Over ninety Cryptocurrency Exchange-Traded Funds (ETFs) are currently awaiting approval from the Securities and Exchange Commission (SEC), with XRP and Solana heading the list.
The world of cryptocurrencies is showing signs of integration into traditional financial markets, as evidenced by the increasing number of Exchange-Traded Fund (ETF) applications for various digital assets. According to recent reports, the US Securities and Exchange Commission (SEC) has received 92 applications for crypto ETFs.
Luca Prosperi, the co-founder and CEO of stablecoin platform M0, believes that ETFs are good conduits for common people to gain exposure to the cryptocurrency market. He has expressed his views on the potential of Bitcoin, Ethereum, and Solana in the cryptocurrency market, stating that these digital assets are the most mature and capable of supporting an ETF beyond themselves. XRP and Solana are the most popular new targets for these ETFs.
However, Prosperi has also expressed his skepticism about the longevity of many crypto ETFs, citing lackluster inflows as a potential challenge. He expects only a few digital assets to be able to support an ETF beyond Bitcoin, Ethereum, and Solana.
Experts, including James Seyffart, a Bloomberg ETF Analyst, anticipate that the SEC will approve a number of applications in October. Seyffart has increased the approval odds for ETFs for Dogecoin, Cardano, Polkadot, Hedera, and Avalanche to 90% for this year. He has posted a list of these applications on Twitter.
The applications range from major altcoins like XRP and Solana to relatively obscure meme coins like Bonk and Donald Trump's official token. The applications include various issuers, assets, and deadlines.
The SEC faces a final deadline on at least a dozen applications in October. However, it's worth noting that the commission has delayed decisions on several applications this year.
Prosperi's remarks highlight the potential challenges that many crypto ETFs may face due to the market's maturity and the need for significant inflows to sustain them. He stated that the increasing number of ETF applications shows how cryptocurrencies are becoming integrated into traditional financial infrastructure.
In 2025, multiple asset managers including 21Shares, Grayscale, Bitwise, CoinShares, Amplify ETF Trust, and REX Shares filed applications with the US Securities and Exchange Commission for ETFs covering Solana, XRP, Litecoin, Dogecoin, Cardano, Polkadot, Hedera, and Avalanche. This further underscores the growing interest in integrating cryptocurrencies into traditional financial markets.
As the landscape of cryptocurrencies continues to evolve, it will be interesting to see how many of these ETF applications are approved and how they impact the traditional financial markets.
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