This week was a big one for crypto ETFs. On Monday, REX Shares announced that its Solana ETF with staking would launch on Wednesday – and it did, under the ticker SSK. This is the first Solana ETF in the United States. But there is a catch: it’s not a regular spot ETF. It uses a C-corporation structure that doesn’t need the 19b-4 exchange rule process, which allowed it to get approval so quickly.
Another big piece of news was the approval of the Grayscale CoinDesk 5 Index. This fund holds Bitcoin, Ethereum, XRP, Solana, and Cardano. It’s the first ETF covering more than two cryptocurrencies in the US. This shows that regulators are slowly opening the door to more crypto ETFs in the near future.
All this brings up a question. Now that Solana has its own ETF, and the first multi-crypto ETF is approved, which coins could be next in line?
Litecoin
Polymarket currently estimates an 88% chance that Litecoin will get an ETF approval by the end of this year. One of the main reasons is its technical structure. Litecoin is a fork of Bitcoin, and both cryptocurrencies operate in almost the same way. Because Bitcoin ETFs have been approved, Litecoin is seen as a likely candidate to follow.
Another reason is that although Litecoin is no longer among the top cryptocurrencies by market cap, it remains one of the most widely recognized coins.
XRP
XRP is also a strong contender for a spot ETF approval, with an estimated 87% chance this year according to Polymarket. It is the third largest cryptocurrency in market cap (excluding USDT), which makes it a natural candidate for an ETF.
Spot XRP ETFs have already been launched in other countries. In April, Brazil launched an XRP ETF, and Canada did the same in June. In the US, there is an ETF called XXRP, which offers doubled exposure to XRP. However, this is not a spot ETF – it provides exposure through swap agreements linked to European-listed products rather than holding XRP directly.
Cardano
Polymarket forecasts an 84% chance that Cardano will get an ETF in 2025. Cardano is among the largest cryptocurrencies and has a market cap about three times bigger than Litecoin. It also uses a proof-of-stake system, similar to Solana, which recently received approval for staking in its ETF. This similarity could help the approval process for Cardano.
Dogecoin
Dogecoin is estimated to have a 77% chance of getting an ETF approval this year. Despite being a memecoin, Dogecoin has a large market cap, making it one of the biggest cryptocurrencies. Technically, Dogecoin is a fork of Litecoin, which itself is a fork of Bitcoin. If Litecoin’s ETF gets approved, Dogecoin may have an easier path to regulatory approval due to these links.
There remains a risk that its status as a memecoin could affect approval decisions. However, market participants currently consider this risk to be low compared to its probability of approval.
Outlook For Crypto ETFs
The approval of the Solana ETF and the Grayscale CoinDesk 5 Index ETF indicates that regulators are becoming more open to crypto ETFs, including both C-corporation structures and potential spot ETFs. This could lead to further ETF launches in the coming months, allowing easier institutional investing and broader exposure to cryptocurrencies for investors who prefer traditional financial products.
Future developments may include more multi-crypto index ETFs, providing exposure to several coins at once in a way similar to SP500 index funds for stocks.
