Bloomberg’s top ETF analyst duo Eric Balchunas and James Seyffart have just calculated the number of exchange-traded fund (ETF) filings that have made it onto the U.S. Securities and Exchange Commission (SEC) tables over the past few quarters.
Who’s winning the ETF Land Rush so far?
Bloomberg’s Eric Balchunas estimates that with 155 cryptocurrency ETF submissions already completed, this number could reach 200 in the next 12 months, especially if the US returns to normal government operations soon.
Predicting an “all-out land rush” to come, Mr. Balchinas drew public attention to 35 different digital assets mentioned in the current submission. The most complicated part of this list is that since 2024, Solana (SOL)’s ETF filings have surpassed top alternative cryptocurrencies Ripple (XRP) and Ethereum (ETH).
Clearly, Ethereum’s 16 ETF applications are not in the same situation as the rest. This is because no other altcoin has been approved in a standalone ETF product until now. However, Solana’s (SOL) ETF proposal is larger than its overall approved and pending submissions.
Will Solana ETF really come before XRP?
Notably, the pending 23 SOL ETFs outperformed Ripple’s (XRP) 23-20, although most market watchers agree that Ripple’s ETF product has a slightly better chance of approval by the end of the year due to the long-awaited resolution of the Ripple v. SEC case.
The peaceful $50 million settlement may have put an end to Ripple’s biggest legal issues once and for all, but there is still a lot of ground to cover to legitimize global adoption of the XRP Ledger. Ripple Labs, which has over 300 partnerships and licenses in over 60 jurisdictions, is currently working to obtain its own banking license in the US.
After the smooth passage of the Genius & Clarity Act, the door was opened for Ripple’s own RLUSD stablecoin. If RLUSD continues to see institutional-level adoption, XRP coin will certainly benefit from it as well.
On the other hand, on-demand liquidity and extremely cheap trading are the characteristics that unite Solana (SOL) and the XRP Ledger, which explains the high 95% probability estimated by Bloomberg’s ETF duo.
On the flipside
- In theory, the Ripple (XRP) ETF filing has a chronological advantage over Solana due to its earlier deadline, starting October 18, 2025.
Why This Matters
When the U.S. Securities and Exchange Commission (SEC) clears the backlog of 155 ETF filings either this year or early 2026, top altcoins such as
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It is a competition to see which cryptocurrency, XRP or Solana (SOL), will be approved first as an exchange-traded fund (ETF) in the United States and can be easily purchased by ordinary investors like stocks.
Whoever gets the ETF first can gain an upper hand in the cryptocurrency market by attracting more investors and raising the price, showing regulators that they trust them more.
The U.S. government shutdown has put the regulator (SEC) on pause, delaying the review of XRP and SOL ETF applications until the shutdown ends.
Solana may have a slight edge with more ETF filings (23 versus XRP’s 20), but that will depend on how quickly the SEC works after the shutdown and the legal challenges each faces.
The SEC is expected to begin reviewing the backlog, and depending on how quickly it clears the queue, we could see a decision on the XRP or SOL ETFs by late 2025 or early 2026.
DailyCoin’s Vibe Check: Which side are you leaning after reading this article?