JPMorgan analysts predict that the investment volume in spot ETFs based on Solana will reach approximately $1.5 billion in the first year of operation, which is significantly lower than the corresponding figures for Ethereum ETFs.
This is reported by Finway
Potential of Solana ETF and SEC Approval Expectations
The bank’s specialists note that the U.S. Securities and Exchange Commission (SEC) may approve up to 16 new cryptocurrency ETFs as early as October, including funds linked to Solana and XRP. However, experts estimate that the net inflow of funds into Solana ETFs will be about seven times smaller than that of spot Ethereum ETFs in the first year after launch.
“According to JPMorgan Managing Director Nikolaos Panigirtzoglou, the likelihood of approval for Solana products is strengthened by the fact that futures contracts for the asset are already being traded on the CME.”
The first spot fund based on Solana — REX Osprey — was launched back in July 2025 in accordance with the Investment Company Act of 1940. The deadline for applications for new Solana ETFs is October 10, 2025.
Restraining Factors and Market Dynamics
JPMorgan analysts emphasize the limited interest from investors and the declining activity in the Solana network. The number of active addresses in the network has been decreasing since the end of 2024, and a significant portion of trading volume is concentrated on meme coins. Additionally, the Grayscale Solana Trust (GSOL) premium to net asset value has fallen from 750% to nearly zero — a similar trend was observed for Grayscale Bitcoin and Ethereum before their conversion to ETFs.
Among additional restraining factors, experts cite investor fatigue due to the large number of ETF launches, increasing competition from crypto index funds, and low demand for Solana futures on the CME. It is also noted that investors often perceive Solana as a less reliable alternative to Ethereum in the areas of DeFi and smart contracts.
It is expected that updated listing rules will allow companies to apply for ETFs without specifying tokens, simplifying the process and potentially accelerating the emergence of new investment products in the market.
At the same time, the Solana network remains an active platform for cryptocurrency innovations. In particular, Solana Company plans to buy back 5% of the Solana supply worth over $6 billion.