2025 could be a big year for cryptocurrency exchange-traded funds (ETFs), according to Laser Digital, the digital asset subsidiary of financial services giant Nomura.

More than twelve crypto ETFs could be launched in the U.S. this year, if approved by the Securities and Exchange Commission (SEC), Laser Digital said in a report last week.

Asset managers have submitted 12 filings to the SEC to date, the report noted, and potential products include a ProShares ETF that denominates the S&P 500’s return in bitcoin, a combined bitcoin/ether ETF, and litecoin, XRP and Solana based products.

Laser Digital said a bitcoin/ether ETF is likely to get approval first.

The launch of spot bitcoin ETFs in the U.S. in January last year was a resounding success. Blackrock’s iShares Bitcoin Trust (IBIT) amassed about $53 billion in assets under management in its first 11 months, beating all previous ETF launches.

With the appointment of crypto-friendly Paul Atkins as chairman of the SEC, and the exit of Gary Gensler, ongoing lawsuits against crypto companies are likely to fade away, the report said, and this makes the approval of these new ETFs more likely.

The ETF market is expected to continue to grow in terms of AUM, Laser Digital said, and will see wider adoption by institutional investors in 2025, more so with President-elect Donald Trump back in office supported by a team of crypto-friendly regulators.

Asset manager Grayscale said it was looking to convert its Grayscale Solana Trust (GSOL) into an ETF in December.

Read more: Grayscale Files to Convert Solana Trust Into ETF