Exchange-traded Funds, or ETFs, as the cool kids call them, are becoming one of the recent trends in the crypto world. For years, ETFs and all their massive investment opportunities have been exclusively limited to the Traditional Financial world or TradFi, as the cool kids say. But crypto bros might now be getting a nice slice of the ETF cake.
Related: What is Solana? Explainer
Bitcoin had already entered the ETF game in January 2024 when the SEC approved 11 Spot Bitcoin ETFs Approved. Ethereum also joined Bitcoin at the ETF table on the 23rd of May, and according to popular opinion, Solana might be the next to get a seat at the table as it continues to prove that it can hold its own among the big players in the crypto market.
Just after SEC Chair Gary Gensler announced that we should get Ethereum ETFs this summer, Brian Kelly, a CNBC reporter, stated, “You got to think about Solana as probably the next one.” Kelly also didn’t hide his praises for Solana; he mentioned that “Bitcoin, Ethereum, and Solana are probably the biggest three in this cycle.” That’s a pretty strong statement that Binance will probably not agree with, but to each his own.
However, Kelly is not alone in his assertion. Joe McCann, the “Lord Commander” of Asymmetric, also shares this belief, stating that many people missed out on Ethereum’s success, which is driving massive interest in Solana. In his words, “I think Solana is probably going to be next…There is actually some interest in Solana, mostly because people missed the Ethereum trade in the last cycle.”
Anthony Pompliano, an investor at Pomp Investment, seems to be one of the people McCann was talking about. The man detailed his move from Ethereum to Solana, explaining that “I sold Ethereum at the end of last year, beginning of this year, whatever it was, and I bought Solana instead. It was very much a decision like I think that Solana is going to outperform Ethereum moving forward.”
But while many people may be sure about Solana becoming one of the biggest players in the near future, many are equally uncertain about Solana ETFs becoming a thing. Pompliano himself has said, “I don’t hear any talk of a Solana ETF in the US.” Nate Geraci, President of the ETF Store, also stated, “No, Solana ETF until either CME-traded Solana futures exist or Congress puts a legit crypto regulatory framework in place…Crypto ETF spigot turned off for a while after spot Ethereum ETF approval.”
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- Solana’s Struggles: Demand Surges and Network Overload
- Advantages of Cryptocurrency in 2024
The conclusion, it seems, is that there is none yet. The potential for an ETF remains a topic of debate, and no one knows what’s to come. One thing that seems to be sure is Solana’s impressive growth record and the strong possibility that it will most likely continue that way, but for Solana ETFs, we have to wait and see.
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