Blackrock CIO: No Plans for Solana ETF, Bitcoin and Ethereum Meet Expectations

Blackrock CIO Samara Cohen has revealed that the asset management firm has no plans to offer a Solana ETF anytime soon, citing little demand for crypto ETFs beyond Bitcoin and Ethereum. In an interview with Bloomberg, Cohen explained that Bitcoin and Ethereum have met the firm’s expectations, with no other crypto attaining the same level of investor interest and demand.

Cohen stated, “We really look at the investability to see what meets the criteria and what meets the bar to be delivered in an ETF. For us, both in terms of investability and also what we hear from our clients, Bitcoin and Ethereum definitely meet that bar, but it will be a while before we see anything else.”

This stance by BlackRock officials contrasts with Franklin Templeton’s optimism about crypto ETFs, particularly highlighting Solana’s potential for industry growth. Despite this, BlackRock anticipates that cryptocurrency ETFs, especially those linked to Bitcoin and Ethereum, will likely be included in ‘model portfolios’ offered by major financial firms by the end of 2024.

Since launching its Ethereum ETF, BlackRock has seen significant inflows, indicating growing interest in regulated ways to invest in Ethereum. Cohen believes that the outflows seen in some Ether-linked products demonstrate investors’ desire for exposure to ETH through trusted access points like newly launched spot ETFs.

As the cryptocurrency market continues to evolve, the debate over which digital assets will gain mainstream acceptance for ETFs remains ongoing, with BlackRock’s focus remaining on Bitcoin and Ethereum for the time being.