Experts in the field are already speculating about the cryptocurrency that will be next, having approved a significant application in the competition to introduce a spot ether (ETH) exchange-traded fund (ETF). Not until 2025, according to Standard Chartered (STAN), Solana (SOL) or Ripple’s XRP may be the next big thing.
“For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one,” analyst Geoffrey Kendric said. “For now, bitcoin and ether dominance will rise, with selective “next in line” winners as well.”
Form 19b-4, which prospective issuers had submitted, was approved by the Securities and Exchange Commission (SEC) on Thursday. Although this is a significant milestone in the race to introduce a spot ether exchange-traded fund (ETF), it is only one of two formats that require regulator approval. The SEC may require weeks, months, or even indefinitely to accept the S-1 paperwork, which has only been filed by a small number of possible issuers.
Given SOL’s resemblance to Ethereum, a number of industry professionals have proposed that it might make sense to include it as a third ETF. Given that Ethereum is categorized as a commodity, brokerage company Bernstein stated in a note on Thursday that the token may proceed in a similar manner. By market capitalization, Solana ranks third among cryptocurrencies, following Bitcoin and Ether. This does not include Binance Coin (BNB) or the stablecoin Tether (USDT).