Record 92 Cryptocurrency ETFs Await SEC Decision As Market Prepares For Approvals
According to Cointelegraph, at least 92 crypto exchange-traded products currently await decision from the US Securities and Exchange Commission. Solana and XRP represent the most sought-after crypto assets among pending applications, with SOL having eight ETF applications and XRP having seven applications under review.
Bloomberg Intelligence ETF analyst James Seyffart reported that 72 crypto-related ETFs were pending with the SEC in April 2021, meaning another 20 ETFs have been filed over the past four months. Three pending ETFs propose offering exposure to both Bitcoin and Ether, while remaining applications target alternative cryptocurrencies. The applications include proposals from major firms such as 21Shares and Grayscale, which seek approval for their Ether staking ETFs.
Why This Matters
The growing number of crypto ETF applications reflects increasing institutional confidence in digital assets following successful Bitcoin and Ethereum product launches. BlackRock currently dominates the crypto ETF category, with its Bitcoin fund achieving net inflows of $58.28 billion since inception and its Ethereum fund recording $13.12 billion in net inflows, according to CCN.
NovaDius Wealth Management president Nate Geraci stated that the volume of applications suggests "crypto ETF floodgates about to open soon." The SEC has extended review deadlines for several high-profile applications until October 2025, including Truth Social's Bitcoin-Ethereum ETF and multiple Solana products, as reported by Cryptomus. This pattern indicates regulators are conducting thorough evaluations rather than rushing approvals.
We previously reported that 15 US states have begun establishing government-owned Bitcoin reserves, with Pennsylvania leading the initiative in November 2024. This government-level adoption provides additional legitimacy for institutional crypto products.
Industry Implications
The cryptocurrency ETF approval pipeline represents a transformation in how traditional finance approaches digital assets. Current analysis suggests Solana, XRP, and Litecoin ETFs have 95% approval odds for 2025, while newer assets like SUI face lower probability at 60%, according to market data from Coinpedia.
Multiple decision deadlines clustered between October 2025 and January 2026 could create concentrated market volatility as approvals or rejections arrive simultaneously. BlackRock now earns more in annual fees from its Bitcoin ETF than its flagship S&P 500 fund, demonstrating the financial potential of crypto products for asset managers. The firm's IBIT fund holds more than 3% of Bitcoin's total supply, showing how ETFs can concentrate significant market influence.
Traditional financial institutions face competitive pressure to offer crypto exposure as retail and institutional demand grows. The success of existing Bitcoin and Ethereum ETFs has established proof of concept, but altcoin products will test whether investors want exposure beyond the two largest cryptocurrencies. SEC approval patterns for the pending 92 applications will likely determine which digital assets achieve mainstream investment legitimacy over the next year.
