A recent discussion regarding the launch of a Solana ETF has drawn attention to BlackRock's potential entry into the race. ETF analyst James Seyffart expressed his intention to oppose simultaneous launches with other companies.
Arguments Against BlackRock's Launch
Seyffart argues that BlackRock's entry into the market with a Solana ETF at the same time as other firms would unfairly undermine the efforts of smaller players. He emphasized that such behavior would be unjust to those who have already worked hard to secure approvals from the SEC. “That’s messed up,” Seyffart stated.
Initiatives by Smaller Firms
According to Seyffart, smaller firms have invested significant resources into refining their applications. “These smaller issuers, these guys have spent so much time working with the SEC getting the paperwork right,” he noted. He pointed to companies like VanEck and Bitwise as among the first applicants for a Solana ETF.
BlackRock's Future in the ETF Market
Seyffart suggests that BlackRock may not only launch a Solana ETF but could also consider a broader index fund tracking multiple cryptocurrencies. Analyst Nate Geraci added that BlackRock might wait for competitors to make their launches before making decisions about its own. It is also possible that the firm has opted to focus on the dominant cryptocurrencies—Bitcoin and Ether.
Thus, the questions of fairness regarding smaller applicants and BlackRock's opportunities remain central to the ETF market as the SEC still has not clarified its approval timeline.
