Nate Geraci, president of The ETF Store, has forecasted the next spot crypto exchange-traded fund (ETF) to secure approval from the US. Securities and Exchange Commission (SEC). In a recent post, Geraci suggested that an ETF directly tracking the price of Solana (SOL) may not be next in line for a green light. In his opinion, America’s top financial cop could approve a Grayscale multi-token fund containing XRP and Cardano before the spot SOL ETFs. Grayscale’s Digital Large Cap ETF To Be Approved Next? Nate Geraci believes the Grayscale Digital Large Cap Fund might be “first in line for approval before spot sol ETFs.” Asset manager Grayscale filed to convert the existing private fund into a publicly available exchange-traded fund last October. The SEC later acknowledged the application in late 2024. The Grayscale Digital Large Cap Fund, which was created in 2018, holds a crypto index portfolio comprising Bitcoin (BTC), Ether (ETH), Ripple’s XRP, Cardano (ADA), and Solana (SOL). The fund heavily leans towards BTC with a 78.77% weighting at press time, according to the Grayscale site . The rest includes ETH with 12.40%, while XRP, SOL, and ADA take up 4.86%, 3.04%, and 0.93%, respectively. As of June 12, the fund has roughly $796 million in assets under management (AUM) and is only available to accredited investors. Observers are hopeful about its approval odds because it contains only a tiny portion of altcoins with lower liquidity. Crypto index ETFs became a focus for issuers after a hybrid Bitcoin-Ethereum fund debuted last year amid a softer stance on digital asset regulation in the US. In December, the SEC greenlighted the first batch of combo crypto ETFs sponsored by Hashdex and Fidelity. It remains to be seen whether the regulator will approve one consisting of other altcoins such as SOL and XRP. SOL ETF Approval Odds A slew of spot ETF filings from would-be issuers like VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital suggest strong demand for regulated SOL investment vehicles. As ZyCrypto reported earlier, Bloomberg senior ETF analyst Eric Balchunas thinks the SEC could “act early” on Solana and staking ETF filings, pegging the approval odds at 90%. “Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way.” Approval of these funds could unlock institutional capital, boost demand for SOL, and potentially propel prices higher, with some strategists forecasting targets as high as $500 .
