altcoin lot ETF。此表格包括有关ETF结构，基础资产（Altcoin），监护权安排以及防止欺诈性和操纵性实践的措施的详细信息。

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表格后，SEC启动了结构化的审查过程。拟议的规则更改发表在联邦公报上，开始了正式的审查期。

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.

该出版物也是公众评论的机会，允许各种利益相关者（包括行业专家，投资者和其他有关方面）分享他们对拟议ETF的反馈。

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从初始文件开始最多需要240天，以便对申请做出最终决定。在此时间范围内，该机构可以扩展特定的间隔（例如45天或90天）来收集更多信息或彻底考虑公众意见。

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

在审查过程中，SEC评估了几个关键因素，以确定AltCoin是否适合包含在ETF中。

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

该机构检查了交易所的市场监视能力，以确保它可以有效监控交易活动并防止欺诈或操纵。

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

此外，SEC还评估了监护解决方案，以保证对山寨币的保管，从而防止盗窃或损失。

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.

最后，该机构考虑了Altcoin的流动性和市场规模，通过诸如交易量和市值之类的指标来评估其成熟度，以确保它可以充分支持ETF结构。

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.

在审查了所有相关材料和反馈之后，SEC可以决定是否批准ETF申请，从而允许在交易所列出ETF并交易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确定了任何问题（例如不足的投资者保护或市场操纵证据），则可能会选择拒绝该应用程序。

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，如果该机构需要更多时间来收集信息或参与公共反馈，则可以选择进一步延迟申请。

Current altcoin spot ETF application landscape

当前的Altcoin斑点ETF应用程序格局

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.

在今年早些时候在美国批准了比特币和以太坊斑点ETF之后，资产管理者将重点扩大到其他加密货币。

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.

主要公司灰度投资，位，Vaneck和Canary Capital已向美国SEC提出了与XRP，Solana，Hedera和Litecoin等加密货币相关的ETF的申请。

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.

彭博情报局的分析师称，其中莱特币在2025年的批准可能性更高，他们分配了90％的概率。同时，Dogecoin，Solana和XRP的机会分别为75％，70％和65％的机会。

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.

在国际舞台上，巴西的证券监管机构ComissãodeValoresMobiliários（CVM）已批准了世界上第一个位置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.

该ETF将允许投资者通过巴西的B3证券交易所直接接触XRP，而无需购买和存储加密货币。

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

为什么AltCoin斑点ETF应用突然增加？

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

几个因素导致了Altcoin Spot ETF应用的激增。

Growing investor demand: Investors are increasingly seeking diversified exposure

投资者的需求不断增长：投资者越来越多地寻求多元化的风险