The potential for Solana ETFs （exchange-traded funds） is explored, with differing views from VanEck and BlackRock on the timing and viability of these financial instruments.
Points
- VanEck and BlackRock have differing views on the viability of Solana ETFs.
- VanEck sees potential for Solana ETFs in the near future.
- BlackRock remains skeptical due to market cap and maturity concerns.
- Regulatory changes could impact the approval and adoption of Solana ETFs.
VanEck Head of Digital Assets Research Mathew Sigel suggests that Solana ETFs （exchange-traded funds） could hit the markets sooner than expected. This perspective contrasts with BlackRock’s stance, which views it as premature to introduce such financial instruments now.
Solana ETFs: A Growing Possibility, VanEck’s Sigel
Sigel advocates for Solana ETFs, using the European market as an example, which already hosts multiple exchange-traded products （ETPs）. Among these are single coin and basket options. “We aim to lead this innovation in the US as well,” Sigel noted. Appearing on The Wolf of All Streets Podcast, he acknowledged current regulatory constraints under the leadership of Gary Gensler, the current chair of the US Securities and Exchange Commission （SEC）. However, Sigel expressed optimism about potential regulatory changes that could soon open doors for more diversity in the crypto ETFs market.
As BeInCrypto reported, Sigel recently outlined the steps to getting an SOL-based ETF approved, comparing Solana to Ether. His stance remains that an Ethereum ETF paves the way for a Solana counterpart. Sigel also highlighted VanEck’s commitment to crypto and ETFs, emphasizing the firm’s CEO Jan Van Eck’s statement during the Bitcoin 2024 Conference that 30% of his personal assets are in Bitcoin.
The anticipation of a better regulatory climate is echoed by former President Donald Trump’s comments during the Bitcoin 2024 Conference in Nashville. Trump pledged to replace Gensler if elected, appealing to crypto voters and indicating potential regulatory shifts.
BlackRock Maintains Skepticism Over SOL ETF
Despite the optimism from VanEck, BlackRock holds a different view. The asset manager’s digital asset head, Robert Mitchnick, cited market cap and maturity differences between leading cryptos and smaller assets. Based on these metrics, BlackRock has no immediate plans for a Solana ETF.
“I don’t think we’re going to see a long list of crypto ETFs. If you think of Bitcoin, today it represents about 55% of the market cap. Ethereum is at 18%. The next plausible investible asset is at, like, 3%. It’s just not close to being at that threshold or track record of maturity, liquidity, etc.,” Mitchnick said. BeInCrypto also reported on BlackRock’s preference for Bitcoin and Ethereum ETFs over a Solana counterpart. While BlackRock currently allocates to crypto, crypto futures, and crypto ETFs, it remains cautious about a Solana ETF, citing investability concerns.
“Not in the near term. We look at the investability to see what meets the criteria and bar to be delivered in an ETF. For us right now, between both an investability consideration and what we hear from our clients, Bitcoin and Ethereum meet that bar. I think it will be a while before we see anything else [Solana ETF],” Cohen said in an interview with Bloomberg.
Meanwhile, SEC Commissioner Hester Pierce believes the regulator needs more convincing before green-lighting a Solana ETF. In an interview, she indicated there are questions about what SEC commissioners consider securities.
Large Holders Position Themselves for Rewards
Despite the ongoing discussions, large holders are positioning themselves for potential rewards. So far, only VanEck and 21Shares have filed to list the financial instrument. The Chicago Board Options Exchange （CBOE） has also bolstered the odds, filing form 19b-4s for Solana ETFs and inviting public commentary.
Despite the hype, BeInCrypto data shows Solana is down 8% to trade for $168.40 as crypto markets flash red.
解説
- The introduction of Solana ETFs could significantly impact the adoption and visibility of Solana in the crypto market.
- Differing views from major asset managers like VanEck and BlackRock highlight the challenges and considerations in launching new crypto ETFs.
- Regulatory changes and market conditions will play crucial roles in the approval and success of Solana ETFs.