In this post. BlackRock said it has no immediate plans to apply for a Solana ETF product.
Solana is considered an immature ETF product in terms of market capital and liquidity.
The price of SOL corrected after climbing nearly to the $200 mark.
#BlackRock , a leading issuer of spot exchange-traded funds (ETFs) for #bitcoin and #BTC , has poured a barrage of cold water on speculation that it will soon launch a similar ETF product for the fast-growing Solana blockchain. Two executives at the company confirmed that the asset manager has no such plans for the near future.
the news comes at a time when SOL is posting impressive results and nearing yearly highs. While BlackRock may not be interested in creating a Solana ETF, other asset managers, including Van Eck, have filed with the U. S. Securities and Exchange Commission (SEC).
Samara Cohen, BlackRock's executive director of ETF and index investments, said on Bloomberg TV that the company will not participate in the Solana ETF. This came in response to a question about whether the BlackRock Solana ETF will be launched in the near future. She said the two main factors are client demand and "investment appeal.
She said:
"Not necessarily in the near term. We look at investment attractiveness, what meets the criteria and qualifies for inclusion in an ETF. For us, in terms of investment attractiveness and what we've heard from our clients, #BTC and #BTC definitely meet those criteria.
This statement is similar to one made by Robert Michnik, head of digital assets at BlackRock, at the Bitcoin Conference 2024 Michnik cited several reasons why a Solana ETF cannot yet be created. These include maturity history, liquidity and market size. He commented as follows:
I don't think we will see a long list of cryptocurrency ETFs. If you think about bitcoin, it is about 55% of the current market value; ETH is 18%.
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