- Solana has eight ETF filings pending.
- XRP follows with seven ETF filings.
- Grayscale seeks to convert five trusts into ETFs.
The U.S. Securities and Exchange Commission (SEC) now faces one of its heaviest backlogs in the digital-asset space, with at least 92 cryptocurrency exchange-traded product filings awaiting review.
According to analysts, Solana (SOL) and XRP (XRP) are leading the wave of submissions, each with multiple filings under consideration.
The trend highlights growing institutional demand for regulated investment vehicles that provide exposure to altcoins, even as the SEC continues to weigh its stance on crypto products.
The pace of new filings has accelerated in recent months, suggesting the market is positioning itself for a broader expansion of cryptocurrency ETFs.
Solana and XRP lead with 15 ETF filings
Solana and XRP have emerged as frontrunners among altcoins in ETF interest.
Analyst James Seyffart reported that Solana currently has eight ETF filings pending, while XRP has seven.
Both tokens rank among the most sought-after crypto assets after Bitcoin (BTC) and Ether (ETH).
Analyst Eric Balchunas noted on April 21 that 72 crypto-related ETFs were already awaiting SEC review at that time.
With the count now at 92, an additional 20 filings have been added in just four months, signaling growing momentum across the industry.
The filings include proposals offering exposure not only to Solana and XRP but also to other altcoins, along with three ETFs tied to Bitcoin and Ether.
Grayscale and 21Shares push Ether staking ETFs
Two major players in the digital-asset space, Grayscale and 21Shares, are also in the SEC’s current queue. Both are seeking approval for Ether staking ETFs.
Earlier this month, the SEC clarified that some liquid staking activities fall outside its regulatory reach, a development that could influence how such filings are evaluated.
Grayscale is also pursuing a significant conversion of five existing trusts into ETFs.
These include three publicly traded funds and two private trusts covering exposure to Litecoin, Solana, Dogecoin, XRP and Avalanche.
If approved, such 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 focal point for traders.
Analysts at Bitfinex observed on Monday that a wider altcoin rally is unlikely until more crypto ETFs receive approval.
This view underscores the role regulatory clarity could play in shaping both institutional and retail participation in the sector.
Meanwhile, market commentators like Nate Geraci, president of NovaDius Wealth Management, have pointed to the large volume of filings as evidence of what they describe as “crypto ETF floodgates about to open.”
BlackRock dominates with $71.4 billion in ETF inflows
As new filings accumulate, global asset manager BlackRock has already secured a dominant position in the cryptocurrency ETF category.
Its iShares Bitcoin Trust (IBIT) has drawn $58.28 billion in net inflows since launch.
Its iShares Ethereum Trust (ETHA) has accumulated $13.12 billion in inflows, according to Farside Investors data.
The IBIT fund now holds more than 3% of Bitcoin’s total circulating supply. A report on Wednesday also suggested ETHA could soon surpass Coinbase as the largest individual holder of Ether.
Notably, IBIT now generates more annual fee revenue for BlackRock than its flagship S&P fund, the iShares Core S&P 500 ETF (IVV).
This is due to fee structure: IBIT carries an expense ratio of 0.25% versus IVV’s 0.03%.