There are currently 36 cryptocurrencies with a total of 155 spot ETFs applications. You can check if the Token you hold has applied or not. If it hasn’t, it means this Token isn’t even bothering to put on a show (this isn’t meant as an insult). Yes, a large portion of these applying institutions have very low net worth and minimal presence—they’re basically paid by project teams to submit these applications. The purpose of applying is to signal to the market: 'We’re still working hard to build.' Of course, not applying doesn’t mean they’re not serious about their projects. It’s just that this is one way to pump the price, and also a way to market in the crypto space. Plus, it’s relatively cheap. At least it shows these Tokens still have aspirations to enter the traditional market. Thanks to @JSeyff for the summary.