- Solana has eight pending ETF applications.
- XRP follows with seven ETF applications.
- Grayscale is seeking to convert five trusts into ETFs.
The U.S. Securities and Exchange Commission (SEC) is currently facing one of the heaviest backlogs in the digital asset space, with at least 92 exchange-traded product applications tied to cryptocurrencies awaiting review.
According to analysts, Solana (SOL) and XRP (XRP) are leading the wave of filings, each with multiple ETF proposals under consideration.
This trend highlights growing institutional demand for controlled exposure to altcoins via regulated investment vehicles, even as the SEC continues to deliberate on its stance toward crypto products.
New filings have accelerated in recent months, signaling that the market may be preparing for a broader expansion of crypto ETFs.
Solana and XRP lead with 15 combined ETF applications
Solana and XRP have emerged as front-runners among altcoins in terms of ETF interest.
Analyst James Seyffart reported that Solana currently has eight pending ETF applications, while XRP has seven.
Both tokens rank among the most actively pursued crypto assets after Bitcoin (BTC) and Ether (ETH).
Analyst Eric Balchunas noted on April 21 that 72 crypto-related ETF applications were awaiting SEC review at that time.
With the total now at 92, twenty additional applications have been filed in just four months, reflecting increased momentum across the industry.
The filings cover proposals that would offer exposure not only to Solana and XRP but also to other altcoins, plus three ETFs linked to Bitcoin and Ether.
Grayscale and 21Shares push for Ether staking ETFs
Two major players in the digital asset space, Grayscale and 21Shares, are also among the lineup awaiting SEC decisions. Both firms are seeking approval for Ether staking ETFs.
Earlier this month, the SEC clarified that certain liquid staking activities fall outside its regulatory scope, a development that could affect how such filings are evaluated.
Grayscale is additionally pursuing the conversion of five existing trusts into ETFs.
These proposals include three publicly traded funds and two private trusts, covering exposure to Litecoin, Solana, Dogecoin, XRP and Avalanche.
If approved, those conversions would broaden ETF access across a wider set of cryptocurrencies.
Market analysts expect ETF approvals to fuel an altcoin rally
The potential impact of SEC decisions on altcoin markets remains a central focus for traders.
Analysts at Bitfinex observed that a broader rally across altcoins is unlikely until more crypto ETFs obtain approval.
This view underscores the role regulatory clarity can play in shaping both institutional and retail participation in the sector.
Meanwhile, market commentators such as Nate Geraci, president of NovaDius Wealth Management, have pointed to the volume of filings as evidence that the “floodgates” for crypto ETFs may soon open.
BlackRock dominates with $71.40 billion in ETF inflows
While new applications continue to accumulate, global asset manager BlackRock has already taken a leading position within the crypto ETF category.
The iShares Bitcoin Trust ETF (IBIT) has drawn $58.28 billion in net inflows since launch.
The iShares Ethereum Trust ETF (ETHA) has collected $13.12 billion in inflows, according to data from Farside Investors.
The IBIT fund now holds more than 3% of Bitcoin’s circulating supply. Reports also indicate that ETHA may soon surpass Coinbase to become the single largest holder of Ether.
Notably, IBIT is currently generating more annual fee revenue for BlackRock than its flagship S&P fund, the iShares Core S&P 500 ETF (IVV).
That result stems from fee structure differences: IBIT carries a 0.25% expense ratio compared with just 0.03% for IVV.