SOL, XRP and DOGE Spot ETFs Likely to Be Approved by SEC in Coming Months, Analysts Say

Action could come as soon as July 2, when the SEC will be required to make a final decision on a number of altcoin ETF proposals.

May 1, 2025, 3:12 p.m.

Crypto ETF issuers may not have to wait much longer to expand beyond spot bitcoin and ether funds.

Bloomberg ETF analysts Eric Balchunas and James Seyffart now see a 75% or greater chance the U.S. Securities and Exchange Commission (SEC) approves a range of spot altcoin ETFs by the end of 2025.

Eight separate spot fund proposals are currently in front of the SEC, including ETFs tied to solana (SOL), litecoin (LTC), dogecoin (DOGE), XRP, cardano (ADA), avalanche (AVAX), polkadot (DOT), and hedera (HBAR). Balchunas and Seyffart believe index and basket-style ETFs — which group multiple cryptocurrencies — have the highest odds of approval, pegging those chances at 90%.

The first key deadline comes on July 2, when the SEC must respond to proposals filed by firms including Grayscale, Bitwise, Franklin Templeton, and Hashdex for basked-style funds. Decisions on single-asset ETFs like SOL, DOGE, XRP, and ADA are expected in October, with others following in November and December. These are final deadlines, meaning the SEC — which previously delayed decisions — will be required to issue a final rulings.

Some issuers have submitted intent to launch funds tracking smaller-cap tokens such as SUI, Trump Coin (TRUMP), and Melania Coin (MELANIA), but these have not yet advanced to the formal 19b-4 stage — a requirement filing to trigger an SEC review.

Seyffart noted that SUI’s chances could be on par with the other altcoin filings. “I need to dive in a bit more for an official odds number, but I’d assume it would have similar prospects to the other altcoin ETFs,” he said.

The outlook for altcoin ETFs shifted sharply after U.S. President Donald Trump took office, and his appointment of crypto friendly Paul Atkins as SEC chairman. Atkins recently told industry participants that innovation “has been stifled” and the existing regulatory framework “badly needs attention.”

Helene Braun