Even with the convenience of ETFs, still exists. The asset has seen sharp rises and declines over short periods, and this volatility can affect corporate balance sheets, debt ratios, and investor sentiment. While the ETF structure makes it easier to hold the asset, it does not reduce the underlying market risk.
Regulation is another source of uncertainty. On one hand, approvals of ETFs would indicate an increasing appetite for crypto in regulated markets; on the other hand, policies can change. Governments could adjust reporting standards, tax treatment, or rules around trading, which then might affect how companies utilize Solana ETFs for treasury purposes.
Recent changes within the crypto market have shown that in times of market stress, firms may need to liquidate their holdings rapidly, and treasuries should be prepared for such an event.