In a recent interview discussing the emergence of Ripple and Solana, 21Shares CEO Hany Rashwan discussed which crypto could be next in line for an ETF. Rashwan was featured on the Paul Barron network, where he talked about the potential of both assets, and their importance to crypto moving forward.
Spot Ethereum ETFs debuted this week, after months of anticipation. With Bitcoin becoming the first crypto-based exchange-traded product in January, the two assets show a promising future for institutional investment in the space. Now, all eyes are on which could be next.
Also Read: Spot Ethereum ETF Trading Volume Surpasses $1B, Still Undervalued?
21Shares CEO Talks ETF Potential for Ripple and Solana
Thus far, 2024 has been a massive year for crypto. The mainstream adoption of the asset class has been undeniable, with Bitcoin and Ethereum setting a new standard. Now, the crypto market is looking at what assets could join them atop the entire industry. One prominent executive discussed the two most popular options.
With trader interest in Ripple and Solana exploding, 21Shares CEO Hany Rashwan talked about the ETF potential for both. The firm had previously filed for a SOL ETF earlier this year. Asset manager VanEck was the only other firm to mirror that filing.
Rashwan said that the firm’s listing application portrays “how bullish we are and how we think about that asset.” Although he couldn’t provide a timetable for its potential approval, he did say SOL operates on “partially the same thesis” as Ethereum. Therefore, it should receive similar approval for an ETF.
Also Read: Ripple: Why XRP May be Headed its Highest Price Since 2021
The 21Share executive also noted there is potential for “smart contract platforms to one day exceed Bitcoin.” Indeed, he noted the ceiling on BTC as it is synonymous with gold. However, that doesn’t apply to the other “magnificent seven,” crypto assets.
The decision to apply for Solana over Ripple is due to SOL’s similarities to Ethereum. “Sometimes it can be easier to make a case for an asset that is competitive with an already approved crypto, rather than starting a new asset from scratch.”
That line of thinking clearly shows 21Shares’ belief that Solana is next in line for an ETF. That product is likely to arrive at some point in 2025. However, it doesn’t discredit Ripple’s chances. The company is currently embroiled in a lawsuit with the SEC. Yet, a settlement does open the door for an ETF in the near future.