BlackRock Unlikely to File for Spot ETFs for Solana and XRP

BlackRock will unlikely file for spot ETFs for Solana and XRP anytime soon. This is based on BlackRock's digital assets head, Robert Mitchnick, who stated that the asset manager sees “very little interest” in crypto beyond Bitcoin and Ethereum.

BlackRock is unlikely to apply for spot ETFs for Solana and XRP in the near future. This is according to the head of BlackRock's digital assets, Robert Mitchnick, who stated that the asset manager sees “very little interest” in crypto assets beyond Bitcoin and Ethereum. This suggests that BlackRock will probably just continue with its Spot Bitcoin and Ethereum ETFs rather than pursue offering any other crypto ETF.

American journalist and senior correspondent at Fox Business, Charles Gasparino, had also earlier dismissed the possibility of BlackRock filing for a Spot XRP ETF. His declaration came after an interview that BlackRock's CEO Larry had with Gasparino in which he evaded the question about the possibility of launching a Spot XRP ETF.

Fink’s vague reply led members of the XRP community to speculate that BlackRock might be considering an XRP ETF. However, Gasparino later clarified and revealed that Fink did not have in-depth knowledge about XRP, which is why he could not elaborate on Gasparino’s question regarding a potential BlackRock XRP ETF.

While BlackRock may not be interested in other altcoins, fund issuers like VaEck and 21Shares see potential in altcoins like Solana and have already applied to offer the first-ever Spot Solana ETFs in the US. Franklin Templeton has also shown interest in Solana, having once predicted that it would soon become the third-largest crypto by market cap. But it remains to be seen if the asset manager will eventually file for a Spot Solana ETF.

Considering the explosive growth that the crypto token has already enjoyed in this bull run, other fund issuers are bound to take notice of Solana sooner rather than later. Brian Kelly, founder of digital assets investment firm BKCM, previously mentioned that Solana will likely be the next to get its own ETF, considering that it is part of the ‘big 3’ for this cycle alongside Bitcoin and Ethereum.

The Possibility Of A Spot XRP ETF

No asset manager has yet filed for a Spot XRP ETF in the US, but there are expectations that it will eventually happen. At the Consensus 2024 conference, Ripple CEO Brad Garlinghouse mentioned that it is only a matter of time before the market sees a Spot XRP ETF and that such a fund is “inevitable.”

However, a firm like VanEck has indicated that they may not be looking to file for a Spot XRP ETF anytime soon. This follows the firm’s Head of Digital Assets Research, Mattew Sigel’s explanation of why they filed for a Spot Solana ETF and not any other fund like a Spot XRP ETF. Sigel mentioned that Solana is just as decentralized as Ethereum, as no single entity controls more than 20% of the token’s circulating supply, nor can anyone unilaterally halt the chain.

The same cannot exactly be said about XRP, considering how much of the token's supply Ripple holds. As such, that could put a big question mark on XRP’s decentralized nature. Meanwhile, the US Securities and Exchange Commission's (SEC) case against Ripple could be another obstacle to any potential application for a Spot XRP ETF.

The above is the detailed content of BlackRock Unlikely to File for Spot ETFs for Solana and XRP. For more information, please follow other related articles on the PHP Chinese website!