In a recent Bloomberg interview, REX CEO King shared his thoughts on the current state of the cryptocurrency market and the future of Solana.
Cryptocurrencies Beyond the Top 20
King cautioned that most cryptocurrencies outside the top 20 are questionable investments. "Crypto gets pretty sketchy below the top 10, certainly below the top 20," he said, emphasizing that issuers need to be discerning when building new products.
Solana in the Spotlight
King believes Solana is undervalued in the stablecoin debate, which has largely centered around Ethereum. He described Solana as faster and more scalable, a likely contender to dominate stablecoin issuance in the future. "I think Solana is actually the story for stablecoins," he added. Its higher staking rewards also make it attractive as a portfolio asset.
Growing Competition in the ETF Market
The success of spot Bitcoin and Ethereum ETFs has triggered a wave of filings, with Solana now seen as the next big prize. Nine issuers, including VanEck and Fidelity, are competing to launch spot Solana ETFs. Analysts expect approvals by October, with prediction markets already pricing in near certainty. King anticipates the pattern seen with Bitcoin and Ether ETFs will repeat: multiple issuers fighting to launch identical funds, with investor inflows spreading across them.
King also noted that despite concerns about risky tokens, REX is waiting on SEC approval for memecoin-linked ETFs tied to Dogecoin and Bonk. These filings reflect his belief that the ETF landscape in crypto will eventually expand into more unconventional products, although he urged issuers to tread carefully.
