BlackRock Has Bad News for Solana Fans

Samara Cohen, BlackRock’s chief information officer, recently told Bloomberg that the financial giant had no plans to launch a Solana exchange-traded fund (ETF) in the near future. 

“So, we really look at the investability to see what meets the criteria, and meets the bar to be delivered in an ETF. And for us right now, both between invest ability considerations and also what we hear from our clients, you know, Bitcoin and Ether definitely meet that bar,” Cohen said in response to a question about possible plans to launch more altcoin ETFs.   

card

The BlackRock CIO said that it “would be a while” before investors would be able to see anything else from the financial giant. 

As reported by U.Today, New York-based financial giant VanEck and crypto-native firm 21Shares recently filed to launch Solana-based ETFs. Still, such moves might be overly ambitious, and leading experts do not expect such products to be approved in 2024. Earlier this year, Ripple CEO Brad Garlinghouse predicted that multiple altcoins ETFs would be launched in the U.S. 

Last week, Solana (SOL) managed to surpass Binance’s native BNB token by market capitalization, becoming the fourth-biggest cryptocurrency. The sheer size of the “Ethereum killer” makes it hard for financial giants to ignore it. Recently, Solana has achieved its highest market dominance to date. 

BlackRock shattered records with its Bitcoin ETF, which debuted in January with a slew of competing products. The success of BlackRock’s IBIT pushed the BTC price to its current record high in March. 

Earlier this month, its Ether ETF also went live, but the product has failed to generate the same level of enthusiasm. Nevertheless, Cohen said that the launch was “strong.”  

On July 26, BlackRock’s ETHA saw $87 million worth of inflows. 

About the author

Alex Dovbnya