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A total of 92 crypto exchange-traded funds (ETFs) are presently under review by the U.S. Securities and Exchange Commission (SEC), as reported by recent data from Bloomberg Intelligence, which references ETF analyst James Seyffart.
On August 28, Seyffart shared a comprehensive spreadsheet via X (formerly Twitter) detailing these pending ETF applications, with most facing final deadlines in October, particularly those related to Solana, XRP, and Litecoin.
NEW: Here is a list of all the filings and/or applications I’m tracking for Crypto ETPs here in the US. There are 92 line items in this spreadsheet. You will almost certainly have to squint and zoom to see but best I can do on here pic.twitter.com/lDhRGEQBoW
— James Seyffart (@JSeyff) August 28, 2025
The rate of new applications has accelerated in recent months, which could inject capital into the crypto market and potentially signal the onset of an altseason rally.
Solana and XRP Lead Crypto ETF Race
Among alternative cryptocurrencies (altcoins), Solana and XRP are currently at the forefront of the applications.
According to data from analyst James Seyffart, Solana leads with eight pending ETF applications, closely followed by XRP, which has seven applications under consideration.
Source: The Block
These two digital currencies are the most sought-after crypto investments beyond Bitcoin (BTC) and Ethereum (ETH).
Bloomberg Senior ETF Analyst Eric Balchunas previously noted on April 21 that 72 crypto-related ETFs were under review by the SEC at that time.
The current total of 92 indicates an increase of 20 new applications in just four months.
Additionally, the existing pipeline includes proposals aimed at not only Solana and XRP but also various other altcoins, along with three ETFs linked to Bitcoin and Ethereum.
Major industry players Grayscale and 21Shares are among the companies currently seeking SEC approval, both aiming for authorization of Ethereum staking ETFs.
Liquid staking received some clarification earlier this month when the SEC indicated that these activities fall outside its direct regulatory oversight.
Grayscale is also in the process of converting five existing trusts into ETF structures, which includes three publicly traded funds and two private trusts.
These conversions would enable ETF access to Litecoin, Solana, Dogecoin, XRP, and Avalanche.
In a separate update, Seyffart pointed out 21Shares’ recent S-1 registration filing with the SEC for spot SEI exchange-traded funds.
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https://twitter.com/JSeyff/status/1961178274316624248
According to the Thursday submission, the proposed 21Shares SEI ETF would track the CF SEI-Dollar Reference Rate in USD, if approved.
Expert Opinion on Crypto ETFs Flooding the Market
The pending SEC decisions hold significant implications for altcoin markets, which is a primary concern for traders and institutional investors.
Andrew Jacobson, VP and Global Head of Legal at 21Shares, noted a shift in market dynamics, stating that while being “first to file ETFs used to be cool back when it started in 2024.”
First to file used to be cool (back when I did it
). Now, product innovation wins long term. And specifically: integrating defi capabilities to tradfi audience. https://t.co/Ur6Ug55Qti
— Andrew Jacobson (@AndrewJacobson_) August 29, 2025
). Now, product innovation wins long term. And specifically: integrating defi capabilities to tradfi audience. https://t.co/Ur6Ug55QtiThe emphasis has now shifted toward product innovation, particularly those that incorporate DeFi capabilities for traditional finance audiences.
Bloomberg Intelligence senior ETF analyst Eric Balchunas commented on the expanding pipeline, suggesting that “pretty soon there will be more crypto ETF filings than stocks.”
Ray Youssef, CEO of NoOnes, recently expressed to Cryptonews his expectation that major cryptocurrencies, such as SOL, XRP, and BNB, will attract structured capital investments due to their established infrastructure and real-world adoption potential.
Youssef highlighted that market evolution will favor projects with genuine utility, predicting that “only the strongest projects with real utility and value would survive the next market phase.”
While “speculative-driven tokens without utility are going to begin to fade into irrelevance in the coming months.”
Regarding Solana specifically, Youssef pointed out the potential for a significant impact from a spot ETF launch, noting that Solana treasury companies are preparing funds amounting to tens of billions to acquire SOL.
Current prediction markets indicate strong optimism for approval prospects.
On Polymarket, the likelihood of Solana ETF approval before the end of 2025 has risen to 99%, a considerable increase from 72% in May.
Source: Polymarket
XRP holds the second-highest approval probability at 87% on Polymarket, up from 64% on August 6.
Notably, Dogecoin stands as the only speculative memecoin with favorable approval odds, currently at 82%, nearly double the 44% it was in June.
The post 92 Crypto ETFs Now Await SEC Approval with Solana, XRP Leading Applications appeared first on Cryptonews.
