Solana ETF Next? Hope Spikes as Ethereum ETF Countdown Ticks on

• Bloomberg’s ETF specialist sets the likely date for the first trade day of ETH ETF.
• Crypto industry leaders discuss the probability of a timely Solana ETF issuance.
• Chicago Board Options Exchange received applications from VanEck 21Shares.

Discussions about a potential Solana ETF have opened up. Founded in 2018 as the ‘Ethereum Killer,’ the arguably fastest Layer-1 chain rose to its prime in 2021, scoring an all-time high of $259.96 on November 6, 2021.

Main Regulatory Hurdles Targeting Solana ETF

Even though 21Shares co-founder Ophelia Snyder and VanEck’s Matthew Sigel are very optimistic about a Solana-based ETF launch, multiple regulatory setbacks could prevent SOL ETFs from a timely issuance.

For example, SEC Chair Gary Gensler has demanded a regulated Futures market for any alternative currency considered for an ETF product in the United States.

Bloomberg’s Senior ETF analyst Eric Balchunas expects Ether ETFs to trade on July 23, 2024; but Solana’s ETF chances of emerging this year are slim. VanEck’s Head of Digital Assets Research, Matthew Sigel, said that Solana ETF odds mostly rely on the changing regulatory landscape.

Sigel went as far as to say that the Futures markets requirement for the Solana ETF is nothing but a delay tactic. “He has created that condition since taking power. There are a number of ETFs that trade where the futures market is irrelevant to the price formation,” explained Sigel in a Bloomberg interview, firing shots at Gensler.

On the Flipside

• According to Santiment, despite the hype surrounding a possible Solana ETF, Solana’s social volume has significantly dropped due to Ethereum stealing the show.

Why This Matters

Exchange-traded fund products bolster the accessibility of crypto for traditional investors, who can purchase their digital assets in a safe and highly regulated environment.

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