Brian Kelly Predicts Solana Could Be Next Crypto ETF

Brian Kelly, founder & CEO of BKCM LLC, recently opined that Solana might be the next cryptocurrency to get its spot exchange-traded fund (ETF) in the US. 

"Bitcoin, Ethereum, and Solana are probably the big three for this cycle," Kelly added. 

Ethereum ETF hopes 

After the highly successful launch of Bitcoin ETF in January, it now seems like the SEC might be on track to approve Ethereum ETFs. The regulator's last-minute U-turn triggered a massive price spike. 

Related

Wed, 05/22/2024 - 20:22

"Total Nonsense": Scaramucci Defends Bitcoin Evangelist Saylor Against Critic

Alex Dovbnya

While Kelly doesn't know when exactly an Ethereum ETF is going to be approved by the SEC, he is convinced that it is going to happen at some point in time.

Little interest in altcoins 

As reported by U.Today, Robert Mitchnick, head of digital assets at BlackRock, recently acknowledged that there "was little interest" in Ethereum and "very little interest" in other altcoins based on conversations with their clients.

Related

Wed, 05/22/2024 - 16:02

XRP Ledger Hits Major Milestone, Surpassing 88 Million Ledgers

Tomiwabold Olajide

In January, BlackRock reportedly confirmed that it had no plans to launch an ETF for the XRP cryptocurrency. 

That said, there's multiple Solana exchange-traded products (ETPs) in Europe.  

Is Solana a security?  

Last year, the SEC's lawsuits against Coinbase and Binance named the Solana token as a security. The Solana Foundation strongly rejected this claim, claiming that the blockchain is decentralized.   

The token's legal status could significantly complicate the ETF approval process in the US. Moreover, it is worth mentioning that Solana does not have its futures-based ETF in the US.