- Solana has eight ETF applications pending.
- XRP follows with seven ETF applications.
- Grayscale seeks to convert five trusts into ETFs.
The U.S. Securities and Exchange Commission (SEC) is facing one of its largest backlogs in the digital assets sector, with at least 92 cryptocurrency exchange-traded product (ETP/ETF) applications currently awaiting review.
Industry analysts point to Solana (SOL) and XRP (XRP) as the leading altcoins in the current wave of filings, each with multiple ETF proposals under consideration. These submissions reflect growing institutional interest in gaining regulated exposure to a wider range of cryptocurrencies beyond Bitcoin and Ether.
The pace of filings has accelerated in recent months, suggesting that market participants are positioning for a broader expansion of crypto ETFs should the SEC grant approvals. Increased activity in the application pipeline highlights both investor demand for diversified crypto products and the regulatory decisions that will shape market access.
Solana and XRP lead with 15 ETF applications
Solana and XRP have emerged as the most actively pursued altcoins for ETF exposure. Analyst James Seyffart reported that Solana currently has eight ETF applications pending, while XRP has seven.
Both tokens rank immediately behind Bitcoin (BTC) and Ether (ETH) in terms of ETF interest. Earlier this year, analyst Eric Balchunas noted that 72 crypto-related ETFs were awaiting SEC review; the current total of 92 indicates roughly 20 additional filings in about four months, underscoring rising momentum across the industry.
The filings cover a variety of approaches, including proposals focused specifically on Solana and XRP as well as broader altcoin baskets. They also include additional ETFs tied to Bitcoin and Ether, reflecting a multi-pronged push to expand regulated crypto investment vehicles.
Grayscale and 21Shares push for Ether staking ETFs
Major digital asset managers such as Grayscale and 21Shares are also in the SEC queue. Both firms have filed proposals for Ether staking ETFs, a product class that aims to provide investors exposure to staking rewards without requiring direct custody or technical management of staked ETH.
This month the SEC clarified that certain liquid staking activities may fall outside its regulatory purview, a development that could influence how staking-related ETF applications are evaluated. That guidance may affect both the structure of filings and the regulator’s assessment of associated custody or operational risks.
Grayscale is additionally pursuing the conversion of five existing trusts into ETFs. The proposed conversions cover three publicly traded funds and two private trusts, offering exposure to Litecoin, Solana, Dogecoin, XRP, and Avalanche. If approved, these conversions would broaden ETF accessibility to a wider range of cryptocurrencies and could reshape institutional and retail allocation to altcoins.
Market analysts expect ETF approval to drive altcoin rally
Traders and analysts are watching SEC decisions closely for signs that greater regulatory clarity could spur renewed interest in altcoins. Analysts at Bitfinex commented that a broad altcoin rally is unlikely until more crypto ETFs receive approval, highlighting the importance of regulated on-ramp products for larger-scale flows.
Market observers, including Nate Geraci of NovaDius Wealth Management, point to the volume of pending filings as evidence that the industry is preparing for significant ETF expansion, characterizing the situation as “crypto ETF floodgates about to open.” While opinions vary, many see approvals as a catalyst that could materially increase institutional and retail participation in altcoins.
BlackRock dominates with $71.40 billion ETF inflows
Amid the surge of new filings, global asset manager BlackRock has already established a dominant position in the crypto ETF landscape. Its iShares Bitcoin Trust ETF (IBIT) has collected substantial net inflows since launch, while its iShares Ethereum Trust ETF (ETHA) has also drawn significant capital.
According to data compiled by market observers, IBIT has gathered roughly $58.28 billion in net inflows, and ETHA has attracted approximately $13.12 billion. IBIT now represents more than 3% of Bitcoin’s circulating supply, and recent reports indicate ETHA may soon rank among the largest single holders of Ether, possibly exceeding major custodians.
IBIT’s fee structure has also translated into notable revenue for BlackRock. With an expense ratio of 0.25% compared with 0.03% for the firm’s flagship iShares Core S&P 500 ETF (IVV), IBIT currently generates more annual fee revenue than IVV, illustrating how crypto products can materially affect asset manager economics even as the regulatory landscape evolves.