SEC filings signal institutional interest in crypto beyond Bitcoin

Filings with the US Securities and Exchange Commission signal institutional interest in crypto beyond Bitcoin. The pace of filings accelerated in the past months, with specific interest in Ethereum, Cardano, and Dogecoin. 

The pace of US SEC filings is accelerating, serving as a proxy indicator of institutional interest in crypto. The past few months showed increased filings for investment vehicles based on Ethereum, Cardano, and Dogecoin. Most ETF filings are focusing on legacy blue chip coins and tokens, while trying to secure Ethereum staking for additional passive income.

Based on Alphractal research, those assets drew the most institutional attention for their liquidity, social media presence, and legacy status. The filings include ETF documents, with up to 72 new funds proposed for discussion and approval by the SEC.

Alphractal tracks mentions of crypto assets in SEC filings, which may include other types of documents. The mention of altcoins does not necessarily mean an ETF launch. However, the mention of altcoins shows a shift in the focus of institutions. 

Legacy altcoins fulfill some of the mainstream criteria for higher liquidity and listings. For that reason, funds focus on top assets from previous bull markets. The final approvals and fund inflows remain uncertain. 

In the short term, ETF filings have boosted older altcoins and tokens like SUI and AVAX. Filings are also closely watched for XRP, with 19 ETF proposals active as of May 2025. 

Institutions grow their exposure to crypto

Institutional investors also grow their exposure to crypto directly, as noted in this quarter’s Coinbase survey. More than 75% of queried institutional investors stated they would increase crypto holdings in 2025.

When using direct buying, institutions usually take up stablecoins or tokenized assets. Direct altcoin buying remains rare due to the inherent risk. Crypto allocations are still considered relatively risky for some institutions. Recent estimates show up to $31T held in wealth management platforms are blocked from using BTC ETF as an investment. 

SEC filings do not promise an altcoin season

Institutions showed different criteria for selecting altcoins, often focusing on assets with legacy performance based on listings and used adoption. 

The growth of altcoin filings with the US SEC did not translate into a full altcoin season. The Altcoin season index still falls to new lows at 12 points. Altcoins are often seen as inactive compared to meme tokens but have more appeal to institutions due to their long history and reliable listings.

The increased volatility and potential for losses may also delay the long-awaited ETF filings. Even with mainstream investment products, altcoins have failed to rally to all-time highs from previous bull markets. 

One of the most prolific altcoin issuers, Grayscale, has also noted that its products do not reliably track altcoin valuations. The recently active LTCN ETP is trading at a discount, while the underlying LTC asset retains a higher valuation. LTC traded at $84.78, while the Grayscale product was at a discount equivalent of $64 per LTC.

Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now