CMC News

#SolanaETF Approval Should Exclude Last-Minute #BlackRock Filing, Says Analyst

#ETF analyst James Seyffart warns BlackRock shouldn't be allowed to launch a $SOL #ETF alongside issuers who filed months ago.

VanEck led the charge in June 2024, followed by Bitwise, Grayscale, Invesco, 21Shares, CoinShares, Canary Capital, Franklin Templeton and Fidelity.

Seyffart argues smaller issuers spent significant time working with the #SEC on paperwork while BlackRock has yet to file any $SOL application.

The SEC has issued several delays and requested amended forms from existing applicants seeking greater legal clarity.

BlackRock has given no indication yet of plans to file for a spot $SOL ETF despite speculation about potential involvement.

The Bloomberg Intelligence analyst suggests BlackRock may instead launch a crypto index product tracking multiple digital assets beyond $BTC and $ETH.

If demand proves strong, BlackRock could potentially swoop in at the last minute, according to NovaDius president Nate Geraci.

Geraci notes BlackRock may be waiting to gauge market demand before deciding whether to file their own application.

Seyffart believes it's not a major risk for BlackRock since 90% of the crypto market cap consists of $BTC and $ETH.

The world's largest asset manager could be making a market call that only Bitcoin and Ethereum ETFs will succeed long-term.

Seyffart remains bullish on demand for crypto index products that would track multiple digital assets simultaneously.