Crypto ETF Floodgates Near as 92 Products Await SEC Decision

August 29, 2025, At least 92 crypto exchange-traded products (ETPs) are now awaiting approval from the U.S. Securities and Exchange Commission. The pending applications span leading assets such as Solana, XRP, Dogecoin, Bitcoin, and Ether, underscoring expectations that crypto ETF floodgates may soon open.

SEC Faces Growing Wave of ETF Applications

Bloomberg Intelligence analyst James Seyffart reported that 92 ETP applications are in the SEC’s pipeline. Just four months ago, 72 were pending, meaning 20 new ETFs have been filed since April.

The pending list includes three ETFs tied to Bitcoin and Ether, while most target altcoins. Solana leads with eight ETF applications, followed closely by XRP with seven. Other proposed products seek exposure to Litecoin, Dogecoin, and Avalanche.

Grayscale and 21Shares Push Forward

Two of the industry’s largest issuers, Grayscale and 21Shares, are central to the filing surge. Grayscale is seeking approval to convert five of its existing trusts into ETFs, including funds tied to Solana, Dogecoin, XRP, and Avalanche.

At the same time, both Grayscale and 21Shares are pursuing Ether staking ETFs. Earlier this month, the SEC clarified that certain liquid staking activities do not fall under its purview, potentially easing the path for approval.

Market Analysts Signal Imminent Floodgates

ETF analysts Eric Balchunas and Nate Geraci argue that the sheer volume of filings highlights demand from issuers and institutions alike. Geraci noted, “Look at all the crypto ETF filings out there… What I mean by ‘crypto ETF floodgates about to open soon.’”

Meanwhile, analysts at Bitfinex suggested altcoins may not see broad rallies until a wave of ETF approvals materializes, linking market momentum closely to regulatory progress.

BlackRock Dominates Current ETF Landscape

BlackRock remains the leader in crypto ETFs with two blockbuster products. Its iShares Bitcoin Trust ETF (IBIT) has drawn $58.28 billion in net inflows since launch, while its iShares Ethereum Trust ETF (ETHA) has attracted $13.12 billion.

ETHA may soon overtake Coinbase as the largest holder of Ether, according to a Wednesday report. BlackRock’s IBIT now holds more than 3% of Bitcoin’s total supply.

Notably, IBIT has become so profitable that it now generates more fee revenue than BlackRock’s flagship S&P 500 ETF (IVV). IBIT’s expense ratio of 0.25% far exceeds IVV’s 0.03%, turning crypto ETFs into a major profit center for the firm.

Extra Context: Institutional Access Expands

The rise in filings signals growing institutional appetite for crypto exposure through regulated structures. ETFs allow investors to access crypto markets without directly holding tokens, aligning with compliance frameworks while lowering custody risk.

As issuers like BlackRock, Grayscale, and 21Shares continue to expand offerings, the SEC’s decisions will shape whether mainstream investors gain broad access to altcoins. Analysts believe approval of altcoin ETFs could unlock new liquidity and reshape market leadership beyond Bitcoin and Ethereum.

Conclusion

The surge to 92 pending applications suggests that crypto ETF floodgates may soon open. With Solana and XRP leading the race, and BlackRock already dominating with its Bitcoin and Ethereum funds, the next wave of approvals could significantly expand institutional access to digital assets.