GSR Markets Solana ETF Could Multiply SOL Price by 9 Times

The US spot Solana ETF could make SOL’s price rise ninefold, according to cryptocurrency market maker GSR Markets. In a report on June 27, the company described Solana as part of the “cryptocurrency triumvirate” and studied whether Solana would become the next spot cryptocurrency ETF approved by US regulators. The report coincidentally came out on the same day that VanEck applied to issue a spot Solana ETF, surprising many. GSR’s estimate of holding a long position in SOL reached 8.9 times, assuming that, based on the relative market value of the Bitcoin spot ETF, the spot Solana ETF would absorb 14% of the flow since the spot Bitcoin ETF was launched in January. GSR’s “best case” would raise Solana’s current price from $149 to over $1,320, and the market value of Solana would increase to $614 billion (based on current supply). Meanwhile, GSR’s “bear” and “benchmark” scenarios would make the spot Solana ETF account for 2% and 5% of Bitcoin, respectively, leading to price increases of 1.4 times and 3.4 times for Solana. The company stated that if the spot Solana ETF includes staking rewards income, these estimates could be even larger—although approved spot Ether ETFs do not allow staking. “If the US allows additional spot digital asset ETFs, Solana is ready to launch a spot ETF, which could have the biggest impact on price to date.” Despite GSR’s optimism, Bloomberg ETF analyst Eric Balchunas and others believe that it is necessary to seriously consider the spot Solana ETF, given the changes in the US President and the Chairman of the Securities and Exchange Commission. The SEC and its chairman, Gary Gensler, marked the SOL token as a security in lawsuits against Binance and Coinbase, which makes the road to approval much more difficult than the approval of spot Bitcoin and Ethereum ETFs. A week before VanEck filed its application, cryptocurrency asset management company 3iQ applied for a spot Solana ETF in Canada, the first of its kind in North America. The recent price performance and major developments of Solana. Source: GSR The Solana ecosystem and network also received praise from the $1.5 trillion asset management company Franklin Templeton, but the company has not yet confirmed plans to launch a spot Solana ETF in the future. Spot Solana exchange-traded products worth over $1 billion have been offered globally.