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Disclaimer: This story was originally published on May 22, 2024.

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Crypto investor Brian Kelly suggested on CNBC’s Fast Money on May 22 that Solana (SOL) could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the United States after Ether (ETH) and Bitcoin (BTC).

Kelly made the remarks ahead of the expected decision by the United States Securities and Exchange Commission (SEC) on at least one proposed spot ETH ETF on May 23.

“The trade now is, who’s next,” asked Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund:

“You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”

Bloomberg analyst James Seyffart argued on X that an introduction of a spot SOL ETF will be based on current precedent or needs, which “will happen within a few years” of getting a Commodity Futures Trading Commission-regulated futures market.

Seyffart also believes that a SOL ETF would see the “most demand” compared to other digital assets aside from Bitcoin and Ether.

The analyst noted, however, that Gary Gensler and the SEC have previously identified Solana as a security in lawsuits against Coinbase and Kraken. This could potentially create challenges for future applicants:

“But SEC isn't dancing around SOL’s status like they have ETH. Those lawsuits against COIN and Kraken and others flat out say ‘Solana is a security’ [...] which could very easily make this a very rocky road.”

Differing from this prediction, Cinneamhain Ventures partner Adam Cochran believes Litecoin (LTC) or Dogecoin (DOGE) are more likely candidates for the next spot ETF inclusion.

“I think you get LTC and DOGE first. Much lower demand, but cleaner paths,” Cochran noted.