Solana Emerges as Next ETF Contender
(MENAFN) The digital asset market is increasingly setting its sights on the potential authorization of a Solana-based exchange-traded fund (ETF), following the earlier green lights granted for Bitcoin and Ethereum.
This development could indicate a broader incorporation of virtual currencies into mainstream finance and elevate interest across the broader crypto landscape.
Efforts to align cryptocurrencies with traditional financial frameworks continue to accelerate.
After US regulators approved ETFs for Bitcoin and Ethereum—the two most prominent digital assets by market value—the spotlight has now turned to the next batch of alternative coins, with Solana gaining notable attention.
The recent re-election of US Leader Donald Trump, seen as bringing in a more cryptocurrency-supportive administration, has encouraged a surge of ETF applications with the US Securities and Exchange Commission (SEC).
These filings include other altcoins like Litecoin, Ripple, Dogecoin, and Cardano.
Experts believe Solana may be uniquely positioned for ETF approval, largely due to its substantial market capitalization, which exceeds USD80 billion.
According to crypto news platform Blockworks, the SEC has recently requested updates from several applicants regarding their Solana spot ETF filings—a move reminiscent of the steps taken before greenlighting Bitcoin and Ethereum funds.
Nurullah Dundar, a faculty member at Istanbul Medipol University, shared with a news agency that the ETF approvals for Bitcoin and Ethereum have encouraged larger financial entities to become more open to digital assets.
He noted that a potential Solana approval could drive both a sharp increase in price and broader usage, as the asset ranks among the top ten cryptocurrencies by valuation.
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