The U.S. Securities and Exchange Commission (SEC) is currently reviewing at least 92 crypto-linked exchange-traded products (ETPs), according to Bloomberg Intelligence data.
Among the most in-demand assets are Solana (SOL) and XRP, with eight and seven ETF filings respectively. Bloomberg ETF analyst James Seyffart highlighted the rising number of applications, while colleague Eric Balchunas noted that the figure has jumped from 72 filings in April to 92 today, showing a surge in demand over the last four months.
Of these pending funds, three are focused on Bitcoin (BTC) and Ether (ETH), while the rest target other major altcoins. Big players such as 21Shares and Grayscale are also in the race, pushing for Ether staking ETFs after the SEC recently clarified that some liquid staking models do not fall under its regulatory scope.
Grayscale is additionally attempting to convert five of its existing trusts into ETFs, spanning both publicly and privately traded products. The conversions would cover a basket of assets including Litecoin, Solana, Dogecoin, XRP, and Avalanche.
“Just look at the volume of crypto ETF applications—that’s what I mean when I say the ETF floodgates are about to swing open,” commented Nate Geraci, president of NovaDius Wealth Management.
Still, analysts at Bitfinex cautioned earlier this week that altcoins are unlikely to see strong price rallies until further ETF approvals materialize.
BlackRock’s Dominance in the ETF Space
Global investment giant BlackRock continues to hold the top spot in the crypto ETF sector.
Its flagship iShares Bitcoin Trust ETF (IBIT) has attracted $58.28 billion in net inflows since launch, while its iShares Ethereum Trust ETF (ETHA) has secured $13.12 billion to date, according to Farside Investors.
A recent report even suggested that ETHA could soon surpass Coinbase as the largest institutional holder of ETH. Meanwhile, BlackRock’s IBIT fund now controls over 3% of Bitcoin’s circulating supply.
What’s more, BlackRock’s fee revenue from IBIT has already overtaken that of its long-standing iShares Core S&P 500 ETF (IVV). The reason: IBIT charges a 0.25% expense ratio, while IVV’s cost is just 0.03%.
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