ETF issuers have, in recent months, plotted US products that would hold solana (SOL), XRP, litecoin (LTC) — even dogecoin (DOGE).
As they are mulled over by the SEC, the pile grows.
On Wednesday, we saw the inclusion of two assets in these proposals. Bitwise has filed an ETF to hold Aptos, while Canary Capital is planning one that will focus on Axelar.
Aptos, a blockchain layer-1 developed by Meta’s Diem engineers, uses the smart contract language Move.
Canary defines Axelar, a blockchain-based network which connects financial infrastructure and blockchains by providing interoperability.
The market caps of APT and AXL hover around $3.6 billion and $400 million, respectively — a far cry from the others mentioned.
Size is not everything.
In an email, Bitwise CIO Matt Hougan explained that when investing in layer-1s you are looking for differentiated, high-quality technology that is backed up by a solid team.
“That’s Aptos to a T,” He added. “You have sub-second transaction finality, heightened security against certain smart contract vulnerabilities and parallel processing that supports giant throughput — all backed by a team that traces its origins to Diem.”
Can you tell us why Axelar stands out from Canary
“I speak to developers a lot, and the dev team at Axelar is one of the most impressive I have met,” Canary CEO Steven McClurg told me about it. “Most projects build a community and market their coin before launching, but Axelar built real products and shipped [them] first.”
Bitwise has also filed for crypto ETFs that hold SOL, XRP, and DOGE. Canary has planned SOL and XRP products too — as well as ones focused on LTC and HBAR.
Hunter Horsley, Bitwise’s CEO said that some investors will not want to own a lot of crypto-ETFs with single assets. Instead, they could opt for index funds that track crypto assets (some of the early versions are already live).
Remember those odds that Bloomberg Intelligence gave in relation to product approvals? McClurg stated that he only expects two to three crypto ETFs in the first six months of this year. He did not say which ones.
“He added” “We are looking for the rising stars to put on the slate for the end of the year and into 2026.”
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