Nate Geraci, president of NovaDius Wealth Management, outlined the latest developments in the crypto ETF arena, asserting that BlackRock is expected to file for spot XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) ETFs — possibly as early as this October.
What Happened: In an appearance on the Thinking Crypto podcast on Wednesday, Geraci emphasized the SEC's recent approval of in-kind creation and redemption mechanisms for crypto ETFs as a pivotal regulatory shift. This step enhances ETF efficiency and reduces costs, although it has largely gone unnoticed by retail investors.
However, despite procedural readiness, some already-approved ETFs (like those from Grayscale and Bitwise) are still delayed, likely due to internal SEC politics — particularly resistance from Commissioner Caroline Crenshaw. Geraci suggested that the Commission is holding back broader ETF expansion to await a more comprehensive regulatory framework.
He noted a potential turning point with emerging pro-crypto voices at the SEC, such as Paul Atkins, who is signalling greater openness to diverse crypto products — including those beyond Bitcoin and Ethereum.
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Why It Matters: Geraci believes BlackRock's ETF strategy naturally extends to multi-chain exposure, citing its tokenized money market fund already launched on both Ethereum and Solana. This cross-chain deployment indicates a profound belief in a multi-chain future and positions XRP and Solana as logical next steps for ETF inclusion. The October deadline could be when BlackRock files for the ETFs.
He also anticipates the approval of staking within Ethereum ETFs soon, pointing to increasing institutional pressure and the evolution of precedent-setting financial products.
With over $27 billion flowing into spot Bitcoin and Ethereum ETFs so far this year, including $5 billion into Ethereum ETFs over a 20-day streak, the demand for diversified crypto ETF offerings is undeniable.
Regulatory Double Standards
Geraci criticized the regulatory inconsistency at the SEC. While ETFs holding up to 15% in illiquid private assets are permitted, ETFs that would hold 85% BTC/ETH and only 15% XRP/SOL are still facing delays. Moreover, futures-based XRP and Solana ETFs are already live, further highlighting the contradiction.
Geraci concluded that the U.S. is “nearing the finish line” on crypto ETF expansion. With growing legislative momentum, rising financial advisor interest, and mainstream investor awareness, spot ETFs for assets like XRP and Solana appear increasingly likely.
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