BlackRock has ruled out developing a Solana ETF anytime soon. Despite Solana's strong performance, top officials acknowledged that the asset manager had no immediate plans for it.
Samara Cohen, BlackRock's CIO of ETF and Index Investments, identified customer demand and 'investability' as major considerations. She stressed that Bitcoin and Ethereum match their requirements, but Solana does not currently.
Robert Mitchnick, BlackRock's Head of Digital Assets, expressed similar sentiments at the 2024 Bitcoin Conference. He cited Solana's lack of maturity, liquidity, and market capitalization as significant barriers.
Nate Geraci, President of ETF Store, stated that Solana ETFs are already available in Europe. However, he noted that considerable regulatory reforms would be required in the United States.
Following BlackRock's comments, SOL fell by more than 6% after approaching its yearly high. This volatility is consistent with the broader market decrease since the US government transferred $2 billion in Bitcoin to Coinbase.
Despite this, Solana is still a top performer, up 32% in the previous 30 days and 66% year to date.
