Multicoin’s Samani Explains Why a Solana ETF Might Surpass Ethereum’s

Solana’s ETF Potential: Multicoin’s Samani Says It Could Outperform Ethereum’s

Kyle Samani argues Solana’s on-chain revenue and market dynamics make it a stronger candidate for institutional investment than Ethereum.

While Solana (SOL) has yet to see an exchange-traded fund (ETF) launch, Multicoin Capital’s Kyle Samani believes it’s only a matter of time—and when it does arrive, it could surpass Ethereum’s ETF in investor demand.

Speaking at Blockworks’ Digital Asset Summit in New York, Samani explained why he sees Solana as better positioned for Wall Street adoption. A key factor, he says, is the blockchain’s ability to generate significant fees despite having a smaller market capitalization than Ethereum.

“One of the biggest reasons the ETH ETF didn’t get a massive reception is that institutional investors looked at Ethereum and asked, ‘Where are the fees?’” Samani said.

Traditional finance often evaluates stocks based on their price-to-earnings (P/E) ratio—a measure of valuation relative to revenue. While crypto lacks direct earnings reports, blockchain networks generate fees that can act as a similar metric.

According to Samani, Solana’s implied P/E ratio is far more attractive than Ethereum’s, sitting between 30 and 50 times revenue, whereas Ethereum trades closer to 1,000 times revenue.

“This makes Solana’s valuation more comparable to high-growth tech stocks,” he explained.

If institutions apply the same logic they use for traditional equities, Samani believes they may view Solana as having more upside potential than Ethereum, making a SOL ETF an even more compelling product when it eventually debuts.