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Will Solana Get an ETF? What About BNB or Cardano?

By Evan Jones07/01/2024


The US elections are this year, and crypto has become a bit of a hot topic that may have a role to play with swing states. Perhaps in response, the SEC has changed their tune and allowed spot Ethereum ETF applications to be submitted for their review. This has many wondering whether other assets could follow with spot ETFs. If they do, how will that impact the market and overall price action?

We’re going to discuss the potential Ethereum ETF before delving into whether other top assets such as Solana, Binance Coin, and Cardano could follow.

Ethereum Will Be First

The sudden flip in sentiment towards spot Ethereum ETF’s by the SEC was a surprise to many, but it has mostly brought forward questions of what assets could follow. Ethereum ETFs could be approved sometime in July which means that other assets could follow before the end of the year. 

Solana (SOL), Binance Coin (BNB), and Cardano (ADA), are all good candidates to receive spot ETF investment vehicles, as they’re all top 10 crypto assets by market cap with solid fundamentals. It seems probable that of the three, Solana would likely be first, and Cardano could follow, with Binance Coin possibly facing some sort of issue with the SEC because of its ties to Binance Exchange.

Ethereum, if and when products are approved, may not receive the boost in value that Bitcoin did when spot ETFs were approved for it. However, there is some expectation that Ethereum’s price should go up when they are, though by how much it’s hard to say. 

Some analysts believe that Ethereum is already somewhat overvalued and is a hard sell to traditional finance investors because of varying costs associated with using the network. 

How Other Crypto ETFs May Impact the Market

Ethereum has long been the second most popular crypto asset by market cap, and has been around longer than many of the other assets that may be slated to receive spot ETFs. But because of this longevity, and somewhat lackluster developments as a layer one blockchain network that now has many competitors, it’s lost a bit of its shine as an investment.

Other networks, like Solana, are much faster and cheaper to use than Ethereum, which makes it hard to sell Ethereum as an investment option over some of these other networks without some sort of new development. Ethereum’s place as a blue chip has allowed its price to remain strong, and go up with the news of a potential ETF, but it could be more of a sell the news situation than other, less popular assets may be.

What that means is that Solana, Binance Coin, and Cardano, are all worthy alternatives to Ethereum, with Ethereum potentially already being overpriced for what it can do. So, if another asset like Solana gets a spot ETF, it could pass Ethereum in price because it will be easier for traditional finance advisors to point at various Solana selling points than Ethereum ones.

Closing Thoughts

Any and all spot crypto asset ETFs are a good thing for the sector. Though Ethereum is likely to be the next asset to receive an official investment product, it may not be as important as the assets that could follow.

Though Bitcoin remains the best ETF asset and saw tremendous inflows, these new ETFs could see similar value increases, though likely not as big as the king of crypto.

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Evan Jones


Evan entered the crypto scene in 2017, attracted to the many disruptive possibilities that blockchain could have on current world systems. He has a keen interest in decentralized services, payment processing, and viable NFT use cases such as event ticketing. He spends his days writing with his dog Kobe under his feet, if not on his lap.

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