First Bitcoin, then Ethereum, and now Solana. The crypto industry is flooding traditional markets with assets pegged to cryptocurrencies that mom-and-pop investors can buy up from their brokerage accounts. On Wednesday morning, the first Solana exchange-traded fund, or ETF, went live on Cboe BZX, a stock exchange based in Chicago.
The price of Solana jumped 2% after markets opened Wednesday to now around $151. The ETF has seen inflows of about $20 million before midday, Greg King, founder and CEO of REX Financial, told Fortune.
When they were first launched, cryptocurrency ETFs seemed exotic to many retail investors, but the successive debut of a Bitcoin, Ethereum, and now a Solana fund suggest the products are gaining a broader appeal.
In July 2024, BlackRock and other issuers launched ETFs for Ethereum, the second largest cryptocurrency by market capitalization. And then, other issuers filed ETF applications for a slew of other cryptocurrencies, including Solana.
“I frankly think it would have been more difficult with the previous administration,” said King, the CEO of REX Financial.
Now, amid a more friendly financial regime under President Donald Trump, analysts anticipate that the SEC will approve many of the applications to launch cryptocurrency-tied funds.
