Canary Capital applies for Solana ETFs. This makes Solana the next cryptocurrency to have a spot ETF approved by the SEC, following BTC and ETH in January and July respectively. Other asset managers, Van Eck and 21 Shares also filed for Solana ETFs.
Why Solana?
Solana is often labeled as “Ethereum killer,” due to its faster transactions and lower fees. It has gained significant followers and investors in DeFi, NFTs, P2E gaming and other blockchain apps. As of this writing Solana is top 4 of all cryptocurrencies in terms of market cap.
Potential Impact on Solana
Of course this is bullish for long time investors of Solana. Just like BTC and ETH, this would allow institutional investors and non-crypto investors or crypto muggles as I'd like to call them, to invest in SOL without the need for wallets and direct engagement with the blockchain.
Potential Impact of Cryptocurrencies
This would pave the way for similar ETFs of other altcoins, such as BNB, XRP, and ADA thus making crypto accessible for everyone who doesn't know or want to start creating a wallet. It would also show regulatory's (SEC) willingness to accept more digital assets investments, thus, encouraging more diverse crypto-based investment products. This could also start the broader adoption of cryptocurrencies in general not just as an investment product but accepted for payments as well.
Conclusion
This could be the start of altcoin investments in traditional finance. SOL investors would certainly be on the lookout for potential price gains and broader adoption. For the cryptocurrency as a whole, this could mean more altcoin ETFs in the immediate future. Investors of other alts such as XRP, TRON and AVA to name a few are eagerly waiting for their coins to have ETFs too.