Asset management firms are now pushing for a wide range of crypto ETF filings but Solana and XRP shine as the two most popular altcoins targeted.
The enthusiasm and anticipation for cryptocurrency-related Exchange-Traded Funds (ETFs), including those based on Solana (SOL) and XRP, are evident in the filings made so far. Senior Bloomberg ETF Analyst Eric Balchunas noted that the United States Securities and Exchange Commission (SEC) has received about 72 crypto-related ETF applications.
Crypto Regulation Fuels Solana and XRP ETF Filings
XRP is perceived as the top candidate likely to receive the SEC’s approval for a spot ETF in the US.
There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between. Gonna be a wild year. Great roundup from @JSeyff pic.twitter.com/IHTqqxeH35
— Eric Balchunas (@EricBalchunas) April 21, 2025
Apart from the coin’s utility, which is believed to give it an advantage, the calibre of asset management firms vying to launch an XRP ETF also plays a role. They include Grayscale, Bitwise, Wisdomtree, and Canary Capital, which actually filed the second XRP ETF application.
Solana has also gone neck-and-neck with XRP on this ETF matter, boasting up to 11 filings, including that from the mutual fund giant Fidelity. It’s been almost six months since Canary Capital filed its spot Solana ETF application. Until now, no word has come from the SEC, even with the change made to the administration.
At first, there were predictions that the Solana ETF products faced the risk of rejection from the Gary Gensler US SEC administration.
This was after the agency notified two unnamed applicants that it might reject their application for the spot SOL ETF. With the improved crypto landscape in the US, a favorable decision is expected.
The BlackRock Broad Altcoin Adoption
While the broader crypto ecosystem awaits the Commission’s decision on the numerous XRP ETF filings, there are ongoing speculations that BlackRock already has XRP in its portfolio. Although no official announcement has been published to confirm the rumor, the possibility of such possession by the top asset manager is high.
Judging by historical trends, BlackRock is known to be quite proactive in “locking in the most undervalued assets with serious long-term upside before the crowd catches on,” as Vandell Aljarrah, the co-founder of Black Swan Capitalist, puts it. He pointed to XLM and HBAR as two other digital assets in the firm’s crypto holdings.
BlackRock’s reputation could help reposition and boost the credibility of these tokens in the broader crypto market.
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