Solana exchange-traded funds (ETFs) are unlikely to see strong demand from U.S. investors, according to Katalin Tischhauser, head of investment research at Sygnum, a crypto bank.
Tischhauser pointed to the low uptake of Grayscale’s Solana Trust (GSOL) as an early indicator of the limited appeal for Solana-based investment vehicles.
Grayscale’s Solana Trust, which offers exposure to Solana (SOL) through a private fund, has accumulated less than $70 million in assets under management (AUM), a stark contrast to the billions managed by Grayscale’s Bitcoin Trust before it converted to an ETF.
Tischhauser explained that this discrepancy reflects Solana’s lower name recognition compared to major cryptocurrencies like Bitcoin and Ethereum.
Despite the high premium at which GSOL shares are trading—more than seven times the net asset value (NAV)—, Tischhauser suggested that this is not a sign of broad market demand.
“The high premium indicates some interest, but it’s not enough to make a significant impact,” she said.
While Bitcoin and Ethereum ETFs have seen record inflows and now manage nearly $63 billion collectively, Solana ETFs are not expected to follow suit.
Major asset managers like Franklin Templeton, VanEck, and 21Shares have shown interest in launching Solana ETFs, but industry giant BlackRock has expressed no plans to do so, citing minimal client interest.
Tischhauser concluded that while smaller issuers might find launching Solana ETFs profitable on a small scale, the impact on the broader crypto market would be negligible.
“It’s unlikely to bring the excitement or significant market movement that some may hope for,” she noted.
