With the rapidly growing popularity of crypto ETFs in the U.S., BlackRock, one of the world’s largest asset managers, could be gearing up for a major next step filing for spot exchange-traded funds (ETFs) for XRP and Solana (SOL) sometime in October. Nate Geraci, president of The ETF Store and NovaDius Wealth Management, believes such an advance down the road would be a significant step forward in the long evolution of investing in digital assets.
A Tipping Point for Crypto ETFs
In a recent episode of the Thinking Crypto podcast, Geraci highlighted a significant regulatory shift: the SEC’s approval of in-kind creation and redemption mechanisms for crypto ETFs. This change makes ETF management more cost-effective and transparent, particularly for institutional players. Although underreported by retail investors, this approval marks a crucial step forward for a wider range of crypto ETFs to be launched in the coming months.
BlackRock’s interest in expanding beyond Bitcoin and Ethereum isn’t new. The company already offers a tokenized money market fund on both Ethereum and Solana blockchains, affirming their belief in a multi-chain system such as XRP and Solana will be incorporated in the future ETF filings. Geraci argued since crypto is naturally cross-chain, it only makes sense for both XRP and Solana to be included in BlackRock’s filings.
Why XRP and Solana are next
Geraci feels that XRP and Solana are the most logical assets for BlackRock’s next ETF filings: XRP has institutional use in cross-border payments, while Solana is a high-speed blockchain. In addition, futures based ETFs have been trading in XRP and Solana, signifying the market is matured and investor base more concrete.
He also noted the growing momentum among pro-crypto voices within the SEC, such as former Commissioner Paul Atkins, who supports broader digital asset adoption. “With Ethereum staking ETFs on the verge of approval, expanding to other chains is the next strategic step,” Geraci said.
Regulatory Gaps and Contradictions
Despite the green light for in-kind ETF structures, the SEC has yet to approve spot ETFs for tokens like XRP or Solana. Geraci pointed out an ongoing contradiction: ETFs with up to 15% exposure to illiquid private assets are already legal, yet those composed of 85% Bitcoin or Ethereum and only 15% XRP or SOL still face barriers.
“There’s no coherent rationale,” he explained. “Especially considering that both XRP and Solana futures ETFs are live — it’s hard to justify the continued delay in spot products.”
This regulatory inconsistency, he argued, has more to do with political hesitancy inside the SEC than technical or financial limitations.
October: A Potential Breakthrough Moment
Geraci anticipates that October could be a defining month. With rising institutional demand, over $27 billion already invested in spot Bitcoin and Ethereum ETFs in 2025 alone, and a growing appetite for diversified crypto products, the pressure is mounting.
“BlackRock doesn’t move without strategic foresight,” Geraci said. “If they file for XRP and Solana ETFs by October, it could set off the next wave of crypto adoption across traditional finance.”
With growing bipartisan support in Congress and shifting sentiment within regulatory bodies, a more inclusive and robust ETF landscape may soon become a reality — and XRP and Solana could be at the forefront of this transformation.
