Solana, Cardano, and XRP ETFs are the next big discussion in the crypto investment space after Bitcoin and Ethereum ETFs. These altcoins are now the talk of the town, and many investors and institutions are waiting for their approval and wondering who’s next in line for a spot ETF approval?
The market is buzzing with netizens expecting an approval for these altcoin ETFs in the coming weeks. While there is no confirmation yet, the latest news and updates related to ETFs suggest that regulators will soon approve this altcoin’s exchange-traded funds. Hence, we will thoroughly cover the basics and new updates regarding Solana, Cardano, and XRP ETFs and their approval odds.
Top 3 Upcoming Crypto ETFs
Below are the top 3 upcoming crypto exchange-traded funds making waves in crypto:
1. Solana ETF
Solana ETF refers to a crypto financial product that helps people to invest in Solana coins without directly buying or holding it. The ETF tracks the price of the token and mirrors the same on traditional stock exchanges, making it easier for regular investors to be of crypto ecosystem.
How many firms applied for the Solana Crypto ETF?
As of now, there are a total of seven companies that have filed for Solana ETF approval, which are as follows:
| Solana ETF Applicants | Filing and Date |
|---|---|
| VanEck Solana Trust | It is an asset manager and known for being the first one to file for the ETF in June 2024 under S-1 form. |
| 21Shares Core Solana ETF | It quickly followed VanEck and filed for an ETF under S-1 form. |
| Bitwise Solana ETF | It is a crypto based investor and filed for Solana ETF in November 2024 under S-1 form. |
| Grayscale Solana ETF | Grayscale moved to convert its SOL Trust into a fully registered spot ETF and filed for Solana ETF under 19b‑4 in Dec 2024 and under S‑1 in April 4, 2025. |
| Canary Capital Solana ETF | The firm entered the race in early 2025 and filed for the ETF under S-1 form. |
| Franklin Templeton Solana ETF | It is one of the biggest institutional investor and filed for solana ETF under both S-1 and 19b‑4 in March, 2025. |
| Fidelity Solana ETF | It was the last one to apply for and its proposal includes Solana staking and uses Cboe’s 19b‑4 filing. |
Solana ETF Latest News
Solana ETFs are now moving very close to reality, as recently the U.S. SEC has asked all ETF applicants to update their S-1 forms within a week. This is a big move towards approval and highlights that we could see approvals as early as July 2025 if everything goes well.
As per the reports, the SEC will review these applications and will respond within 30 days by focusing on how investors will redeem their funds and whether staking will be included. These details may play an important role in shaping how the final ETF products look.
Bloomberg’s James Seyffart believes the SEC is now fast-tracking 19b-4 filings for Solana and staking ETFs. While official deadlines are set for October, he sees a strong chance of early approvals if the current pace continues.
Analyst Eric Balchunas is even more optimistic, raising his approval odds to 90%. He points to Solana futures already trading on the CME, a pattern seen before Bitcoin and Ethereum spot ETFs got the green light. Meanwhile, Polymarket also shows similar odds of approval.
2. XRP ETF
The XRP ETF is a financial tool that enables common people to trade or invest in Ripple’s XRP, a popular digital currency, without holding it. Trading as a security on stock markets makes this way of cryptocurrency investment a walk in the park even for old-school investors.
How many institutions filed for the XRP Crypto ETF?
According to the reports, the filing for the XRP ETF was started in October 2024, and as of today, around nine firms have filed for that, which are as follows:
| XRP ETF Applicants | Filings |
|---|---|
| Bitwise Asset Management | It was the first firm to file a U.S. spot XRP ETF with the US SEC on October 2, 2024. |
| Canary Capital | It has followed Bitwise and entered the XRP ETF race with a filing on October 8, 2024. |
| 21Shares | It filed for the ETF on November 1, 2024, with the aim to list on BZX with Coinbase as custodian. |
| WisdomTree | To expand its crypto offerings it has filed for a spot XRP ETF on December 2, 2024. |
| ProShares | It has filed multiple XRP ETF variants like futures and Spot, on January 17, 2025.Currently its futures ETF is approved |
| CoinShares | It has filed for a Nasdaq-listed spot XRP ETF on January 24, 2025. |
| Grayscale Investments | It filed to convert its XRP Trust into an ETF on January 30, 2025. |
| Volatility Shares | It has submitted applications for three XRP ETF products on March 7, 2025, including 2× and inverse versions. |
| Franklin Templeton | It was the last to file for XRP ETF on March 11, 2025 with coinbase custody. |
XRP ETF Latest News
Investor interest in XRP is growing as the SEC prepares to decide on two key ETF applications—Franklin Templeton by June 17 and ProShares by June 25. If approved, these would mark a major step forward for altcoins in mainstream finance.
Matt Hougan, Chief Investment Officer at Bitwise, has recently stated that the SEC’s side of things has become more constructive under new leadership. He thinks that with the high interest in ETF, they could potentially provide low-cost ETFs beyond Bitcoin and Ethereum.
At the same time, XRP’s payment volume surged by 1,300%, hitting $4.11 billion recently. This rise in real-world usage shows strong investor interest and could support the case for an XRP ETF.
Bloomberg analyst Eric Balchunas mentioned we may be entering an “Altcoin ETF Season,” while Polymarket data now puts the odds of XRP ETF approval at 89%. However, the outcome still depends on the Ripple-SEC case, as both parties filed for an injunction motion on June 12 awaiting Judge Analisa Torres’ verdict.
3. Cardano ETF
Cardano ETF is a proposed exchange-traded fund that could make it possible for investors to get exposure to ADA via traditional stock exchanges without directly holding the crypto. It is set to provide a regulated, cost-efficient, and convenient method for trading without holding it.
How many institutions filed for the Cardano ETF?
As of now, only one institution i.e. Grayscale has filed for U.S. spot Cardano (ADA) ETF. It aims to convert its existing Grayscale Cardano Trust into Exchange-traded fund, which was acknowledged by the SEC in February 2025.
Cardano ETF Latest News
Cardano is back in the spotlight as talks of a potential ETF approval pick up steam. So far, only Grayscale has filed for a ADA ETF, but the buzz around altcoin ETFs is growing fast and investors are starting to take notice.
Market confidence is rising too. Polymarket now puts the odds of approval at 68%, while Bloomberg analysts are even more bullish, estimating up to 80%. Many believe the SEC’s changing tone on crypto could finally open the door for ADA to enter mainstream investment platforms.
While Cardano price has been struggling with over 21% decline in a month, the anticipated ETF approval could turn the tables. Analysts expect that if the ADA ETF is approved, analysts say ADA could make a run toward the $1 level again.
Final Thoughts
The growing interest in Solana, XRP, and Cardano ETFs shows a turning point in the crypto market. With strong institutional support and rising analyst confidence, these altcoins are set to gain mainstream financial recognition.
If approved, these exchange-traded funds could simplify access and invite a new wave of investors with low risk. As the SEC continues its review process, 2025 holds the potential to be a defining year where altcoins will officially enter the traditional investment spotlight.
Also Read: ProShares Files to Update Solana, XRP ETF Deadline to June 25
