Big Week for Crypto ETFs With XRP, Solana, and More News

Canary Capital Files S-1 for SUI ETF Amid World Liberty Financial Partnership

Canary Capital has filed an S-1 registration statement with the SEC for a spot ETF tracking SUI, the native token of the Sui Network. This filing follows the establishment of a statutory trust for the ETF in Delaware on March 6. The initiative aligns with World Liberty Financial's recent partnership with the Sui blockchain to develop new products and integrate Sui assets into its Macro Strategy fund. Subsequently, SUI’s value surged over 10% after the partnership announcement, with the ETF filing contributing to an additional 3% price increase. In addition to the SUI ETF, Canary Capital is actively exploring other crypto ETF options, including one for the AXL token from the Axelar Network and potential funds for assets like Litecoin, XRP, Solana, and Hedera. Notably, their Litecoin ETF is registered under the ticker LTCC with the Depository Trust and Clearing Corporation.

Nasdaq Files for 21Shares Spot Polkadot ETF, Offering Regulated Access to DOT Tokens

Nasdaq has filed Form 19b-4 with the US SEC for a spot Polkadot ETF on behalf of 21Shares, allowing investors regulated exposure to the digital asset without direct ownership of DOT tokens. This initiative is part of 21Shares' expansion into crypto ETFs, which include offerings for Solana, XRP, and staking-focused Ethereum products. Currently, Polkadot's market capitalization is approximately $6.7 billion, although DOT has recently experienced a modest downturn of 1.12% following the ETF filing.

Grayscale Investments is also pursuing a spot Polkadot ETF, indicating significant interest in this asset class. Moreover, while the SEC has postponed rulings on several other cryptocurrency ETFs, the move toward a Polkadot ETF reflects a growing trend of institutional engagement in the digital asset space. As the market remains volatile, the ETF proposal highlights opportunities for investors seeking to benefit from Polkadot’s potential growth.

Volatility Shares Launches First Solana ETFs, Signaling Potential for Spot Products

Volatility Shares is set to launch two exchange-traded funds (ETFs) linked to Solana's price performance on March 21, 2025. The ETFs include the Volatility Shares Solana ETF (ticker SOLZ), which offers exposure to Solana futures contracts, and the Volatility Shares 2X Solana (ticker SOLT), which aims for double the daily return of Solana's price. SOLZ and SOLT will have expense ratios of 0.95% and 1.85%, respectively.

Despite initial low interest in Solana futures on the Chicago Mercantile Exchange compared to Bitcoin and Ether, the launch of these ETFs may indicate a promising outlook for spot Solana ETFs, with several asset managers, including Franklin Templeton and VanEck, seeking approval. The successful introduction of Solana futures ETFs could pave the way for future spot products in the cryptocurrency market, highlighting growing institutional interest in Solana investments.

Bitnomial Dismisses SEC Lawsuit, Set to Launch XRP Futures Amid Ripple Legal Win

Bitnomial, a CFTC-regulated exchange based in Chicago, has dismissed its lawsuit against the SEC, citing the agency's overreach regarding its XRP futures product. This move follows Ripple’s recent legal victory, with the SEC dropping its appeal against the company. Bitnomial plans to launch its XRP futures product on March 20, 2025, marking the introduction of the first-ever CFTC-regulated, physically settled XRP futures in the U.S. The exchange asserts that, since a Southern District of New York ruling determined XRP is not a security in secondary offerings, its futures fall under CFTC jurisdiction. Bitnomial's prior lawsuit, initiated in October 2024, claimed that the SEC improperly asserted authority over its product amid regulatory uncertainty. With improved regulatory clarity, Bitnomial aims to capitalize on this opportunity in the growing crypto market, as several firms seek crypto exchange-traded funds, including those linked to XRP.

Canary Capital Launches First ETF Featuring PENGU Token and Pudgy Penguins NFTs

Canary Capital has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a groundbreaking exchange-traded fund (ETF) that will invest primarily in the PENGU meme coin and Pudgy Penguins NFTs. This ETF marks a significant step in merging digital assets with traditional finance, being the first to combine a cryptocurrency and NFTs. Following the announcement, Pudgy Penguins' NFT floor price surged above 10 ETH, reflecting increased investor interest. The ETF will provide regulated access to these digital assets, potentially expanding their appeal within the investment community and impacting the NFT market positively.