Ramazan Eles 
Bloomberg Intelligence Research Analyst James Seyffart recently discussed the possibility of Solana ETFs in a special interview with Kitco News Anchor and Managing Editor Michelle Makori.
Seyffart reiterated his previous view that a Bitcoin ETF would come before an Ethereum ETF and that there would be a significant delay before other cryptocurrencies see similar approvals.
He pointed to the ongoing lawsuits involving Kraken and Coinbase, which have specifically mentioned Solana, as evidence that the “SEC has no problem right now calling Solana a security.”
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Seyffart noted that even if Solana were ultimately deemed a commodity, another major hurdle remains: the SEC’s requirement for a readily surveillable market to prevent fraud and manipulation. Existing Bitcoin and Ethereum ETFs rely on CME futures for this purpose, and such a structure is not currently available for Solana.
Despite the current political and regulatory landscape, Seyffart does not believe a Solana ETF is likely before 2026.