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Crypto ETF applications in the US have surged to 155 in 2025, with Solana matching Bitcoin in filing volume in what Bloomberg senior ETF analyst Eric Balchunas calls a “total land rush” among asset managers.
The surge reflects growing institutional confidence in digital assets, though a US government shutdown has temporarily frozen SEC review of all pending applications.
Balchunas predicts the crypto ETF filings could exceed 200 by year’s end as traditional finance firms race to capture market share in crypto-linked investment products.
The crypto ETF filings data shows Bitcoin (BTC) and Solana (SOL) leading the pack in investor interest. Bitcoin remains the most sought-after cryptocurrency for ETF issuers, given its dominant market capitalization and liquidity. Solana, on the other hand, has surprised many analysts by matching Bitcoin’s momentum in ETF submissions, highlighting its rising influence in the blockchain ecosystem.
XRP follows closely behind with around 20 crypto ETF filings, while Ethereum (ETH) and combo ETFs collectively account for 10 applications. Even older cryptocurrencies like Litecoin (LTC)—currently ranked 31st by market capitalization—have recorded five filings.
In a sign of the broadening investor appetite, meme-inspired coins like Dogecoin (DOGE) and Bonk (BONK) have also entered the ETF race, with four and two crypto ETF filings respectively. This eclectic mix of assets underscores a shift in investor sentiment toward both established and emerging digital tokens.
While the momentum behind crypto ETF filings is strong, approval timelines have stalled due to the ongoing U.S. government shutdown. The Securities and Exchange Commission (SEC), responsible for reviewing these applications, has temporarily suspended the process, halting progress across all pending ETFs.
This pause has left dozens of asset managers waiting in limbo, with billions of dollars in potential market capitalization hanging in the balance. However, analysts expect that once operations resume, the SEC will prioritize clearing the backlog swiftly.
“The government shutdown has essentially frozen the ETF pipeline,” said Balchunas. “But once reopened, we could see an acceleration in approvals, especially given the sheer volume of crypto ETF filings waiting for review.”
Despite regulatory uncertainty, the wave of crypto ETF filings signals a strong institutional push toward mainstream adoption of crypto-linked financial products. Analysts view this surge as a reflection of investor confidence in the long-term viability of digital assets.
Traditional investment firms are increasingly viewing cryptocurrency ETFs as an accessible bridge between decentralized finance and conventional markets, offering exposure without the risks associated with direct crypto custody.
The industry consensus is clear: once the SEC resumes operations, the number of crypto ETF filings could easily surpass 200, marking a pivotal moment in the evolution of crypto investment vehicles.
With both legacy assets like Bitcoin and emerging networks like Solana leading the way, the competition to secure ETF approval represents a critical step toward legitimizing digital assets in global finance.
