BlackRock Pours Cold Water On Solana ETF Hopes

Despite growing rumors that the world's largest asset manager may file a spot Solana ETF (exchange-traded fund) with the US Securities and Exchange Commission (SEC)

BlackRock, the world’s largest asset manager, is reportedly not planning to file for a spot Solana exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), at least in the near future.

According to a recent interview with Bloomberg,日記 BlackRock’s chief investment officer of ETF and index investments, Samara Cohen, stated that the firm is not actively pursuing a Solana ETF in the near term.

This decision was attributed to a lack of demand from clients and concerns about the overall maturity of the Solana ecosystem.

“For us, both between investability considerations and also what we hear from our clients, BTC and ETH definitely meet that bar,” Cohen said.

“I think it will be a while before we see anything else.”

This sentiment aligns with statements made by Robert Mitchnick, BlackRock’s head of digital assets, at the 2024 Bitcoin conference over the weekend.

Mitchnick expressed skepticism about adding a Solana ETF to the firm’s product lineup, citing several factors, including the alleged lack of maturity, liquidity, and track record of the Solana network compared to the more established Bitcoin and Ethereum markets.

However, the path for a Solana ETF may be clearing up for other asset managers, despite BlackRock’s hesitance.

As reported by Bitcoinist earlier today, the recent amendment to the SEC’s complaint in the case against Binance resulted in SOL no longer being defined as a security by the regulator.

This move could pave the way for asset managers to seek approval for Solana-based ETFs, as the asset’s classification as a security had been a potential obstacle.

While BlackRock remains on the sidelines, the Chicago Board Options Exchange (Cboe) has supported spot Solana ETF applications submitted by asset managers VanEck and 21Shares ETF.

According to industry expert Nate Geraci, Cboe filed “19b-4” forms for both Solana ETF proposals, indicating the commencement of the regulatory review process.

As per SEC guidelines, the agency has 240 days to approve or reject Cboe’s applications, setting a potential decision deadline for early March 2025.

With BlackRock opting out for now and the regulatory landscape shifting, the prospect of a Solana-backed ETF appears to be evolving.

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