Brian Kelly of Fast Money Believes Solana Will Be the Next US Spot ETF

Solana (SOL) may be the next cryptocurrency to receive a spot exchange-traded fund (ETF) in the United States, according to crypto investor and trader Brian Kelly. During an episode of CNBC’s ‘Fast Money,’ Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund, suggested that Solana could be the next big player in the market. However, not everyone is as optimistic. Nate Geraci, president of The ETF Store, expressed skepticism and believes that a Solana ETF may not materialize until a futures product is listed on a major exchange or until there is a clear regulatory framework for cryptocurrencies beyond Bitcoin and Ethereum. James Seyffart, an ETF analyst at Bloomberg, echoed Geraci’s sentiments and predicted that a spot Solana ETF could be years away, depending on regulatory milestones. Despite the uncertainties, Seyffart highlighted the potential demand for a spot Solana ETF, suggesting that it could outperform other digital assets. However, regulatory hurdles remain, as the SEC has categorized Solana as a security in lawsuits against Coinbase and Kraken. Adam Cochran, a partner at Cinneamhain Ventures, believes that Litecoin (LTC) or Dogecoin (DOGE) may beat Solana to the ETF race due to perceived cleaner regulatory pathways, despite lower demand compared to Solana. While few ETF issuers have openly discussed filing for a Solana ETF, trillion-dollar asset management firm Franklin Templeton recently praised Solana and its founder Anatoly Yakovenko, sparking speculation about a potential Solana ETF in the future. In other news, Fidelity has made an amended S-1 application to the SEC for its spot Ether ETF, specifying that the underlying Ether tokens will not be staked. This move has also provided a boost to spot Bitcoin ETFs, as BlackRock’s iShares Bitcoin Trust witnessed a substantial inflow of $290 million on May 21, marking a reversal in the trend of minimal inflows observed over the past six weeks.