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Brian Kelly Suggests Solana Could Be Next for ETF
Crypto investor and trader Brian Kelly has suggested that Solana (SOL) could potentially become the next cryptocurrency to have a spot exchange-traded fund (ETF) in the United States. On a recent episode of CNBC’s ‘Fast Money’, Kelly, who also serves as the founder and CEO of the BKCM Digital Asset Fund, posed the question, “The trade now is, who’s next?” He then suggested, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”
Solana ETF Speculation and Skepticism
The speculation around a potential Solana ETF comes amidst discussions in the cryptocurrency community. Nate Geraci, president of The ETF Store, expressed skepticism, stating that a spot Solana ETF might face hurdles until regulatory milestones are met. James Seyffart, an ETF analyst at Bloomberg, echoed similar sentiments, predicting a potential delay in the launch of a spot Solana ETF.
Despite differing opinions, Seyffart highlighted the potential demand for a spot Solana ETF, suggesting it could surpass other digital assets outside of Bitcoin and Ethereum. However, regulatory challenges, including SEC’s categorization of Solana as a security in previous lawsuits, present obstacles for potential ETF applicants.
Alternative Perspectives on ETF Race
Adam Cochran, a partner at Cinneamhain Ventures, offered an alternative perspective, suggesting that Litecoin (LTC) or Dogecoin (DOGE) might beat Solana to the ETF race due to perceived cleaner regulatory pathways. While few ETF issuers have openly discussed filing for a spot Solana ETF, speculation around potential interest from firms like Franklin Templeton has emerged.
Recent Developments and Market Trends
Recent filings and updates in the ETF space have provided insights into the evolving landscape. Fidelity’s amended S-1 application for its spot Ether ETF and the increased interest in spot Bitcoin ETFs, as evidenced by inflows into BlackRock’s iShares Bitcoin Trust (IBIT), reflect growing investor attention towards cryptocurrency ETF products.
The recent market trends, including BTC reaching a six-week high and subsequent price fluctuations, indicate the dynamic nature of the cryptocurrency market and its impact on ETFs.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
