In a July 29 interview, BlackRock’s Samara Cohen explained why the firm is cautious about launching a Solana ETF, despite the crypto market’s enthusiasm. Currently, Bitcoin and Ethereum are the only cryptocurrencies meeting BlackRock’s criteria for exchange-traded funds.
The successful launch of Ethereum ETFs on July 23, 2024, saw weekly trading volumes of crypto funds peak at $14.8 billion. Cohen emphasized that both Bitcoin and Ethereum offer strong infrastructures and regulatory backing, making them practical choices for ETFs.
Solana, though technologically advanced, lacks CME futures and widespread institutional support, posing hurdles for ETF approval. This cautious approach reflects broader regulatory and technical challenges in the crypto ETF landscape.
Despite this, the growing grassroots interest in diversifying beyond Bitcoin and Ethereum signals a potential shift in the future.
