CNBC contributor and crypto expert, Brian Kelly, caused a stir recently when he predicted that the digital currency Solana (SOL) could be the next to gain an exchange traded fund (ETF) in the United States. He shared these predictions during a CNBC post-market talk show, just days ahead of the Decisio by the Securities and Exchange Commission (SEC) on a proposed spot Ether (ETH) ETF.
Kelly suggested the next big consideration for traders is figuring out which cryptocurrency follows after Bitcoin and Ethereum. He put Solana forward as a likely contender, seeing it as the third major player in this cycle.
However, not everyone shares his view. Nate Geraci, the president of The ETF Store, thinks a spot Solana ETF will only come about when a Solana futures product is listed on the Chicago Mercantile Exchange or when Congress establishes a clear regulatory framework for cryptocurrency. At present, only Bitcoin and Ether futures have been approved in the U.S. James Seyffart, a Bloomberg ETF analyst, concurred with this opinion, but opined that once these obstacles are overcome, a spot Solana ETF would be more popular than any other digital asset, barring Bitcoin and Ethereum.
Yet, Seyffart also cautioned that the SEC has previously labelled Solana as a security in prior lawsuits involving Coinbase and Kraken, potentially complicating matters for those hoping to launch a Solana ETF.
Meanwhile, Adam Cochran, a partner at Cinneamhain Ventures, offered a unique perspective, suggesting that Litecoin (LTC) or Dogecoin (DOGE) would be the next cryptocurrencies to feature in a spot ETF. At present, few ETF issuers have proposed the idea of filing for a spot Solana ETF, though Franklin Templeton – a trillion-dollar asset management firm – recently lauded Solana and its co-founder, Anatoly Yakovenko, stirring up speculation about a possible application in the making.