All Eyes on the SEC For Altcoin ETFs

For crypto investors, the launch of altcoin ETFs has long been one of the most anticipated developments. Despite the SEC’s historical hesitations and strict regulatory stance, industry experts suggest the agency may finally be prepared to give approval to certain well-established projects.

Seyffart’s List of Altcoin ETF Candidates

According to Seyffart, several altcoins appear to meet the SEC’s listing standards. These include Chainlink (LINK), Stellar (XLM), Bitcoin Cash (BCH), Avalanche (AVAX), Litecoin (LTC) and Polkadot (DOT). Each of these projects has proven technical foundations and sufficient trading activity to make the cut.

In addition, long-standing names such as XRP, Solana (SOL), Cardano (ADA), Dogecoin (DOGE) and Shiba Inu (SHIB) stand out thanks to their deep liquidity and well-developed derivatives markets, which strengthen their positions as strong contenders.

The Strongest Trio: XRP, Solana, and Cardano

Among all the potential candidates, Seyffart singled outXRP, Solana, and Cardano as the most likely to secure SEC approval first. Their market maturity, high liquidity, and strong investor interest put them ahead of the pack.

As he emphasized: “The probability of a spot ETF launch is highest for XRP, Solana, and Cardano.”

Ethereum ETFs and the Role of Staking

Seyffart also touched upon Ethereum-based ETFs. He argued that if staking is officially allowed within these products, demand could rise sharply, creating a significant shift in investor appetite for ETH ETFs.

Signs of an “Altcoin Season”

The Bloomberg analyst further noted that the crypto market is already in the midst of an “altcoin season.” However, he warned that this cycle is not identical to previous ones and stressed that altcoin ETFs are unlikely to generate the same level of market impact as Bitcoin ETFs did.

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SEC Comfortably Backs Unique ETF Structure

After a series of updated filings and feedback exchanges, analysts say the SEC is now comfortable with REX Shares’ unusual c-corp ETF structure. ETF analysts like Eric Balchunas and James Seyffart confirm that REX bypassed the traditional 19b-4 process—something almost unseen in previous staking ETF attempts.

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Nate Geraci, president of ETF Store, echoed these sentiments, saying the structure shows “creative 40 Act engineering” and signals that the SEC is ready to greenlight the product.

The First-Ever Staked Crypto ETF In The U.S.

According to REX Shares, this upcoming ETF will be the first in the U.S. to combine crypto exposure with staking rewards. The fund will track Solana’s performance while generating additional yield through onchain staking. This long-anticipated move has been hailed as a “new era” in the crypto ETF space.

Balchunas commented that all regulatory responses appear to be resolved, suggesting the launch could happen “any day now.” Crypto investors are closely watching, as this ETF could shape future expectations for products involving Ethereum, Bitcoin, and other major assets.

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Delay Confirmed For Ethereum Staking And XRP ETFs

In an announcement on May 20, the SEC officially postponed its decision regarding Bitwise’s proposal to add staking to its Ethereum (ETH) ETF and Grayscale’s application for an XRP ETF. Both delays extend the review period by an additional 45 days, allowing the agency more time to assess the proposals under regulatory frameworks.

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According to the filing, the SEC requires further analysis and is soliciting public comments on Grayscale’s XRP and Bitwise’s Solana (SOL) tracking funds. Bloomberg ETF analyst James Seyffart commented on X (formerly Twitter) that these delays are “absolutely expected,” citing that the SEC usually exhausts the full review window for such applications.

Litecoin ETF Gathers Momentum Among Analysts

While most altcoin-based ETF applications are likely to see similar delays, Seyffart highlighted Litecoin (LTC) as having “a higher likelihood vs others of getting approved first.” With multiple XRP ETP filings approaching decision dates in the coming days, analysts expect any early approvals to emerge in late June or early Q3 — though early Q4 seems more probable.

Several major ETF filings, including those linked to Polkadot (DOT), are due in June, such as Grayscale’s proposal by June 11 and 21Shares’ filing by June 24.

The recent wave of ETF applications comes amid changing tides at the SEC, following the resignation of former chair Gary Gensler. His tenure, marked by over 100 enforcement actions against crypto projects, has now given way to a perceived more crypto-friendly atmosphere, with multiple legal cases against firms like Gemini and Cumberland DRW being dropped.

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SEC Initiates Extended Review for Solana ETF Applications

Major asset managers like 21Shares, Bitwise, VanEck, and Canary Capital have filed proposals for spot Solana ETFs. However, the SEC has yet to greenlight any fund linked to Solana, despite previously approving products for Bitcoin and Ethereum.

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In its latest statements, the SEC emphasized that the delay does not signal a decision to approve or reject. Instead, the agency needs more time to evaluate the applications in light of concerns over market manipulation and investor protection—especially for proposals from Bitwise and 21Shares.

This round of review includes a formal public consultation period, inviting market participants to weigh in on the proposals before a final ruling is made.

Final Decision May Not Arrive Until Late 2025

While both 21Shares and Bitwise have strong reputations in crypto asset management, the SEC appears more cautious with Solana, which—despite its fast and low-cost infrastructure—remains outside the current list of approved ETF assets.

Bloomberg analysts James Seyffart and Eric Balchunas continue to express confidence, projecting a 90% likelihood that ETFs for Solana and Litecoin (LTC) will be approved. Still, they acknowledge that decisions may not arrive until late 2025 due to bureaucratic delays.

Investors are urged to remain patient and realistic. The approval process is moving forward—but not at the pace some may have hoped.

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Why is the SEC’s Litecoin ETF Decision Critical? 

After approving Bitcoin and Ethereum ETFs, the SEC has turned to altcoin ETFs. Canary Capital’s Litecoin ETF application was accepted on January 16 through Nasdaq’s 19b-4 process. This process enables new financial products to be listed on exchanges. Seyffart notes that while the SEC has delayed other crypto ETFs, it has held off on Litecoin’s file. Meanwhile, Litecoin’s low volatility and stable network attract institutional investors. Approval would strengthen Litecoin’s market position. 

The @CanaryFunds Litecoin ETF filing is due for a decision (possibly a delay) by Monday 5/5. SEC went early & delayed a bunch of filings but not this. If any asset has a chance of early approval it's Litecoin IMO. Personally think a delay is more likely but def something to watch pic.twitter.com/FilnUcMtUH

— James Seyffart (@JSeyff) May 4, 2025

Litecoin Price and Market Predictions 

LTC’s market performance is gaining momentum with ETF approval expectations. Daily trading volume rose 31%, exceeding $338 million. Analysts expect a strong rally if the $90 resistance is broken. Analysts suggest that in case of approval, LTC’s price could reach $500. Additionally, ETFs for altcoins like Solana, XRP, and Dogecoin are rumored to potentially gain approval in 2025. LTC is currently one of the strongest candidates. 

LTC is trading at $87. It has risen 0.9% daily and 10% over two weeks, recovering steadily. Litecoin ETF expectations are supporting the price. The price holds above the SMA50 ($82.87). RSI at 56 indicates room for upside. Bollinger Bands are widening, signaling increased volatility. Volume remains steady, with support at $82 and $78, and resistance at $90. Breaking $90 could trigger a strong rally. 

***is not investment advice***

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Among the delayed applications are Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF. The SEC has postponed its decisions on these products until May.

Considered Standard Procedure

Bloomberg ETF analyst James Seyffart commented on March 11 that the SEC’s delay in ruling on these altcoin ETFs is not a cause for concern. Seyffart described the delay as “standard procedure” and noted it does not negatively impact the probability of approval. He also mentioned that Paul Atkins, who was nominated by President Donald Trump to serve as the next SEC Chair, has yet to be confirmed. “This doesn’t change our (relatively high) odds of approval. Also, the final deadlines aren’t until October,” Seyffart said.

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Another Bloomberg ETF analyst, Eric Balchunas, added that “everything is delayed,” including ETF filings featuring Ethereum staking and in-kind redemptions.

Expectations High Under Trump Administration

In December, President Trump nominated pro-crypto businessman and former SEC Commissioner Paul Atkins to lead the agency. However, Atkins’ Senate confirmation hearings have yet to be scheduled.

The SEC has a history of delaying ETF decisions. On February 28, the agency extended its review period for Cboe Exchange’s application to list options tied to Ethereum ETFs. Many altcoin ETF filings followed Trump’s election and the resignation of former SEC Chair Gary Gensler.

During Gensler’s tenure, the SEC took an aggressive regulatory stance toward crypto, with over 100 crypto-related enforcement actions between 2021 and his resignation in early 2024. Since Gensler’s departure, several firms previously facing legal action from the SEC, including Gemini (February 26) and Cumberland DRW (March 4), have had their cases dismissed.

Meanwhile, acting SEC Chairman Mark Uyeda has proposed abandoning parts of a rule change that would have expanded the regulation of alternative trading systems to include crypto firms.

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CFTC Clears the Path for Spot Bitcoin ETF Options 

On November 15, ETF analyst Eric Balchunas announced on social media platform X (formerly Twitter) that the CFTC has paved the way for spot Bitcoin ETF options. According to the CFTC’s announcement on November 16, the listing and clearing of these options will now be handled entirely by the Options Clearing Corporation (OCC).

Balchunas stated, “The ball is now in OCC’s court, they will likely list soon.” This statement has generated significant anticipation among industry players.

What Does This Mean for Bitcoin Prices? 

Nick Forster, founder of Derive, highlighted that these options could have a substantial impact on Bitcoin prices. Drawing parallels to SoftBank’s use of options to influence the Nasdaq in 2020-2021, Forster suggested that a similar strategy applied to Bitcoin, a fixed-supply asset, could lead to more dramatic price movements.

“Forster added, “If someone tries a strategy like that on Bitcoin, be ready for significant price swings.”

Timeline for the Listing 

ETF analyst James Seyffart and Jeff Park, Head of Alpha Strategies at Bitwise Investments, pointed out that spot Bitcoin ETF options may be listed sooner than expected. Park, anticipating quick action from the OCC, suggested that while approval by the end of 2024 might be an optimistic forecast, he sees a high likelihood of these products hitting the market in the first quarter of 2024.

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Bitwise, which has already received SEC approval for a Bitcoin spot ETF, submitted its updated S-1 filing to the regulator. The investment management firm added new details to the filing, including the disclosure of its own $2.5 million investment in the fund.

According to the filing, “Bitwise Investment Manager, a subsidiary of the ETF’s issuer, is expected to purchase 100,000 shares of common stock at a price of $25 per share for a total of $2.5 million.”

Pantera Could Invest $100 Million

In a significant development, Bitwise’s filing also revealed that crypto fund manager Pantera Capital is targeting a $100 million investment in the Bitwise Ether spot ETF. However, the filing included a disclaimer stating that “interest in purchasing does not guarantee a purchase. Potential purchasers may purchase more or less than the indicated amount or may not purchase at all.”

As previously reported, the SEC approved 19b-4 filings for Ether spot ETFs in May. For the funds to start trading, the regulator still needs to approve their S-1 filings. Bitwise is the latest Ether ETF issuer to update its S-1 filing.

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Seyffart reiterated his previous view that a Bitcoin ETF would come before an Ethereum ETF and that there would be a significant delay before other cryptocurrencies see similar approvals.

He pointed to the ongoing lawsuits involving Kraken and Coinbase, which have specifically mentioned Solana, as evidence that the “SEC has no problem right now calling Solana a security.”

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Seyffart noted that even if Solana were ultimately deemed a commodity, another major hurdle remains: the SEC’s requirement for a readily surveillable market to prevent fraud and manipulation. Existing Bitcoin and Ethereum ETFs rely on CME futures for this purpose, and such a structure is not currently available for Solana.

Despite the current political and regulatory landscape, Seyffart does not believe a Solana ETF is likely before 2026.

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While other altcoins like XRP and Litecoin (LTC) are also being discussed as potential ETF candidates, SOL is seen as the front-runner.

In this regard, Bloomberg ETF analyst James Seyffart has made a new statement about SOL ETFs.

Responding to a video by CNBC Fast Money trader and crypto investor Brian Kelly, who said that Solana ETFs are next in line after Ethereum ETFs were approved by the SEC, Seyffart said he believes Solana ETFs will be in more demand than other altcoin ETFs.

However, while Seyffart believes Solana ETFs will be in more demand than other altcoin ETFs, he also claims that bringing Solana ETFs to market could be tricky.

This is because the SEC is not even discussing the status of SOL, the network’s native token, as it did with ETH. Seyffart points out that the SEC has directly classified SOL as a security in multiple lawsuits against exchanges such as Coinbase, Binance, and Kraken, and argues that this could make the approval process for SOL ETFs more difficult.

“Based on current precedent/need, a Solana ETF will likely happen in a few years after a CFTC-regulated futures market is established. However, Congressional and market structure bills like FIT21 could accelerate this.

I think a SOL ETF would have the most demand of any altcoin (other than BTC and ETH)

However, the SEC is not debating the legal status of SOL as they did with ETH.

The SEC has explicitly said “Solana is a security” in lawsuits against Coinbase, Kraken, and others. This could make the approval process for SOL ETFs difficult and potentially rocky.”

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