The 2025 ETF Approval Timeline: Why Solana (SOL) and XRP Are Poised for Spot Inclusion

The U.S. crypto market is on the cusp of a transformative shift as regulatory momentum and market readiness align to accelerate the inclusion of Solana (SOL) and XRP in spot ETFs. With the Securities and Exchange Commission (SEC) unveiling updated "Listing Standards" for crypto exchange-traded products (ETPs) and legislative frameworks like the GENIUS and CLARITY Acts gaining traction, the path for these assets to enter mainstream portfolios has never been clearer.

Regulatory Momentum: A Fast-Track Framework

The SEC’s proposed fast-track framework for crypto ETFs, outlined in its July 2025 guidance, has created a standardized pathway for approval. Key criteria include:
1. Six months of regulated futures trading on a Designated Contract Market (DCM),
2. Trading on an ISG member exchange, or
3. ≥40% exposure to the underlying asset in an ETF [1].

Solana and XRP are uniquely positioned to meet these benchmarks. Solana already satisfies two conditions: it has a six-month history of regulated futures on CME and is projected to achieve ≥40% exposure in ETFs, as seen in the REX-Osprey SOL + Staking ETF, which allocates 80% of assets to SOL [2]. XRP, meanwhile, is expected to meet the six-month futures seasoning requirement on Coinbase’s derivatives market by October 2025, with Bloomberg analysts assigning an 85% approval probability [6].

The SEC’s recent permitting of in-kind creations and redemptions for crypto ETPs further signals a regulatory shift toward efficiency and cost reduction for investors [2]. This change, coupled with the agency’s openness to multi-asset funds like the Grayscale Digital Large Cap Fund (which includes XRP), suggests a pragmatic approach to balancing innovation and investor protection [6].

Market Readiness: Institutional Adoption and Technical Strength

Market readiness for both assets is underscored by institutional adoption and robust technical fundamentals. Solana’s ecosystem has seen record-breaking metrics, including surges in monthly active addresses and transaction volumes, driven by network upgrades like increased block capacity and faster finality [3]. Institutional interest has spiked, with options traders aggressively buying calls on SOL for strikes as high as $800 in June 2025 [5].

XRP’s inclusion in the Grayscale Digital Large Cap Fund—holding a 4.86% allocation—positions it as a regulatory shortcut to ETF approval. Nate Geraci of ETF Store argues that multi-asset funds may receive faster nods than standalone XRP or Solana ETFs, given the SEC’s recent focus on mitigating risk in single-asset products [6].

The October 2025 Decision Window

The regulatory timeline is tightening. The SEC has delayed final decisions on Solana ETFs to October 16, 2025, and XRP ETFs to October 24, 2025, after utilizing its maximum 60-day extension authority [4]. This coordinated review window reflects the agency’s cautious yet deliberate approach to evaluating new crypto products.

Galaxy Research’s analysis highlights that both assets could qualify under multiple pathways: Solana via regulated futures and ≥40% exposure, and XRP via futures seasoning and multi-asset fund inclusion [1]. With legislative tailwinds from the CLARITY Act and Project Crypto initiative, the likelihood of approval has increased significantly [1].

Strategic Implications for Investors

For investors, the inclusion of Solana and XRP in spot ETFs represents a strategic opportunity to access high-growth crypto assets with institutional-grade infrastructure. The REX-Osprey ETF’s staking model—allocating 50% of its SOL holdings to Marinade Finance—demonstrates how ETFs can generate yield while maintaining exposure to price appreciation [2]. Similarly, XRP’s inclusion in the Grayscale fund offers a diversified entry point into the crypto market.

Conclusion

The convergence of regulatory clarity, market demand, and technical strength makes Solana and XRP prime candidates for 2025 ETF inclusion. As the SEC’s October decision window approaches, investors should monitor legislative developments and ETF issuer updates. The approval of these assets could catalyze broader institutional adoption, reshaping the crypto market’s landscape for years to come.

Source:
[1] XRP, SOL Or Dogecoin? Galaxy Research Picks ETF Fast-Track [https://www.mitrade.com/insights/news/live-news/article-3-1079873-20250829]
[2] The race to bring Solana-based exchange-traded funds (ETFs) to U.S. markets is heating up [https://www.facebook.com/manuel.guevarra.369210/posts/the-race-to-bring-solana-based-exchange-traded-funds-etfs-to-us-markets-is-heati/758267537086457/]
[3] Solana's Staking ETF Sparks Institutional Interest Amid [https://www.okx.com/learn/solana-staking-etf-institutional-interest]
[4] SEC Pushes Final Decision on Solana ETFs to October 16 [https://www.cryptoninjas.net/news/sec-pushes-final-decision-on-solana-etfs-to-october-16-after-maximum-60-day-extension/]
[5] Insane Options Flow on SOL, XRP, TRUMP — The Altcoin Breakout Has Begun [https://digitalcurrencytraders.com/insane-options-flow-on-sol-xrp-trump-the-altcoin-breakout-has-begun-10f4b65c8ea7]
[6] Grayscale Crypto Fund With XRP May Get ETF Nod Before Solana [https://coincentral.com/grayscale-crypto-fund-with-xrp-may-get-etf-nod-before-solana-geraci/]