These Altcoins Are Currently Waiting for ETF Approval

Several major altcoins still have spot ETF applications sitting on the SEC's desk, with decisions expected as late as March 27, 2026. While Bitcoin, Ethereum, Solana, XRP, Dogecoin, Chainlink, Litecoin, and Hedera have already crossed the finish line, a second wave of tokens is stuck in regulatory limbo. If approved, these funds could channel billions in institutional capital toward assets that many traditional investors still can't easily access.

The backlog is partly the SEC's own doing. The U.S. government shutdown in late 2025 froze reviews for weeks, and even after federal agencies reopened in early February 2026, the queue remained deep. There are currently over 100 outstanding crypto ETF filings covering roughly 35 different assets. Not all will make it. But the ones below have real momentum behind them.

Which Altcoins Have Pending Spot ETF Applications?

Cardano (ADA) is one of the most closely watched. Grayscale registered its Cardano Trust ETF (ticker: GADA) as a Delaware Statutory Trust in August 2025, with plans to list on NYSE Arca. After multiple deadline extensions caused by the government shutdown, the final decision has been pushed into Q1 2026. Both 21Shares and Bitwise also have pending ADA filings, some of which include staking rewards.

Aave (AAVE) jumped into the conversation just days ago. On February 13, 2026, Grayscale filed an S-1 to convert its Aave Trust into the Grayscale Aave Trust ETF (ticker: GAVE), with a planned listing on NYSE Arca. The fund would hold AAVE tokens directly, charge a 2.5% fee, and use Coinbase as custodian. Bitwise had already filed a separate AAVE application back in December 2025. Aave is the largest DeFi lending protocol, with over $27 billion in total value locked, making it a strong candidate for the first DeFi-native spot ETF in the U.S.

Polkadot (DOT) has filings from both 21Shares and VanEck targeting a spot structure. These were submitted in 2025, but SEC extensions have pushed reviews into 2026. An approved DOT ETF could also include staking yields, with decisions potentially arriving by March.

Avalanche (AVAX) has active filings from Bitwise and Canary Capital. AVAX has a key advantage: it already trades on CME futures markets, which historically makes the SEC more comfortable with surveillance requirements. Bloomberg analysts have rated approval odds relatively high for this one.

Cronos (CRO) entered the picture on February 13, 2026, when Trump Media's Truth Social Funds filed for a Cronos Yield Maximizer ETF. The product would invest in and stake CRO tokens, with Crypto.com providing custody and staking services.

Sui (SUI) has spot ETF filings from both 21Shares and REX Shares. REX's proposal notably includes staking. A leveraged SUI product was already filed in 2025, and spot versions are now under SEC scrutiny. If approved, SUI could be among the first staking-enabled ETFs on U.S. exchanges.

Sei (SEI) filings from 21Shares and Canary emphasize on-chain yield through staking rewards. However, the SEC has requested additional analysis, and approval looks unlikely before Q2 2026 at the earliest.

Zcash (ZEC) rounds out the list. Grayscale filed to convert its ZEC Trust into an ETF in November 2025. The trust holds roughly 1.4% of the total ZEC supply. As a privacy-focused asset, Zcash may face extra regulatory scrutiny, but the filing shows Grayscale is betting the SEC's expanded framework will accommodate it.

What Is the SEC Looking For?

The common thread across these pending applications is the SEC's preference for assets with established futures markets, strong surveillance agreements, and low manipulation risk. The agency's September 2025 approval of generic listing standards streamlined the process, but it did not remove all barriers. Assets without CME futures listings, or those facing securities classification questions, will likely wait longer.

Bloomberg Intelligence analysts Eric Balchunas and James Seyffart have been tracking approval odds throughout the cycle. By mid-2025, they placed Cardano, Polkadot, and Avalanche at 90% probability, with SUI lower at 60%. After the generic listing standards passed in September, Balchunas raised odds for the major altcoins to effectively 100%. Those estimates were made before the government shutdown froze the pipeline, but the underlying logic holds: tokens trading on regulated futures markets (like Coinbase Derivatives) with established liquidity profiles remain the strongest candidates. Newer or less mature filings, including Sei, Zcash, and Cronos, were not included in Bloomberg's matrix and face longer odds.

Staking is another emerging factor. Multiple filings now propose passing staking rewards through to ETF holders, a feature that could set new precedent for how yield-generating assets interact with U.S. securities law.

What Happens Next?

Maximum decision deadlines for many of these filings extend to March 27, 2026, though approvals could come sooner. The SEC's post-shutdown backlog means several rulings may arrive in clusters, potentially moving markets in bunches. Not every application will succeed, but the volume of filings signals that Wall Street is not waiting for the SEC to catch up.

Sources:

• SEC EDGAR Grayscale's S-1 registration statement for the Aave Trust ETF conversion filed February 13, 2026.
• Galaxy Research SEC comment letter from Galaxy Digital outlining maximum decision deadlines and the generic listing standards timeline.
• Webopedia Overview of pending crypto ETF decisions for Cardano, Polkadot, Avalanche, Sei, and others heading into 2026.
• The Block Details on Trump Media's Cronos Yield Maximizer ETF filing and prior SEC delays.
• Decrypt Year-end summary of 2025 crypto ETF approvals including Solana, XRP, Litecoin, and Hedera launches.
• Bloomberg Intelligence via Yahoo Finance Eric Balchunas' approval odds analysis for pending altcoin spot ETF applications.