The post No BlackRock Solana ETF plans in the near future, executives confirm appeared on BitcoinEthereumNews.com.

BlackRock, the leading issuer of spot Bitcoin and Ethereum exchange-traded funds (ETF), has poured cold water on notions that it might be issuing a similar ETF product for the fast-rising Solana blockchain soon. Two of the company’s top executives have confirmed the asset manager has no such plans in the near future. The news comes as SOL is enjoying a stellar performance and is nearing its yearly high. While BlackRock might not be interested in a Solana ETF, other asset managers, including VanEck, have filed an application with the US Securities and Exchange Commission (SEC) to that effect. Solana is not mature enough Samara Cohen, BlackRock CIO of ETF and Index Investments, said on Bloomberg TV that the firm will not venture into Solana ETF. This was in response to whether there will be a BlackRock Solana ETF soon. She said demand from clients and ‘investability’ are two major factors. She said: “Not in the near term. We really look at the investability to see what meets the criteria, meets the bar, to be delivered in an ETF. For us, both between investability considerations and also what we hear from our clients, BTC and ETH definitely meet that bar, I think it will be a while before we see anything else.” This statement is similar to those made by Robert Mitchnick, BlackRock Head of Digital Assets, at the Bitcoin Conference 2024. Mitchnick identified several reasons why a Solana ETF cannot be created yet. These include the track record of maturity, liquidity, and market cap. He commented: “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. ETH is at 18%. The next plausible investible asset is at, like, 3%. It’s just not close…

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Filed under: News - @ July 30, 2024 3:12 pm