BlackRock SLAMS Solana ETF Rumors, Cites “No Demand”

In the past two weeks, Solana’s price has jumped by 30%, outperforming both Bitcoin and Ethereum. Many believe this rise is linked to rumors about a potential Solana ETF. However blackrock blackrock - Fintech SolutionAdvisoryInvestment platform has dashed these hopes.

In a recent Bloomberg interview, Samara Cohen, BlackRock’s CIO for ETF and Index Investments, confirmed that Bitcoin and Ethereum will continue to be the main cryptocurrencies traded through ETFs for now.

Disappointed? Here’s all the information we have.

BlackRock Clarifies Its Priorities

Cohen explained that there is currently little demand for adding other altcoins, like Solana, to crypto ETFs. She noted that Bitcoin and Ethereum meet the required criteria for stability and investor interest, while other cryptocurrencies do not. She cited technical challenges, liquidity issues, and concerns about market manipulation as key reasons why altcoins like Solana are not yet considered for ETFs. This view is supported by Robert Mitchnick, BlackRock’s head of digital assets, who also sees no immediate future for additional crypto ETFs.

Understanding the ETF Market Share

Bitcoin and Ethereum dominate the crypto market, with Bitcoin holding 55% and Ethereum 17% of the total market share. Other altcoins contribute less than double digits, which makes their inclusion in ETFs even more difficult. Despite Solana’s strong recent performance and its market cap of $82 million—surpassing Binance’s BNB token—BlackRock remains cautious about expanding its ETF offerings beyond Bitcoin and Ethereum.

So, What Next for Crypto ETFs?

Cohen mentioned that crypto ETFs might become part of “Model Portfolios” by the end of 2024. Major financial institutions like Wells Fargo, Morgan Stanley, and UBS are evaluating how Bitcoin and Ethereum might fit into their portfolios. BlackRock’s Ethereum ETF, ETHA, has attracted significant investor interest since its launch.

It’s Shaky Ground for Solana

While some asset managers, such as VanEck and 21Shares, are pushing for Solana ETFs due to strong demand from the crypto community, approval remains uncertain. Despite Solana’s bullish outlook and analyst Ali Martinez’s prediction of a 900% surge, many experts doubt that new crypto ETFs will be approved in 2024.

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Do you think Solana ETFs will make it to the market this year? Share your thoughts with us.

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