Solana ETF Approval Looks Likely, But Inflows May Pale Next to Bitcoin and Ether

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The path for US spot Solana ETFs appears clear, with JPMorgan analysts citing an established CME futures market and a key October 10 deadline. However, the bank warns that investor enthusiasm may be limited, projecting first-year inflows of just $1.5 billion.

This cautious outlook comes as the SEC prepares to decide on a wave of new crypto ETFs. JPMorgan notes that the explosive premium on the Grayscale Solana Trust (GSOL) has already normalized, falling from over 750% to near zero. This pattern of a declining premium closely resembled the behavior of Grayscale’s Bitcoin and Ethereum trusts before they were converted into spot ETFs, indicating that the market may have already front-run the approval news.

The report also highlighted that a Solana trust (REX Osprey) already exists under the Investment Company Act of 1940, setting a precedent that differs from the current batch of applications filed under the Securities Acts of 1933 and 1934.