After the Bitcoin and Ethereum spot ETF approval, ETF applications came for many altcoins such as Solana (SOL), Litecoin (LTC) and XRP.
However, although the SEC has evaluated the applications made so far, it has not made a final decision by delaying it.
At this point, Bloomberg ETF analyst Eric Balchunas stated that the summer months could be the altcoin ETF approval season.
Balchunas also argued that Solana could be the first altcoin to receive approval.
“Get ready for an Altcoin ETF Summer, likely led by Solana (and some basket products),” the Bloomberg analyst wrote.
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At this point, while the market continues to grow anticipation for SOL, ETF Store President Nate Geraci stated that Grayscale’s multi-asset fund containing XRP and Cardano (ADA) could receive approval before any Solana ETF.
Nate Geraci shared on his X account that he believes the Grayscale Digital Large Cap (GDLC) Fund could receive approval before the Solana ETFs pending at the US SEC.
Geraci said that “it’s pretty clear where this is all going,” pointing specifically to XRP and Cardano.
Grayscale’s GLDC fund is a basket consisting of Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Notably, the fund includes all five cryptocurrencies listed for inclusion in the U.S. Strategic Bitcoin Reserve, while the fund is only available to accredited investors.
According to Bloomberg Intelligence data, the probability of approval for the Solana ETF is set at 90%, for Litecoin 90% and for XRP 85%. Dogecoin follows with an 80% probability, while other altcoin ETFs such as Cardano, Hedera (HBAR) and Avalanche (AVAX) are estimated to have a 75% chance of getting the green light.
Sounds like this may be first in line for approval before spot sol ETFs…
Includes XRP & Cardano.
Pretty clear where this is all heading.
— Nate Geraci (@NateGeraci)
June 12, 2025
*This is not investment advice.