Nate Geraci Says Grayscale Fund with XRP Next for Approval Before Solana ETFs

ETF Store President Nate Geraci has predicted the next crypto spot exchange-traded fund that will gain regulatory approval next.

In a tweet today, he shared that the Solana ETF may not be the favorite for the US Securities and Exchange Commission (SEC) to approve next. According to him, the Wall Street regulator could sanction a Grayscale multi-asset fund containing XRP and Cardano before the Solana spot ETFs.

$800M Grayscale Fund Next in Line: Geraci

Specifically, Geraci noted that the Grayscale Digital Large Cap Fund would likely gain approval next. The crypto basket product, introduced in 2018, provides exposure to high-caliber digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano.

Specifically, Bitcoin accounts for 78.77%, Ethereum for 12.40%, XRP for 4.86%, Solana for 3.04%, and Cardano for 0.93% of the Grayscale Digital Large Cap Fund as of June 11. The GDLC traded at $47.44 as of yesterday, up 14% in the past month and 11% year-to-date.

In April, Grayscale filed an S-3 form with the US SEC to convert the nearly $800 million asset under management (AUM) fund into an ETF. If approved, it would provide a more diverse exposure to digital assets for institutional and retail investors.

Notably, the US SEC has approved a similar index product. It nodded to Hashdex and Franklin Templeton’s mixed fund in December, which offers exposure to Bitcoin and Ethereum, the first and second-largest cryptocurrencies by market capitalization.

As a result, Geraci suggested that the Grayscale Large Cap fund may be the next to receive regulatory approval, even before the Solana spot ETFs. Recall that the recent report from Bloomberg indicated that the Solana-based ETF could likely be approved as early as July 2025.

Altcoin ETFs Approval Gaining Momentum

Meanwhile, Bloomberg ETF analysts Eric Balchunas and James Seyffart shared that index crypto filings rank among the most likely funds that the US SEC would approve next. Solana and Litecoin ETFs are the only other funds with a 90% chance of approval.

XRP ETFs rank next with an 85% chance of approval, while Dogecoin and HBAR ETFs have an 80% chance. Interestingly, recent developments suggest that the US SEC will finally approve an altcoin spot ETF in the near term.

Remarkably, the US SEC has a deadline of October to decide on the Solana, XRP, Dogecoin, Litecoin, and Cardano ETFs and July for the crypto basket filings.