Bloomberg analysts raise odds of spot XRP, Dogecoin, and Cardano ETF approvals to 90%

Given recent engagement with the U.S. Securities and Exchange Commission regarding applications for spot altcoin exchange-traded funds, Bloomberg analysts said Friday they are more confident than ever that the new financial products will be approved this year.

"Eric Balchunas and I are raising our odds for the vast majority of the spot crypto ETF filings to 90% or higher," Bloomberg ETF Analyst James Seyffart said on X . "Engagement from the SEC is a very positive sign in our opinion."

Less than two weeks ago, Balchunas and Seyffart, both prominent analysts in the ETF space, had the likelihood of spot XRP, Dogecoin and Cardano funds gaining approval by the end of the year below 90%.

Now, XRP, Dogecoin, and Cardano join ETF proposals for Litecoin, Solana, Polkadot, and Avalanche in having a 90% or better chance of being approved by the SEC by the end of 2025.

Dozens of spot crypto ETF filings are currently awaiting approval from the SEC. Paul Atkins became the agency's new chairman in April. Since taking over, Atkins has promised a friendlier approach  to digital assets.

Earlier this month, the SEC requested that spot Solana exchange-traded fund issuers update their S-1 filings, suggesting that approvals could be forthcoming in the near term, according to a report .

So far, the SEC has only approved spot crypto ETFs for Bitcoin and Ethereum. The products, which enable investors to bet on the price of a specific cryptocurrency without having to hold it, have attracted tens of billions of dollars in investment capital.