The idea of a spot exchange-traded fund (ETF) for the cryptocurrency Solana US Spot ETF (SOL) has been mooted by crypto trader and investor Brian Kelly. “The trade now is, who’s next?” Kelly asked about a recent edition of Fast Money on CNBC. Kelly is both the creator and CEO of the BKCM Digital Asset Fund.
Solana should be seen as the likely next one, he said. For this cycle, the main three will likely be Bitcoin, Ethereum, and Solana. This speculation happens the day before the SEC decides on one or more proposed spot Ether (ETH) ETFs.
Solana ETF Might Not Come Next
Not everyone is as hopeful as Kelly. According to Nate Geraci, president of The ETF Store, a spot Solana ETF may not come to fruition until a Solana futures product is offered on a significant exchange or Congress creates a transparent regulatory framework for cryptocurrencies other than Bitcoin and Ethereum.
According to Bloomberg ETF expert James Seyffart, who agrees with Geraci, a spot in Solana ETF may not be available for many years, depending on regulatory milestones like CFTC approval. Regardless of the various viewpoints, Seyffart highlighted the possible demand for a spot Solana US Spot ETF, implying that it may outstrip other non-Bitcoin and non-Ethereum digital assets.
Regulator concerns, though, are substantial. The process for prospective ETF applicants has been made more complicated because the SEC, then headed by Gary Gensler, has already classified Solana as a security in litigations involving Coinbase and Kraken. In contrast, Adam Cochran of Cinneamhain Ventures posited that, despite smaller demand, Litecoin (LTC) or Dogecoin (DOGE) would outperform Solana in the race to the ETF because of their perceived more apparent legal paths.
Even though significantly few exchange-traded funds (ETFs) have publicly addressed the prospect of competing with Solana US Spot ETF, the trillion-dollar asset management firm Franklin Templeton has lauded Solana and its creator, Anatoly Yakovenko. This has led many to believe the company is considering releasing a Solana exchange-traded fund.
Fidelity Files Amended S-1 Application with SEC
This morning, Fidelity reportedly submitted an updated S-1 form to the SEC about their spot in Ethereum ETF. Per the revised application, there will be no staking of the underlying Ether tokens of the ETF. To establish publicly traded securities products in the US, one must file an S-1 with the SEC.
Bitcoin exchange-traded funds (ETFs) witnessed an increase in Tuesday inflows. As anticipation about the introduction of spot Ether ETFs boosted their value. After six weeks of negative or nonexistent inflows, BlackRock’s iShares Bitcoin Trust (IBIT) saw a massive $290 million inflow on May 21.
The most recent inflow of capital into BlackRock’s ETF surpasses. The total inflows seen over the previous 21 trading days are the most significant since April 5. At its six-week high of $71,600 on May 21. Bitcoin fell below the $70,000 mark in early May 22 and is now trading at $69,444 as of this writing.
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