Brian Kelly’s Solana Eulogy Sparks Speculation of Spot ETF Approval

In a recent CNBC interview, Brian Kelly, the founder and CEO of BKCM LLC, suggested that Solana (SOL) could be the next cryptocurrency to receive approval for a spot exchange-traded fund (ETF). 

Solana Spot ETF Could Be the Next After ETH ETF Approval

Kelly highlighted Solana’s impressive technological advancements and growing ecosystem as key factors that could make it a strong candidate for ETF approval. The cryptocurrency market has been eagerly awaiting the approval of more spot ETFs, which allow investors to gain exposure to cryptocurrencies without directly purchasing the assets. 

While Bitcoin and Ethereum have often been the primary focus for potential ETFs, Kelly’s mention of Solana indicates a shift in attention toward other viable cryptocurrencies with strong fundamentals. However, the possibility of Solana getting an ETF approval from the SEC seems impossible, due to the multiple Solana Exchange Traded Products (ETPs) in Europe.

Kelly also emphasized the regulatory landscape, noting that while regulatory scrutiny remains high, the maturation of the cryptocurrency market could lead to more favorable conditions for ETF approvals. He pointed out that Solana’s transparent development team and its proactive approach to regulatory compliance could help gain the necessary approvals.

Commendation for Solana Ecosystem and Leadership

Meanwhile, in January, Franklin Templeton, a prominent trillion-dollar asset management firm, also stirred speculation within the cryptocurrency community regarding the possibility of a Solana ETF. Franklin specifically lauded the Solana network’s achievements and advancements in its public acknowledgment.

The recognition extended to the significant developments within the Solana ecosystem, such as the growth of decentralized finance (DeFi), the expansion of infrastructure networks, innovative non-fungible token (NFT) projects, and the emergence of memecoins like Dogwifhat (WIF). undoubtedly, this focused and positive acknowledgment has fueled speculation among crypto enthusiasts that Franklin might be contemplating the launch of a Solana ETF.

Comparative Analysis with Other Blockchain Networks

Although Franklin Templeton acknowledged other blockchain networks, its digital assets team predominantly directed praise at Solana. 

This targeted acclaim has led to heightened speculation within the crypto community, with enthusiasts on X expressing optimism about the potential launch of a Solana ETF. A trader also voiced optimism for Solana in a post noting that as long as its price remained above $75.00, it is likely to surpass $140 as suggested in the weekly chart he provided. According to current data from CoinMarketCap, SOL is trading at $170.68.

Meanwhile, the crypto industry has witnessed the recent approval and launch of Spot Bitcoin ETFs, raising hopes for similar offerings for other cryptocurrencies like Ethereum (ETH) and XRP in the United States. However, several spot Ethereum ETFs are awaiting approval from the U.S. SEC, and final decisions are anticipated in a few days.