During a latest interview with Bloomberg on Monday, July 29, BlackRock CIO for ETF and Index Investments – Samara Cohen – affirmed that the asset supervisor just isn’t pursuing any ETF, together with the spot Solana ETF in the close to future. She added that though Bitcoin and Ethereum met their expectations, no different crypto asset comes near them.
BlackRock – No Appetite for Solana ETF
While Bitcoin constitutes 55% of the overall crypto market, Ethereum has a share of 17%. The remainder of the altcoins are all beneath the double-digit contributions. Thus, there might be liquidity and manipulation issues related to introducing different crypto ETFs just like the Solana ETF into the market.
BlackRock‘s Cohen said that there are major technical difficulties in bringing other crypto ETFs into the market as the appetite for other crypto ETFs, including Solana isn’t there. In the Bloomberg interview, Cohen stated:
“We really look at the investability to see what meets the criteria, 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.”
Samara Cohen echoed the stand of BlackRock’s head of digital property – Robert Mitchnick. whereas talking on the Bitcoin convention final week, Mitchnik stated that there’s no scope for future crypto ETFs in the market.
Also Read: BlackRock Crypto Chief Dismisses Possibility Of Solana, XRP ETF Approval
On the opposite hand, asset managers like VanEck are pushing forward for the Solana ETF stating that they’re seeing robust demand from the crypto neighborhood. Last week, the Solana price managed to overhaul BNB for the fourth spot. However, amid the broader market promote, SOL is buying and selling 5% down at $182, as of press time.
Crypto ETFs to Be Part of Model Portfolios
BlackRock CIO Samara Cohen additionally acknowledged that crypto ETFs would quickly be a part of the “Model portfolios” by the top of 2024. Her assertion got here whereas answering the query asking the place massive fund homes akin to Wells Fargo, Morgan Stanley, UBS, and others see had been with onboarding and selling crypto ETFs.
She added that every one these wirehouses are conducting due diligence, threat evaluation, and so on. whereas weighing the function of BTC and ETH in their portfolios.
BlackRock CIO of ETF and Index Investments Samara Cohen discusses the iShares Ethereum Trust ETF (ETHA) and expects we’ll see allocation of crypto ETFs in mannequin portfolios by the top of this 12 months and into 2025 https://t.co/5UOLwIRWHL pic.twitter.com/rYqpym7Wqg
— Bloomberg Crypto (@crypto) July 29, 2024
BlackRock has efficiently launched the Ethereum ETF in the market final week. BlackRock’s ETHA continues to drive probably the most inflows amongst its friends.
Also Read: US Govt To Sell Entire Bitcoin Holdings, Peter Schiff Warns
The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
