The U.S. Securities and Exchange Commission (SEC) has greenlit 19b-4 forms for eight spot Ethereum ETFs from leading companies like BlackRock and Fidelity. However, approval of other spot crypto ETFs may be a more challenging journey.
Former White House Communications Director and managing partner of alternative investment firm SkyBridge, Anthony Scaramucci, expressed optimism that a Solana ETF is next. Following the approval of spot Ethereum ETFs, Scaramucci confidently said, “A SOL ETF is coming, get ready.”
Brian Kelly, a host on CNBC, speculated about the chances of an ETF for Solana, the fifth-largest cryptocurrency by market cap. “Bitcoin, Ethereum and Solana are probably the big three for this cycle,” he said, suggesting Solana could be the next big thing.
Kelly's comments echoed those of Joe McCann, a Solana investor and founder, CEO and CIO of crypto fund Asymmetric. McCann believes that if another ETF is approved, it will be Solana. However, he also acknowledged potential problems for Solana and other cryptocurrencies, noting that the Coinbase case used language that could affect future approvals.
McCann highlighted Dogecoin as another potential competitor for an ETF, given its similarities to Bitcoin's launch and its status as “definitely not a security.” Litecoin has also attracted attention for similar reasons.
However, from a regulatory perspective, while Dogecoin and Litecoin may be more suitable options, the financial obligation required to launch a Litecoin ETF may be a deterrent for issuers.
*This is not investment advice.
