A cryptocurrency influencer on X recently claimed that Solana could be the next coin after BlackRock's Bitcoin and Ethereum spot ETF applications.
The influencer explained his reasoning, starting with a brief explanation about ETFs and their importance.
ETFs allow investors to gain exposure to price movements without holding the asset in question. Shares of an ETF are price transparent and traded on the exchange, making them perfect for risk-averse investors.
The influencer noted that the SEC is currently reviewing BlackRock's Bitcoin ETF application, among others. Given that the BlackRock firm has an ETF approval rate of 99.8%, major trading firms are already on standby to provide liquidity to the ETF upon potential approval, according to the analyst.
The influencer suggests that Solana could be next, citing multiple notable partnerships with Visa, Google, and Shopify, FTX's revival, speed, network stability for over 8 months, and the launch of Firedancer on the testnet.
Bloomberg Analyst: “I Don't See BlackRock Applying for Solana (SOL) Spot ETF”
However, Bloomberg ETF analyst James Seyffart made a statement on the issue and responded to the influencer's post. According to Seyffart, it is unlikely that BlackRock will apply for the Solana spot ETF even in dates other than the near future.
The SEC considers assets other than Bitcoin to be securities. They have an uncertain stance on Ethereum, but it can be said that they consider it as a commodity. However, SEC chairman Gary Gensler has repeatedly said that they qualify other crypto assets as securities.
*This is not investment advice.
