BlackRock Pumps the Brakes: No Spot Solana or XRP ETFs in Sight (For Now)
Wall Street's crypto flirtation hits another speedbump—BlackRock just swerved Solana and XRP ETF hopes.
Why the cold shoulder?
The asset management titan—fresh off its Bitcoin ETF victory lap—isn’t rushing to embrace altcoins. Regulatory minefields? Lack of institutional demand? Or just waiting for the SEC to stop playing whack-a-mole with crypto projects?
Meanwhile, SOL and XRP traders cope the old-fashioned way: pretending this news 'was already priced in.'
Funny how Wall Street always discovers 'risk management' after pumping billions into volatile assets.
BlackRock Inc. (NYSE: BLK) has no immediate plans to file for a spot Solana (SOL) or XRP exchange-traded funds (ETFs). According to the company’s spokesperson, BlackRock is currently focused on growing its two crypto ETFs, including the iShares Bitcoin Trust (IBIT) and iShares ethereum Trust (ETHA).
Wall Street analysts believe that BlackRock could have already filed for spot crypto ETFs beyond BTC and ETH if they wanted. Furthermore, several fund manager firms have already filed for spot XRP and SOL ETFs with the U.S. SEC.
The speculation of BlackRock filing for a spot XRP ETF surged on Friday following the joint dismissal by Ripple and the SEC on the longstanding lawsuit.
When Will SEC Approve Spot XRP and Solana ETFs?
The U.S. SEC is expected to greenlight trading of several spot altcoin ETFs before the end of 2025. As Coinpedia reported, the agency has made deliberate efforts to engage with spot altcoin ETF issuers led by Solana, signaling an imminent approval in the NEAR term.
According to Vivian Fang, a finance professor at Indiana University, the Bitcoin and Ethereum ETFs are different from the Solana and XRP ETFs. While both XRP and Solana are U.S.-made altcoins, Wall Street analysts have predicted a SOL ETF approval first before an XRP one.
“All things considered, I personally believe it is more likely that we will see ETFs filed for public blockchain-based altcoins like solana (SOL) before we see one dedicated to Ripple (XRP),” Fang said.
Market Picture
The crypto legal clarity in the United States has helped attract more institutional investors. More corporate investors have been implementing altcoin treasuries following the palpable success of the bitcoin treasury companies.
Ultimately, the 2025 altseason will be fueled by clear crypto regulations amid significant capital inflows from institutional investors. Furthermore, the ethereum price has broken beyond $4k for the first time in eight months.
