2025 is shaping up to be a pivotal year for cryptocurrency exchange-traded funds (ETFs), as highlighted by insights from Laser Digital, the digital asset division of Nomura. The company forecasts that more than a dozen crypto ETFs could potentially debut in the United States this year, pending the critical approval from the Securities and Exchange Commission (SEC).
Recent reports from Laser Digital indicate that asset managers have already put forward 12 filings to the SEC for review. Among the proposed products are an innovative ProShares ETF aimed at tracking the S&P 500's returns via bitcoin, a combined bitcoin and ether ETF, as well as ETFs based on the popular cryptocurrencies litecoin, XRP, and Solana.
Notably, Laser Digital anticipates that the bitcoin/ether ETF is likely to be the first to win approval. The successful launch of spot bitcoin ETFs in the U.S. back in January last year has established a promising precedent for future offerings. One standout example is Blackrock's iShares Bitcoin Trust (IBIT), which remarkably gathered around $53 billion in assets under management within its first 11 months, surpassing all previous ETF launches.
This success story exemplifies the growing traction and investor appetite for cryptocurrency-related financial products. Moreover, the recent changes within the SEC's leadership dynamics are contributing to this optimistic sentiment surrounding crypto ETFs. The appointment of Paul Atkins, a known proponent of cryptocurrency, as the new chairman of the SEC and the exit of former chairman Gary Gensler, imply a potential easing of the legal hurdles that have historically encumbered crypto companies.
This shift in regulatory stance is widely perceived to bolster the chances of approval for the emerging range of ETFs. Laser Digital envisions a continued expansion of the ETF market, particularly with respect to assets under management (AUM), and foresees increased adoption by institutional investors throughout 2025.
Furthermore, this anticipated growth may gain additional momentum from the political landscape, where President-elect Donald Trump is expected to assume office once again, bringing with him a cadre of regulators perceived to be more accommodating toward cryptocurrency initiatives. In a significant development within this arena, asset manager Grayscale has set its sights on converting its Grayscale Solana Trust (GSOL) into an ETF by December, marking yet another pivotal shift in the cryptocurrency ETF landscape.
This signals that the momentum towards institutional adoption of cryptocurrency ETFs is not just a trend, but rather a foundational change in how digital assets are perceived and integrated into mainstream financial products..