Cryptocurrency asset management firm Bitwise has recently said that the US Securities and Exchange Commission (SEC) is open to a Spot Solana ETF after the previously approved Ethereum iteration launches. Indeed, the ETH investment product is expected to begin trading in the next week.
Speaking to Bloomberg, the firm’s CCO Katherine Downing noted that the agency appears “quite welcoming” to the idea of other crypto-based ETFs. Additionally, Downing said that the Ether ETF is “close to the finish line.” Many issuers have already filed the amended S-1 forms this week.
Also Read: Ethereum ETF: Expert Predicts Official Launch in Next Two Weeks
Solana ETF in the Works After ETH Debuts?
Bitwise’s Downing discussed the potential for investment products like a Solana ETF amid the ongoing Ethereum process in the recent interview. She noted that issuers have “dialogue with the SEC about the possibility of what’s coming down the pike with new products.”
However, Downing did note that those products “may have to wait on a new SEC chair,” if Gary Gensler is removed in January of this year. She maintained that he could get in the way. Specifically, Downing noted Gensler’s involvement creates a “long haul” to get products to market. Especially given his history with the industry.
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Still, Downign described the agency’s response to talk regarding more products as “quite welcoming.” That certainly increases the odds of a Solana-based ETF. Applications for such an investment product have already been filed by asset managers like VanEck.
Earlier this month, GSR Markets released a report on the potential product. There, they noted SOL has “cemented itself as part of Crypto’s Big Three.” Therefore, it is only natural it follows ETH and BTC with the next crypto-based ETF. Yet, the question now is when. With two approvals in 2024 already, many expect a Solana ETF to not be viable until 2025.