BlackRock executive stays mum on potential Solana ETF

As the race for the next altcoin exchange-traded fund continues, one name has been absent so far in the Solana ETF realm : BlackRock.

BlackRock is the world's largest asset manager with $11.6 trillion in assets under management and its iShares brand manages the two largest spot crypto ETFs: iShares Bitcoin Trust ETF ( $55.4 billion AUM ) and the iShares Ethereum Trust ETF ( $3.7 billion ).

Franklin Templeton , one of the world's largest investment managers, recently filed for a Solana ETF. Bitwise, Grayscale and 21Shares, among others , have also filed. When asked on Bloomberg TV if BlackRock has any plans to follow suit, BlackRock's Rachel Aguirre didn't give much in the name of specifics and reiterated the firm will be focused on three core principles.

"Number one, what does the client need?" Aguirre, who leads the US iShares Product division, told Bloomberg. "Number two, what is that investment thesis? In the world of cryptocurrencies, not all currencies are the same [ and] that investment thesis is imperative. And number three, is it something that is suitable for an ETF wrapper? Is there sufficient liquidity? Can it support transparency, et cetera? So our principles remain the same whether that be an actively managed strategy, rather that be a strategy that employs options and other derivatives, or whether that be a strategy in the space of cryptocurrency."

Spot Bitcoin ETFs hit the market in January 2024, while spot Ethereum ETFs went live for trading in July 2024. Institutional interest in ETH ETFs surged last quarter to 14.5%, while BTC ETF ownership slightly declined from 22.3% to 21.5%. Blackrock’s IBIT continues to lead the way among bitcoin ETFs, with about 1,100 institutions holding 247 million shares.

How the U.S. Securities and Exchange Commission classifies Solana figures to have a big impact on when an ETF could launch, The Block previously reported : "Deeming SOL a security could send the ETF application process sideways as it would change the application process significantly, according to various experts familiar with the bureaucracy involved in launching the bitcoin and ether ETFs in 2024."

Bloomberg ETF analysts rate the likelihood  of Solana ETFs being approved by the U.S. Securities and Exchange Commission at 70%.