BlackRock’s CIO, Samara Cohen, confirmed that the company does not plan to launch a Solana （SOL） ETF soon due to current market criteria and regulatory considerations.
Points
- BlackRock focuses on established cryptocurrencies like Bitcoin and Ethereum.
- Solana does not meet BlackRock’s criteria for ETF investability.
- Other asset managers are moving forward with plans for Solana ETFs.
In a recent interview with Bloomberg, BlackRock’s Chief Investment Officer, Samara Cohen, confirmed that the company has no immediate plans to launch a Solana （SOL） ETF. The decision is based on BlackRock’s stringent criteria for investability, which Solana currently does not meet.
“We really look at the investability – what meets the criteria, what meets the bar to be delivered in an ETF,” Cohen explained. As of now, Bitcoin and Ethereum are the only cryptocurrencies that meet these criteria for BlackRock. Solana’s exclusion is due to its market cap and the absence of a futures market on the CME, which are key factors in ETF approval.
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Robert Mitchnick, BlackRock’s Head of Digital Assets, also noted at Bitcoin Nashville 2024 that Solana is still far from reaching the 3% market cap threshold needed for new investible assets. This threshold is a critical factor for BlackRock when considering new assets for their ETF offerings.
Meanwhile, other asset managers are moving forward with plans for Solana. VanEck has filed for a Solana spot ETF, arguing that SOL, like Bitcoin and Ethereum, functions as a digital commodity. This move indicates growing interest and confidence in Solana’s potential within the broader investment community.
Conclusion
BlackRock’s decision to hold off on a Solana ETF underscores the firm’s cautious approach to emerging cryptocurrencies. While Solana currently does not meet BlackRock’s criteria, the growing interest from other asset managers suggests that it may become a viable investment option in the future. For now, BlackRock remains focused on established cryptocurrencies like Bitcoin and Ethereum.
