BlackRock CIO Affirms No Solana ETF in Near Future

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, including the spot Solana ETF in the near future. She added that although Bitcoin and Ethereum met their expectations, no other crypto asset comes close to them.

BlackRock – No Appetite for Solana ETF

While Bitcoin constitutes 55% of the total crypto market, Ethereum has a share of 17%. The rest of the altcoins are all below the double-digit contributions. Thus, there could be liquidity and manipulation concerns associated with introducing other crypto ETFs like the Solana ETF into the market.

BlackRock‘s Cohen said that there are major technical difficulties in bringing other crypto ETFs into the market as the appetite for other crypto ETFs, including Solana isn’t there. In the Bloomberg interview, Cohen said:

“We really look at the investability to see what meets the criteria, what meets the bar to be delivered in an ETF. 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.”

Samara Cohen echoed the stand of BlackRock’s head of digital assets – Robert Mitchnick. while speaking at the Bitcoin conference last week, Mitchnik said that there’s no scope for future crypto ETFs in the market.

Also Read: BlackRock Crypto Chief Dismisses Possibility Of Solana, XRP ETF Approval

On the other hand, asset managers like VanEck are pushing ahead for the Solana ETF stating that they are seeing strong demand from the crypto community. Last week, the Solana price managed to overtake BNB for the fourth spot. However, amid the broader market sell, SOL is trading 5% down at $182, as of press time.

Crypto ETFs to Be Part of Model Portfolios

BlackRock CIO Samara Cohen also stated that crypto ETFs would soon be part of the “Model portfolios” by the end of 2024. Her statement came while answering the question asking where big fund houses such as Wells Fargo, Morgan Stanley, UBS, and others see were with onboarding and promoting crypto ETFs.

She added that all these wirehouses are conducting due diligence, risk analysis, etc. while weighing the role of BTC and ETH in their portfolios.

BlackRock has successfully introduced the Ethereum ETF in the market last week. BlackRock’s ETHA continues to drive the most inflows among its peers.

Also Read: US Govt To Sell Entire Bitcoin Holdings, Peter Schiff Warns

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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