SOL, XRP Lead Spot ETF Applications With 6, 10 Institutions

All altcoins that have submitted applications for spot ETFs are either "US Coins" or part of the WLFI investment portfolio. According to on-chain analyst ai_9684xtpa's statistics, there are currently 9 meme coins and 4 meme tokens that have submitted spot ETF applications. The meme coins include SOL, XRP, LTC, ADA, AVAX, APT, SUI, MOVE, and TRX, while the meme tokens include DOGE, TRUMP, BONK, and PENGU. The most popular spot ETF applications are for SOL and XRP, with 6 and 10 institutions applying, respectively. The most recently submitted application was for a TRX spot ETF by Canary Capital on April 19th.

Spot ETF applications need to be submitted by exchanges on behalf of the issuer using a 19b-4 filing, rather than directly by the issuer. Subsequently, the preparation of the S-1 filing costs about $100,000. Theoretically, the U.S. spot ETF application process can take up to 240 days, but if the SEC requests multiple amendments or additional materials, the final timeline may be extended. The process includes: submitting a 19b-4 filing; SEC review period (up to 240 days); approval of the S-1 registration statement; and final listing for trading.

The BTC spot ETF was first applied for by BlackRock in June 2023 and was officially approved on January 10, 2024. The ETH spot ETF was initially applied for by VanEck in September 2023 and was officially approved on May 23, 2024. Among the spot ETF applications submitted, SOL, XRP, LTC, ADA, and SUI are all considered "American coins," with teams having abundant U.S. resources or originally being U.S. native teams, while the remaining AVAX, APT, MOVE, and TRX are all part of WLFI's investment portfolio.