Skip to content

This Month in Crypto: Solana ETFs incoming, the Curse of Mt Gox returns

Harry Hamburg
Harry Hamburg
3 min read
This Month in Crypto: Solana ETFs incoming, the Curse of Mt Gox returns
Here's what I get when I type "draw me the curse of Mt Gox" into ChatGPT

Well, that was fast.

It’s barely been one month since US regulators approved the spot Ethereum ETFs, and we already have a major financial institution filing for a spot Solana ETF.

You can read the official filing here, if you’re interested.

Will it get approved as easily as the Ethereum ETFs did?

That’s a difficult question to answer…

You see, the people who decide whether to approve this ETF or not – the Securities and Exchange Commission (SEC) – take a very dim view of every crypto project that isn’t Bitcoin.

In fact, until 10 days ago, the SEC even considered Ethereum an unregistered security, and was in the process of investigating it.

So if the SEC is only very reluctantly conceding that the two most decentralised crypto projects on the planet – Bitcoin and Ethereum – aren’t “unregistered securities”… it doesn’t look good for the rest of them.

Case in point: The SEC has already declared Solana to be an unregistered security.

When it sued Coinbase in June 2023, it listed a number of projects trading on Coinbase that it considered to be unregistered securities, including: 

Solana, Cardano, Polygon, Filecoin, Sandbox, Axe Infinity, Chiliz, Flow, Internet Computer, Near, Voyager, Dash and Nexo.

And that’s the order it listed them in, too. Solana was in 1st place.

So, what are the chances this Solana ETF gets approved?

Usually, you’d have to say near zero. But, as I said many times in last month’s newsletter… this is an election year.

And both parties are vying for that precious crypto vote.

Which goes a long way to explaining why the SEC suddenly and surprisingly approved the Ethereum ETFs last month. And why it dropped its investigations into Ethereum this month. 

But the thing about Solana is, even a large number of crypto people like to argue that it isn’t very decentralised. 

Why does that matter? 

Because being “sufficiently decentralised” is one of the main – maybe the only – arguments the SEC accepts for any given crypto project not being a security.

Here’s the now head of the SEC – Gary Gensler (no relation) – saying as much about Ethereum in 2018, before he started working for the SEC:

It will be interesting to see how this story progresses.

The Curse of Mt Gox comes to fruition next month

Here’s a story that’s not getting as much press as it probably should be.

Remember when I wrote about the curse of Mt Gox in 2018?

Probably not.

How about when I covered it again in 2022: The curse of Mt Gox: back from the dead.


Well, if not, you can follow that link above to get caught up… but don’t forget to come back here after.


Good. Let’s carry on.

Well this month, the Mt Gox trustee announced he will start the $9 billion in bitcoin repayments to Mt Gox’s hack victims in July.

As in next month.

So a whole lot of people are about to get a whole lot of Bitcoin, which they didn’t know if they would ever get back.

And, which has increased in value considerably since they last had access to it.

Let’s not forget – when Mt Gox was hacked in 2014, Bitcoin was trading for just $725. As I write today it’s trading for roughly $62,000.

That’s an 8,450% increase – an 85X return. 

Now, what do you think the majority of the people who receive their share of that $9 billion in Bitcoin will do with it…

Do you think they’re going to hold onto it, or do you think they’re going to sell it for an 8,450% profit?

And if they do sell it, what do you think will happen to the crypto markets?


Although, as I always say: this is crypto. 

And in crypto, prices have a tendency to do the opposite of what people expect.

So, what will actually happen is anyone’s guess.

But I wouldn’t be surprised if we see some fireworks.

Okay, that’s all for today.

Thanks for reading.


PS if you’re looking for more crypto insights, you can check out Coinbase’s “state of crypto” report here.


 Full disclosure: At time of writing, I held the following cryptos: Ethereum, IOTA, Radix, Mina Protocol, Aleph Zero.

Disclaimer: This content does not constitute financial advice, tax advice or legal advice. Your money and how you choose to spend it is your responsibility. Nothing that appears here should be construed as investment advice or recommendations to buy or sell any securities, cryptos or investments. coin confidential does not offer investment advice. We merely provide information. Crypto investing is highly risky, and you could lose 100% of the money you put in. You should not base any investment decision solely on information we publish. We believe all information we publish to be accurate, but we cannot guarantee it. Always do your own research before making any decisions about your money. See the full disclaimer for more.

Mt GoxSolana ETFEthereum ETFCrypto NewsNews

Harry Hamburg

This is all, just like... my opinion, man.

Related Posts

Members Public

The Ethereum ETF special: this is just the beginning

Why were the Ethereum ETFs suddenly approved last week? Politics. It all comes down to politics...

Members Public

This month in crypto: Ethereum ETFs approved in shock U-turn, Bitcoin ETFs come to UK… sort of

It’s going to be a short issue this month, but it’s going to cover some very big news...

This month in crypto: Ethereum ETFs approved in shock U-turn, Bitcoin ETFs come to UK… sort of
Members Public

This month in crypto: halving déjà vu

Is there more to the Bitcoin halving than just a self-fulfilling prophecy?