Chief Information Officer Confirms BlackRock Solana ETF Not Coming Soon

BlackRock has confirmed that despite the success of its Bitcoin and Ethereum spot ETFs launched this year, it has no immediate plans to introduce a Solana (SOL) ETF.

The company’s decision to pass on smaller altcoins leaves room for other asset management firms to compete in this space, with some already applying for such a product.

BlackRock’s View on Solana ETF

In an interview with Bloomberg on Tuesday, BlackRock’s Chief Information Officer, Samara Cohen, stated that the launch of a BlackRock Solana ETF is “not imminent.”

Cohen explained,

“Our focus is truly on investability—what meets the criteria, what aligns with ETF delivery standards.”

Regarding investability and client demand, she emphasized that Bitcoin and Ethereum certainly meet those standards.

She added,

“I think it will take some time before we see other results.”

So far, Bitcoin and Ethereum spot ETFs have seen tremendous success. BlackRock’s iShares Bitcoin Trust (IBIT) has attracted nearly $20 billion in assets since its launch on January 11, setting a record for any ETF’s 30-day performance. According to on-chain data, BlackRock’s Ethereum ETF holds approximately $440 million worth of ETH after its first week of trading.

However, the rationale behind not launching a Solana ETF remains questionable.

At the Bitcoin 2024 conference last week, Robert Mitchnick, BlackRock’s Head of Digital Assets, pointed out that “the next potential investment asset accounts for about 3% of the total cryptocurrency market cap.” He added, “It hasn’t reached that threshold yet, nor does it have the maturity or liquidity records.”

As early as March, Mitchnick emphasized that for clients focused on crypto, Bitcoin remains the “overwhelming top priority.” He stated,

“Next comes Ethereum, and others are much less significant.”

Will a Solana ETF Ever Happen?

In late June, VanEck became the first company to apply for a Solana spot ETF in the United States. The firm argued that regulators have no reason to reject its public trading, as SOL’s functionality is similar to BTC and ETH—both of which have received approval.

VanEck’s Director of Digital Asset Research, Matthew Sigel, stated,

“Like Ether on the Ethereum network, SOL can be traded on digital asset platforms and used for peer-to-peer transactions.”

However, unlike BTC and ETH, Solana has not established a futures market on the CME—the legal argument cornerstone for granting Bitcoin spot ETF approval. It remains unclear whether SOL qualifies as a security token, a charge the SEC has also raised in its Coinbase lawsuit.

Sentiment: Negative