Altcoins and Meme Tokens Seek Spot ETF Approval Amid Growing Interest

According to BlockBeats, nine altcoins and four meme tokens have recently submitted applications for spot ETFs. The altcoins include SOL, XRP, LTC, ADA, AVAX, APT, SUI, MOVE, and TRX, while the meme tokens are DOGE, TRUMP, BONK, and PENGU. Among these, SOL and XRP have garnered the most interest, with six and ten institutions applying, respectively. The latest application was submitted by Canary Capital for a TRX spot ETF on April 19. The first BTC spot ETF application was submitted by BlackRock in June 2023 and received approval on January 10, 2024. Similarly, VanEck submitted the first ETH spot ETF application in September 2023, which was approved on May 23, 2024. Among the altcoins with submitted spot ETF applications, SOL, XRP, LTC, ADA, and SUI are considered 'American coins,' with teams having significant U.S. resources or being originally U.S.-based projects. The remaining altcoins, AVAX, APT, MOVE, and TRX, are part of WLFI's investment portfolio. The process for spot ETF applications requires exchanges to submit a 19b-4 document on behalf of the issuers, rather than direct submissions by the issuers themselves. Drafting the subsequent S-1 document incurs a cost of approximately $100,000. Theoretically, the U.S. spot ETF application process can take up to 240 days, but this timeline may extend if the SEC requests multiple revisions or additional materials. The process involves submitting the 19b-4 document, undergoing an SEC review period of up to 240 days, obtaining approval for the S-1 registration statement, and finally listing the ETF for trading.