There Are Now More Than 90 Crypto ETFs Pending SEC Approval, Led by XRP and Solana

There is a growing stack of applications for exchange-traded funds that offer investors exposure to cryptocurrencies on the U.S. Securities and Exchange Commission’s desk, totaling 92 filings, according to Bloomberg ETF Analyst James Seyffart.

“You will almost certainly have to squint and zoom to see,” he said on X, while posting a screenshot of a spreadsheet that included various issuers, assets, and deadlines on Friday.

This year, asset managers have jockeyed to offer ETFs in the U.S. for cryptocurrencies beyond the ones approved for Bitcoin and Ethereum last year. They range from major altcoins like XRP and Solana—the most popular new targets, based on the list—to relatively obscure meme coins like Bonk and Donald Trump’s official token.

Although the SEC has delayed decisions on applications for several products this year, the regulator faces a final deadline on at least a dozen applications in October. Experts including Seyffart expect the SEC to approve a number of applications at that time.

In June, Seyffart said it’s a question of “when not if” for coins like Solana, XRP, and Litecoin. He portrayed them as near-locks, with 95% odds of approval this year.

ETFs for other coins, such as Dogecoin, Cardano, Polkadot, Hedera, and Avalanche, also have a strong change, Seyffart added, penciling in 90% approval odds for the same period.

Some crypto investors may be hopeful that the approval of an ETF for their coin of choice will lead to higher prices and broader adoption, potentially among financial institutions. Luca Prosperi, co-founder and CEO of stablecoin platform M0, is somewhat skeptical. He told Decrypt it’s likely that many crypto ETFs will shutter due to lackluster inflows.

“I don’t think many of them will be long-lived,” he said. “I think there are very few, if any, [digital] assets that are large and mature enough to support an ETF beyond Bitcoin, Ethereum, and Solana.”

Still, a bevy of ETF applications speaks to the ways that cryptocurrencies are becoming ingrained into traditional financial infrastructure over time, he added.

“Now that this sector is maturing, Wall Street is obviously trying to find ways to get common people exposure,” he said. “ETFs are great conduits.”