BlackRock confirmed that it does not plan to release a Solana ETF any time soon, in spite of the success enjoyed by its Bitcoin spot ETFs and Ethereum ETFs this year.
Some asset managers have filed for launch of the small-cap altcoins, despite this company dismissing them.
BlackRock’s take on a Solana ETF
On a Tuesday interview BlackRock CIO Samara. Cohen confirmed to Bloomberg the launch of a BlackRock Solana ETF. “not in the near term.”
“We really look at the investability – what meets the criteria, what meets the bar to be delivered in an ETF,” Cohen explained. She said that Bitcoin and Ethereum meet the bar in terms of investmentability and customer demand.
“I think it will be a while before we see anything else,” She also added.
Both Bitcoin and Ethereum spot ETFs are proving to be successful. BlackRock’s iShares Bitcoin Trust has seen nearly $20 billion of flows since the 11th, and it had one of the most successful first 30 days in ETF history. BlackRock’s Ethereum ETF has $440 million worth of ETH after its first week. on-chain data.
The case for the launch of a Solana ETF remains questionable.
At Bitcoin 2024 last week, Robert Mitchnick – BlackRock’s Head of Digital Assets – noted that “the next plausible investible asset is at, like, 3%” Total market value of cryptocurrency “It’s just not close to being at that threshold or track record of maturity, liquidity, et cetera.”
Back in March, Mitchnick emphasized Bitcoin is still considered the “overwhelming top priority” Customers who are crypto-focused. “Then a little bit of Ethereum, and very little everything else,” He emphasized.
Does Solana have an ETF in the future?
VanEck filed for its first patent in late June. Solana spot ETF The United States. SOL was argued to be a similar digital currency as BTC or ETH, and that the regulators would have little reason not to allow them public trading.
“Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions,” Matthew Sigel said at the time that VanEck’s Head of Digital Asset Research, Matthew Sigel.
Unlike BTC and ETH, however, Solana does not yet have a futures market on the CME – a cornerstone of the crypto’s legal arguments for getting Bitcoin spot ETFs approved. SOL has not yet been determined to be a security token. The SEC claims as such in their Coinbase suit.
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