ETF Analyst Says Letting BlackRock Join First Wave of Solana ETFs Would Be ‘Unfair’
Smaller issuers spent months working with the SEC, analyst argues
BlackRock, the world’s largest asset manager, hasn’t yet filed for a Solana (SOL) exchange-traded fund. But ETF analyst James Seyffart says it would be “messed up” if the firm were allowed to launch one at the same time as smaller issuers who have already been in line for months.
Speaking to NovaDius president Nate Geraci on Crypto Prime, Seyffart warned against a scenario where BlackRock files a last-minute application for a spot Solana ETF and debuts alongside firms that submitted applications as far back as June 2024.
“These smaller issuers… have spent so much time working with the SEC getting the paperwork right,” Seyffart said. “That shouldn’t happen.”
Months of Work from Smaller Players
The first U.S. Solana ETF application came from VanEck in June 2024. Other applicants include Bitwise, Grayscale, Invesco, 21Shares, CoinShares, Canary Capital, Franklin Templeton, and Fidelity Investments.
The SEC has since delayed decisions multiple times, requesting amended applications for greater legal clarity on the proposed products.
BlackRock’s Possible Move
While Seyffart doesn’t expect BlackRock to file for a spot Solana ETF immediately, he believes the firm could pivot to a crypto index product tracking Bitcoin, Ethereum, and other major cryptocurrencies.
Geraci suggested that BlackRock might be waiting to gauge market demand. If interest in competitors’ products surges, BlackRock could “swoop in” later.
If BlackRock passes on Solana, Seyffart noted it wouldn’t be a significant loss given that about 90% of crypto market capitalization is concentrated in Bitcoin and Ethereum.
Share This“I’m pretty bullish on the demand I see for index products,” Seyffart added.
