BlackRock – No Appetite for Solana ETF

During a recent interview with Bloomberg on Monday, July 29, BlackRock CIO for ETF and Index Investments – Samara Cohen – affirmed that the asset manager is not pursuing any ETF

Asset management giant BlackRock has no plans to launch any exchange-traded funds (ETFs) in the near future, including one tracking the Solana (SOL) token, a top executive at the firm said on Monday.

Samara Cohen, BlackRock’s CIO for ETF and Index Investments, told Bloomberg in an interview that the firm’s focus on Bitcoin (BTC) and Ethereum (ETH) in its offerings is due to the two cryptocurrencies meeting the firm’s “investability” criteria.

“We really look at the investability to see what meets the criteria, what meets the bar to be delivered in an ETF,” said Cohen. “For us, both in terms of investability and also what we hear from our clients, Bitcoin and Ethereum definitely meet that bar, but it will be a while before we see anything else.”

BlackRock’s relative conservatism when it comes to cryptocurrencies has been highlighted before, with the firm’s head of digital assets, Robert Mitchnick, stating at the Bitcoin conference last week that the appetite for any ETF beyond those tracking BTC and ETH is “not there.”

The comments from Cohen come as several crypto firms have filed applications with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana ETF, with the world’s largest asset manager now set to sit out the initial launch phase.

Bitcoin’s share of the total crypto market stands at 55%, while Ethereum has a 17% share. The rest of the altcoins contribute less than 10% each to the overall market capitalization. This disparity in market size could be a factor in BlackRock’s decision.

Solana is the seventh-largest cryptocurrency by market capitalization, according to CoinGecko. The token has a large and dedicated community, and it is used by a wide range of decentralized applications (dApps). However, Solana has also been criticized for its frequent network outages and its vulnerability to spam attacks.

BlackRock’s decision not to launch a Solana ETF in the near future is likely to disappoint some crypto enthusiasts. However, the asset manager’s focus on Bitcoin and Ethereum is in line with its conservative approach to investing.

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