36 Cryptocurrency ETFs Awaiting SEC Approval in 2025

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The U.S. Securities and Exchange Commission (SEC) is currently reviewing a significant wave of cryptocurrency exchange-traded fund (ETF) applications, with 36 pending proposals as of late October 2025. This growing pipeline reflects increasing institutional interest in digital assets and signals a pivotal moment for crypto adoption in traditional finance.

According to data from Bloomberg Intelligence analyst James Seyffart, the SEC has already approved four Bitcoin-related ETFs to date. Among them, the Ark 21 Shares Bitcoin ETF, co-developed by 21 Shares and ARK Invest, has drawn particular market attention due to its high-profile backing and innovative structure.

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The Growing Pipeline of Crypto ETF Applications

The current backlog of 36 ETF applications underscores the intensifying competition among asset managers to capture early-mover advantage in the regulated crypto investment space. These funds span a range of strategies, asset focuses, and risk profiles, catering to diverse investor needs.

The most recent filings came on October 27 from AXS Investment, which submitted two distinct proposals:

This dual filing highlights a maturing market where investors are not only seeking exposure to Bitcoin’s upside but also hedging tools to manage downside risk—similar to traditional financial instruments.

Investment Strategies Across Pending ETFs

While the majority of pending ETFs aim to gain exposure to Bitcoin through direct ownership, futures contracts, or other derivatives, several adopt more nuanced approaches:

These varied strategies reflect an evolving understanding of how digital assets can fit into broader portfolio construction.

Ethereum ETFs Enter the Spotlight

While Bitcoin dominates the ETF landscape, Ethereum is steadily gaining traction. As of now, three Ethereum-focused ETFs are under SEC review:

These proposals aim to track the performance of Ether (ETH), the second-largest cryptocurrency by market capitalization. Their success could open the door to broader altcoin-based financial products in the future.

Regulatory clarity around Ethereum remains a key question. The SEC has not yet classified ETH as a security, giving these applications a potentially smoother path compared to other altcoins. However, approval is still subject to rigorous evaluation of custody solutions, market manipulation risks, and investor protection frameworks.

Why Crypto ETFs Matter for Mainstream Adoption

Cryptocurrency ETFs serve as a critical bridge between digital assets and traditional finance. They offer several advantages:

For many retail and institutional investors who remain cautious about holding crypto directly, ETFs provide a familiar, secure entry point.

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Frequently Asked Questions (FAQ)

Q: What is a cryptocurrency ETF?
A: A cryptocurrency exchange-traded fund (ETF) is an investment vehicle that tracks the price of digital assets like Bitcoin or Ethereum. It trades on traditional stock exchanges, allowing investors to gain exposure without directly owning or storing crypto.

Q: How many Bitcoin ETFs have been approved in the U.S.?
A: As of 2025, the SEC has approved four Bitcoin-related ETFs. The most notable is the Ark 21 Shares Bitcoin ETF, launched through a partnership between ARK Invest and 21 Shares.

Q: Are there any Ethereum ETFs available yet?
A: No Ethereum ETFs have been approved yet in the United States. However, three Ethereum-based proposals—VanEck Ethereum Trust, WisdomTree Ethereum Trust, and Kryptoin Ethereum Trust—are currently under SEC review.

Q: What are the risks of investing in a crypto ETF?
A: Risks include market volatility, regulatory uncertainty, tracking errors between the fund and underlying asset, and potential liquidity issues. Investors should also consider management fees and tax implications.

Q: Can crypto ETFs hold multiple cryptocurrencies?
A: Most current proposals focus on single-asset exposure (e.g., BTC or ETH). However, some hybrid funds plan to combine crypto holdings with blockchain-related equities or other financial instruments to balance risk and return.

Q: When might more crypto ETFs be approved?
A: Approval timelines depend on the SEC’s evaluation process, which considers market integrity, custody standards, and investor protection. While no official schedule exists, increased institutional demand and improved infrastructure may accelerate decisions in 2025.

The Road Ahead for Digital Asset Regulation

The surge in ETF applications indicates that asset managers are preparing for long-term integration of digital assets into mainstream portfolios. Regulatory progress—especially clear guidelines on custody, valuation, and anti-manipulation measures—will be crucial for sustained growth.

As the SEC continues its review process, each approval sets a precedent that shapes the future of crypto investing. The outcome will influence not only U.S. markets but also global financial centers watching closely for policy signals.

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Core Keywords

With over three dozen applications in the pipeline, 2025 could mark a turning point for crypto’s legitimacy in traditional finance. Whether through Bitcoin dominance or emerging Ethereum products, the path toward regulated, accessible digital asset investing is rapidly unfolding.