During a recent episode of CNBC’s “Fast Money,” Brian Kelly, founder and CEO of BKCM Digital Asset Fund, suggested that Solana might soon follow Bitcoin and Ethereum to potentially receive a spot exchange-traded fund (ETF) in the United States. Kelly’s prediction comes as the SEC is set to decide on an Ether ETF.
Kelly added that Bitcoin, Ethereum, and Solana are the main cryptocurrencies, implying that Solana could be the next to be approved for ETF.
Nevertheless, certain digital crypto analysts, including Bloomberg ETF analyst James Seyffart, noted that creating an ETF tied to Solana may take some time, and the Commodity Futures Trading Commission considers market regulation necessary before approval.
Seyffart believes a spot Solana ETF would see more demand than every digital asset outside of Bitcoin and Ether.
Complications arise as the SEC has previously classified Solana as a security, which could impact future ETF applications. Nate Geraci, president of The ETF Store, also noted that a Solana spot ETF might only be possible once there is a clearer set of rules for cryptocurrencies.
Despite regulatory challenges, Solana continues to attract significant interest, particularly from Bitwise’s chief investment officer. Matt Hougan, Bitwise’s CIO, has highlighted its growing real-world applications and predicted it as the “crypto asset of 2024.”
Franklin Templeton also recently commended Solana and Anatoly Yakovenko, one of its founders, leading to speculation about the firm’s potential consideration of filing an application for a Solana ETF in the future.
Also Read: Bernstein Expects Ether Surge 75% post Ethereum ETF Approval
