🟣 Grayscale's Statement on Solana (SOL)! "As Much as Bitcoin and Ethereum…"

Altcoin ETF launches in the US have faced delays due to the government shutdown, but Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs began trading this week.

While the Solana ETF has experienced large inflows compared to the LTC and HBAR ETFs, Grayscale Head of Research Zach Pandl evaluated the SOL ETFs.

Speaking to DL News, Grayscale’s Zach Pandl said that the US spot Solana ETF could mirror the success of Bitcoin and Ethereum ETFs and expects it to perform similarly.

Pandl also predicted that SOL ETFs could attract at least 5% of Solana's total token supply over the next one to two years.

At current prices, this would mean over $5 billion worth of SOL being taken up by firms like Grayscale and Bitwise.

“It makes sense to compare Solana to other ETF products in the market. At this point, I think the SOL ETFs will mirror the success of Bitcoin and Ethereum.“Within one to two years, I expect at least 5% of the Solana token to be held by these ETFs.”

Bloomberg ETF analyst Eric Balchunas highlighted the success of SOL ETFs, saying Bitwise’s BSOL ETF launched on Tuesday and saw $129 million in inflows in its first two days.

Grayscale's GSOL ETF, which began trading on Wednesday, saw $4 million in inflows on its first day.

As is well known, the GSOL ETF, like Grayscale's Bitcoin and Ethereum ETFs, initially began as a trust. GSOL launched in 2021. Before converting to an ETF, the trust held $100 million worth of Solana.

#SOL | #Solana | #Grayscale

{spot}(SOLUSDT)