Ethereum

Solana

BlackRock

Despite growing rumors that the world’s largest asset manager may file a spot Solana ETF (exchange-traded fund) with the US Securities and Exchange Commission (SEC), BlackRock executive Samara Cohen has dismissed the possibility, at least in the near future. 
<h2 id="blackrock-pours-cold-water-on-solana-etf-hopes">BlackRock Pours Cold Water On Solana ETF Hopes</h2> 
In a recent <a href="https://x.com/crypto/status/1818028138862981143" target="_blank" rel="noopener nofollow">interview </a>with Bloomberg, Samara Cohen, BlackRock’s chief investment officer of ETF and index investments, acknowledged that the firm was not actively pursuing a Solana ETF in the near term. Cohen cited a lack of demand from clients and concerns about the overall maturity of the Solana ecosystem. 
“For us, both between investability considerations and also what we hear from our clients, BTC and ETH definitely meet that bar,” Cohen stated. “I think it will be a while before we see anything else.” 
This sentiment echoes the words of Robert Mitchnick, BlackRock’s head of digital assets, at the 2024 Bitcoin conference over the weekend, who also expressed skepticism about adding a Solana ETF to the firm’s product lineup.&nbsp; 
Mitchnick <a href="https://watcher.guru/news/blackrocks-crypto-chief-shuts-down-solana-xrp-etf-hopes" target="_blank" rel="noopener nofollow">cited </a>a number of reasons, including the alleged lack of maturity, liquidity, and track record of the Solana <a href="https://bitcoinist.com/solana-etf-launch-tied-2024-presidential-election/" target="_blank" rel="noopener ">network </a>compared to the more established Bitcoin and Ethereum markets. However, the path for a Solana ETF may be clearing up for other asset managers, despite BlackRock’s hesitance.&nbsp; 
<h2 id="solana-shakes-off-security-label">Solana Shakes Off ‘Security’ Label</h2> 
As Bitcoinist <a href="https://bitcoinist.com/solana-cardano-dropped-as-securities-sec-binance/" target="_blank" rel="noopener ">reported </a>earlier today, the recent amendment to the SEC’s complaint in the case against Binance has resulted in SOL no longer being defined as a security by the regulator.&nbsp;Notably, this move could pave the way for asset managers to seek approval for Solana-based ETFs, as the asset’s classification as a security had been a potential obstacle. 
While BlackRock remains on the sidelines, the Chicago Board Options Exchange (Cboe) has expressed support for spot Solana ETF applications submitted by asset managers VanEck and 21Shares ETF.&nbsp; 
Industry expert Nate Geraci <a href="https://bitcoinist.com/cboe-initiates-regulatory-process-for-solana-etf/" target="_blank" rel="noopener ">revealed </a>that Cboe filed “19b-4” forms for both Solana ETF proposals, signaling the initiation of the regulatory review process. As per SEC guidelines, the agency has 240 days to approve or reject Cboe’s applications, setting a potential decision deadline for early March 2025. 
As BlackRock may not be jumping on the Solana ETF bandwagon just yet, the shifting <a href="https://bitcoinist.com/spot-solana-etfs-galaxy-digital-approval-odds-sec/" target="_blank" rel="noopener ">regulatory landscape</a> and the increased interest from other major players in the industry suggest that the prospects for a Solana-backed ETF may be improving. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ITdTUrgF/" alt="Solana ETF " width="1814" height="858"> 
Despite the positive news in the past hours, SOL is currently trading at $180.30, recording losses of nearly 5% in the 24-hour time frame. However, over the past few days, the token has surpassed Binance Coin (BNB) in terms of market capitalization, securing the title of the fourth largest cryptocurrency on the market with a valuation of $83.5 billion, according to CoinGecko <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener nofollow">data</a>.&nbsp;&nbsp; 
Featured image from DALL-E, chart from TradingView.com&nbsp;

BlackRock Execs Ditch Solana ETF, Spotlight Remains On Bitcoin And Ethereum

Table of Contents

Bitcoinist

Other articles published on Jul 31, 2024

Memereum Presale Surges with Nearly 28 Million Tokens Sold Following SEC Approval of Ethereum ETFs

Unveiling the World’s Best Crypto Presales: Your Next Big Investment Opportunity

Can PePe Moonraker ($PMRK) Outshine FLOKI? Join the Presale for a Chance at Huge Gains!

Garlinghouse: Pertempuran Ripple vs SEC Akan Segera Berakhir

Key Factors Driving the Increasing Bitcoin Sell-Off Trend

Kamala Harris Crypto Stance Questioned As She Mulls Anti-Crypto VP Choice

Join our free newsletter for daily crypto updates!