The discussion around the future of BlackRock's potential Solana ETF launch raises debates about fairness and the development of the cryptocurrency market.
Analysts' Opinions on BlackRock
ETF analyst James Seyffart expressed that BlackRock should not launch a Solana ETF simultaneously with already filed applicants. "That's messed up," Seyffart said in a conversation with Nate Geraci. "These smaller issuers have spent so much time working with the SEC getting the paperwork right," he added.
Current Situation in the Solana ETF Market
VanEck was the first to file for a Solana ETF in June 2024, followed by competitors such as Bitwise, Grayscale, Invesco, 21Shares, and others. The SEC has issued several delays regarding approval decisions and requested amendments to applications for legal clarity.
Potential Strategies for BlackRock
Seyffart suggests that BlackRock may prefer to launch a crypto index product tracking prices of several cryptocurrencies beyond Bitcoin and Ether instead of a Solana ETF. NovaDius president Nate Geraci noted that BlackRock might wait for competitors to launch products first to gauge demand. "If the demand looks really good, maybe they can just swoop in," he said.
The question of fairness regarding the participation of major players like BlackRock in the launch of Solana ETFs is crucial for the cryptocurrency market, where competition among lesser-known issuers is intense.
