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Home»ALTCOIN NEWS»Solana, Will XRP ETF Become a Reality? BlackRock Lowers Expectations
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Solana, Will XRP ETF Become a Reality? BlackRock Lowers Expectations

By Crypto FlexsJuly 27, 20243 Mins Read
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Solana, Will XRP ETF Become a Reality? BlackRock Lowers Expectations
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  • BlackRock is skeptical of interest in non-Bitcoin and Ethereum ETFs.
  • Despite BlackRock’s cautious stance, Solana rose 5%.
  • Other institutions, including Franklin Templeton, do not share this position.

Exchange-traded funds (ETFs) are often referred to as the backbone of institutional investment in cryptocurrencies, providing a regulated way for traders to gain exposure to digital assets. However, US traders have so far only had access to Bitcoin and Ethereum ETFs. However, shortly after the recent approval of the Ethereum ETF, there has been talk of expanding ETFs to other assets, with Solana and XRP in particular appearing as the most likely candidates.

While some analysts and institutions are betting on this development, including VanEck, which recently filed for Solana, others are skeptical. BlackRock, for example, thinks another ETF is unlikely.

BlackRock’s Solana, XRP ETFs in the Spotlight

Altcoins like Solana and XRP may not get ETFs anytime soon. On Friday, July 26, BlackRock’s head of digital assets, Robert Michnick, spoke about crypto ETFs at a Bitcoin conference. Michnick emphasized that his clients are primarily interested in Bitcoin and Ethereum, and have little interest in ETFs tied to other cryptocurrencies.

“Our client base today is overwhelmingly invested in bitcoin first and then somewhat in ETH… and there’s very little interest outside of those two. I don’t see a crypto ETF coming for a long time,” Michnick said.

BlackRock’s opinion on altcoin ETFs is important because they have unique insight into the industry. If their clients aren’t interested in the Solana ETF, that could indicate that even if the ETF is approved, it’s not that important relative to its price.

BlackRock CEO Larry Fink, once skeptical of Bitcoin, has changed his stance over the years and now calls Bitcoin “digital gold.”

Opinions are mixed on Solana EFT

Despite BlackRock’s skepticism, other firms are taking a much more bullish stance on altcoin ETFs. Solana received the biggest vote of confidence after prominent asset manager VanEck filed for a Solana ETF on June 27, just weeks after the Ethereum ETF was approved.

Moreover, as BlackRock expressed skepticism, investment firm Franklin Templeton praised Solana. The firm praised Solana’s technology and growing ecosystem, putting it alongside Bitcoin and Ethereum.

Whether an altcoin EFT becomes a reality depends on regulation. The current SEC leadership is not happy with the idea. For this reason, Bloomberg crypto analyst Eric Balchunas has suggested that the Spot Solana ETF could be delayed until after the US election in November.

On the other side

  • BlackRock’s acquisition conflicts with: Previous Reports From July 1st, some stores Influencer BlackRock said it was filing for a Solana ETF that same month, the unconfirmed report said, citing no sources.
  • Just months after BlackRock’s Bitcoin ETF launched Raise $10 billion In operating assets.

Why this matters

BlackRock’s cautious stance is important because of its influence in the financial industry. Their views reflect the sentiments of the institution and influence other major players.

Learn more about why BlackRock’s CEO changed his stance.
BlackRock CEO Changes His Position on Bitcoin: ‘I See It as Digital Gold’

Learn more about Solana’s latest developments:
Solana finally starts re-staking. Why it’s key to decentralization

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