According to crypto experts, Solana might face several challenges in becoming the next ETF after BTC and ETH

1/ Regulatory concerns: The SEC has flagged Solana as a security in previous lawsuits which complicates the approval process, though many argue it was the same for ETH


2/ Lack of Futures Market: Unlike Bitcoin and Ether, Solana doesn’t have an existing futures market on the Chicago Mercantile Exchange (CME), which is a significant factor for the SEC when considering ETF approvals

3/ Market Maturity: Solana’s market is still considered less mature as compared to Bitcoin and Ether, raising concerns about market manipulation and stability.


4/ Token holder distribution: Bitcoin and Ether are sufficiently distributed among a large set of token holders. However, Solana token distribution seems less distributed comparatively 

6/ However, Samara Cohen, BlackRock's chief investment officer for ETF and index investments, said while Bitcoin and Ethereum met the minimum expectations of the investment giant for ETFs, no other digital asset comes close, hinting that it might be a while till we see a $SOL ETF

5/ Solana has become a notable candidate, with VanEck and 21Shares each filing for Solana ETFs in the US. Given its market cap of $84.2 billion, making it the third largest crypto asset after Bitcoin and Ether, there’s a strong case for SOL being the next approved ETF.