Issuers of crypto exchange-traded funds should carefully consider which cryptocurrencies to offer exposure to in their funds, as most of the crypto market is “pretty sketchy,” says REX Financial CEO Greg King.
“Crypto gets pretty sketchy below the top 10, certainly below the top 20,” King told Bloomberg’s ETF IQ on Monday.
“There’s some significant picking and choosing that has to happen by issuers there,” he added.
King added that he didn’t think there would be “a huge explosion” in ETF filings for various cryptocurrencies but predicted “a lot of funds per coin.”
ETF issuers have rushed to get approval for a host of crypto funds after the success of spot Bitcoin (BTC) ETFs, and as the Securities and Exchange Commission under President Donald Trump has taken a friendlier tone with the sector.
REX is waiting for approvals for ETFs tied to memecoins — cryptocurrencies with no intrinsic value — which would track Bonk (BONK), Trump’s token, Official Trump (TRUMP), and Dogecoin (DOGE), which is currently the tenth largest cryptocurrency by market value.
King touts Solana as “the future” for stablecoins
In early July, REX Financial launched a Solana (SOL) ETF that included exposure to staking rewards — payouts given to those who lock up tokens to support the blockchain.
REX Financial CEO Greg King believes Solana is the story of stablecoin’s future over Ethereum. He speaks with @EricBalchunas on “ETF IQ” https://t.co/aVEoiSkzfo pic.twitter.com/iQx9g4oYJg
— Bloomberg TV (@BloombergTV) August 25, 2025
King said that Solana is “faster and more designed for high processing speed,” and that it’s been overlooked as a blockchain for stablecoins, which are mostly popular on rival blockchain Ethereum.
“Frankly, when I saw the big debate come out about stablecoins being all built on ETH [Ethereum], I was like ‘this is a huge oversight.’ I think Solana is actually the story for the future as far as stablecoins go.”
“A lot of people think that Solana is the up-and-comer that’s going to sort of dethrone Ethereum,” he added. “It’s a very controversial debate. I probably made friends and enemies by even suggesting that.”
Expect more ETFs per cryptocurrency
King also addressed expectations that many crypto ETFs will be launched in the coming months, saying he thinks there will be “somewhat of an explosion.”
“Where else in ETF land did you have six, eight, 10, 12 people lining up to launch the same exact thing over and over like we’ve seen with a Bitcoin ETF and then with ETH, now with Solana,” he added.
“Those numbers just multiply, and I think you will continue to see that,” King said.
Related: Canary Capital files ‘American-Made’ crypto ETF amid SEC delays
He added that Solana was a “great candidate” for a spot ETF, saying its “pretty interesting as a portfolio investment” due to its rivalry with Ethereum and its comparatively “much larger staking reward.”
Nine line up for Solana ETF
There are currently nine issuers that have filed to launch a spot Solana ETF, with VanEck, Bitwise, Grayscale, 21Shares, CoinShares, Canary Capital, Franklin Templeton, Fidelity Investments and a joint fund by Invesco and Galaxy Digital in the mix.
The SEC is expected to clear them for trading by at least October, and analysts and prediction market bettors have signalled that the funds will almost certainly be approved.
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