Key Points
- CNBC contributor and crypto investor Brian Kelly expects to see Solana ETFs next.
- Bitcoin ETFs were approved in January, and the first Ethereum ETF could see approval by the SEC today.
CNBC "Fast Money" crypto investor Brian Kelly sparked a debate on the X platform after he suggested that Solana (SOL) could be the next digital asset to receive a spot exchange-traded fund (ETF) in the US.
Kelly is also the founder and CEO of the BKCM Digital Asset Fund.
He made this highly optimistic prediction during the CNBC post-market talk show "Fast Money", yesterday, May 22.
During the show, Kelly asked "who's next" in the trading race. He said that Solana could probably be the next in line, highlighting that Bitcoin, Ethereum, and Solana are probably the "big three for this cycle."
Joe McCann, founder, CEO, and CIO of Asymmetric, shared the video via his X account, highlighting CNBC's Solana ETF prediction.
Bloomberg's James Seyffart also commented on the subject via X and said that based on current precedent and needs, such a thing would happen within a few years of getting a CFTC-regulated futures market. However, he said that Congress and the market structure bills such as the FIT21 could make it happen quicker.
He also said that a SOL ETF would see the most demand vs. other digital assets aside from Bitcoin and Ethereum.
Seyffart continued and said that the SEC "isn't dancing" around SOL's status like they have in ETHs' case. He mentioned the lawsuits against Coinbase and Kraken suggesting that the SEC sees Solana as a security. He sees this as making it more difficult for Solana to get an ETF.
The US SEC to decide on Ethereum ETF today
Today, the SEC should come up with a decision regarding the Ethereum ETF by VanEck. ArkInvest is due for a decision tomorrow, May 24.
Recent events have revealed that investors are currently reconsidering the chances of Ethereum seeing a green light for ETF applications.
Earlier, it was reported that the SEC has already started engaging with prospective Ethereum ETF issuers about their S-1 registration statements.
Regarding the Ethereum ETF applications, Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin Templeton.
Also, according to new reports, BlackRock has filed an updated 19b-4 form for its Ethereum ETF. Grayscale and Bitwise also filed amended 9b-4 forms with the US SEC today.
Fidelity is the only firm that filed an amended S-1 form, according to available reports.
Regarding the other ETF products, Bitcoin ETFs have been approved by the SEC back in January.
