Various ETF issuers compete to apply for Solana ETF! But why is BlackRock still absent?

Several ETF publishers are scrambling to apply for Solana ETF, but BlackRock is still holding back? This article will interpret this phenomenon.

Solana ETF application boom

The U.S. Securities and Exchange Commission (SEC) has accepted Solana ETF applications submitted by several agencies, including Bitwise, 21Shares, VanEck, Canary Capital and Grayscale. Bloomberg predicts that the probability of Solana spot ETF being approved by the end of the year is as high as 70%, which is closely related to the Trump administration's friendly attitude towards cryptocurrencies. The establishment of Franklin's "Franklin Solana Trust" also implies its potential application for Solana ETF. However, Solana's legal status, especially whether it belongs to securities, still needs to be clearly defined.

BlackRock's caution

It is worth noting that asset management giant BlackRock has not submitted a Solana ETF application so far. Previously, BlackRock's addition was a key factor in the approval of Bitcoin and Ethereum spot ETFs. Bloomberg TV interviewed Rachel Aguirre, product head of iShares in BlackRock to find out why. Aguirre did not directly respond to whether he would follow suit, but emphasized that BlackRock follows three core principles when deciding whether to issue any ETF, including ETFs in the cryptocurrency sector:

• Customer demand: Is the market demand for Solana ETF strong enough?
• Investment philosophy: How to evaluate the investment value and risks of Solana? Not all cryptocurrencies are suitable for investment.
• ETF Applicability: Does Solana's market liquidity, transparency, etc. meet the ETF issuance requirements?

Aguirre said these principles apply to all types of ETFs, including those that actively manage, use derivatives strategies, and cryptocurrency ETFs. Her remarks suggest that BlackRock may think the time to launch the Solana ETF is not yet ripe.

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