A record 92 crypto ETFs are now awaiting approval by the U.S. Securities and Exchange Commission (SEC), highlighting growing institutional demand for digital assets. According to Bloomberg Intelligence analyst James Seyffart, most of these applications face final deadlines in October. The surge in filings—spanning Solana (SOL), XRP, Litecoin (LTC), and more—reflects mounting interest in bringing altcoins into regulated investment products.
Solana and XRP Dominate Crypto ETF Applications
Among altcoins, Solana and XRP lead the pack. Seyffart’s data shows that Solana currently has eight ETF applications, while XRP follows with seven applications under SEC review. These figures make them the most sought-after cryptocurrencies after Bitcoin (BTC) and Ethereum (ETH).
This leadership reflects a broader trend: while Bitcoin and Ethereum ETFs have already gained significant traction, investors are increasingly seeking diversified exposure to next-generation blockchain ecosystems. If approved, Solana and XRP ETFs could attract billions in structured capital from both retail and institutional investors.
The Rapid Expansion of Crypto ETFs
The total of 92 pending crypto ETFs represents a significant jump from just four months ago, when Bloomberg Senior ETF Analyst Eric Balchunas reported 72 active filings. This sharp increase underscores a flood of new interest, not just in Bitcoin and Ethereum, but also in altcoins like Avalanche (AVAX), Dogecoin (DOGE), and SEI.
Grayscale and 21Shares, two of the industry’s largest players, are leading this wave. Grayscale has filed to convert five existing trusts into ETFs, including funds tied to Solana, Dogecoin, XRP, and Avalanche. Meanwhile, 21Shares has submitted applications for Ethereum staking ETFs and, most recently, a spot SEI ETF designed to track the CF SEI-Dollar Reference Rate.
Expert Views on the ETF Pipeline
Industry experts suggest that the expanding crypto ETF pipeline will reshape digital asset markets. Andrew Jacobson, VP and Global Head of Legal at 21Shares, noted that the focus has shifted from “being first to file” toward product innovation, particularly in integrating decentralized finance (DeFi) features into traditional financial products.
Eric Balchunas added that the number of crypto ETF filings may soon outpace stock ETFs, marking a dramatic shift in investor priorities. This reflects a growing appetite for regulated access to crypto markets, especially as investors seek safer exposure to volatile altcoins.
Ray Youssef, CEO of NoOnes, believes structured capital flows will increasingly target projects with real-world adoption like Solana, XRP, and Binance Coin (BNB). He predicts speculative tokens without utility will fade, leaving utility-driven networks to dominate institutional portfolios.
Market Optimism Around ETF Approvals
Prediction markets show optimism around the approval of crypto ETFs, particularly for Solana and XRP. On Polymarket, the odds of a Solana ETF approval before the end of 2025 have surged to 99%, up from 72% in May. XRP holds the second-highest probability at 87%, up from 64% earlier this month.
Even Dogecoin, long considered a speculative meme asset, has seen its ETF approval odds climb to 82%, nearly doubling from June levels. Such sentiment underscores growing confidence that regulatory clarity is finally arriving for a wide range of crypto assets.
The Bottom Line on Crypto ETFs
The flood of 92 pending crypto ETFs signals a transformative moment for digital assets. With Solana and XRP at the forefront, the potential approval of multiple ETFs could unlock significant institutional capital, legitimizing altcoins beyond Bitcoin and Ethereum.
While SEC decisions remain uncertain, the rapid increase in filings and strong optimism in prediction markets suggest momentum is building. If approved, this new wave of ETFs could mark the beginning of an altcoin-driven bull market, reshaping both retail and institutional participation in crypto.
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