As the race to launch new altcoin ETFs heats up, BlackRock, the world's largest asset manager, has yet to announce any plans regarding a Solana ETF.
BlackRock and Solana ETF: Current Situation
While major players such as Franklin Templeton, Bitwise, Grayscale, and 21Shares have already filed for spot Solana ETFs, BlackRock remains on hold. When asked about the possibility of a Solana ETF during a Bloomberg TV interview, BlackRock U.S. iShares Product Head Rachel Aguirre declined to comment on any specific plans. Instead, Aguirre emphasized that BlackRock evaluates potential ETFs based on three key principles: customer demand, investment thesis, and ETF suitability.
BlackRock's Position in the Crypto ETF Market
BlackRock already dominates the spot Bitcoin and Ethereum ETF markets, managing $55.4 billion and $3.7 billion in AUM, respectively, through its iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA). Institutional ownership in ETH ETFs rose to 14.5% last quarter, while BTC ETF ownership fell slightly to 21.5% from 22.3%. BlackRock’s IBIT remains the market leader with 1,100 institutions owning 247 million shares.
The Future of Solana ETF: Expert Opinions
The U.S. Securities and Exchange Commission (SEC) will play a key role in determining the timeline for the Solana ETF. If SOL is classified as a security, it could significantly complicate the approval process. Despite these uncertainties, Bloomberg ETF analysts estimate there is a 70% chance the Solana ETF will eventually win approval.
In conclusion, despite uncertainties and the absence of statements from BlackRock, interest in the Solana ETF continues to grow. Analysts' expectations suggest that this financial product might receive approval in the future.
