The U.S. Securities and Exchange Commission (SEC) is sitting on an unprecedented 92 crypto ETF applications, according to Bloomberg Intelligence analyst James Seyffart.
Many of the filings face October deadlines, with Solana and XRP leading the pack.
Solana and XRP Dominate the Queue
Data shows Solana with eight applications and XRP with seven, making them the most sought-after altcoin ETFs after Bitcoin and Ethereum. The growing demand underscores a shift in institutional appetite toward alternative digital assets.
This marks a sharp increase from April, when 72 applications were on file. In just four months, 20 new proposals were submitted, including spot ETFs for Litecoin, Avalanche, and Dogecoin. Grayscale and 21Shares are among the firms pushing hardest, with Grayscale seeking to convert multiple trusts into ETFs and 21Shares recently filing for a spot SEI ETF.
Analysts Weigh In
Bloomberg’s Eric Balchunas noted that ETF filings are growing so quickly that “pretty soon there will be more crypto ETF filings than stocks.” 21Shares’ Andrew Jacobson added that the race has moved beyond first-mover advantage toward more innovative structures, especially those bridging DeFi with traditional finance.
Ray Youssef, CEO of NoOnes, believes established projects with real-world adoption will draw structured capital. He singled out Solana as a top candidate, pointing to treasury firms preparing to deploy tens of billions if a spot ETF wins approval.
Betting Markets Show Strong Odds
Prediction platforms mirror this optimism. On Polymarket, the chance of a Solana ETF approval by 2025 has climbed to 99%, up from 72% in May. XRP sits at 87%, while Dogecoin — the only memecoin with significant odds — has jumped to 82%.
If approvals land, analysts suggest the wave of new products could funnel massive inflows into altcoins, potentially setting the stage for the next market cycle.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
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