- Bloomberg’s James Seyffart said that BlackRock’s entry into the Solana ETF space at the last moment would be unfair to smaller issuers who have already worked extensively with the SEC.
- Seven asset managers, including Bitwise, Fidelity, Grayscale, Franklin Templeton, CoinShares, Canary Capital, and VanEck, have submitted spot Solana ETF applications.
Bloomberg’s ETF analyst James Seyffart has made a bold statement, noting that the world’s largest asset manager BlackRock, should not be allowed to bring the spot Solana ETF along with other issuers like Grayscale, Fidelity, ProShares, etc., who have already submitted their filings to the U.S. Securities and Exchange Commission (SEC).
While speaking to popular ETF analyst Nate Geraci, Seyffart remarked: “That’s messed up”. He was basically referring to a hypothetical scenario where BlackRock, despite having no prior filing, enters at the last minute with a spot Solana (SOL) ETF and launches alongside firms that submitted applications months earlier.
BlackRock Shouldn’t Get Privilege for Solana ETF Launch
As reported by CNF, a total of seven asset managers, including Bitwise, Fidelity, Grayscale, Franklin Templeton, CoinShares, Canary Capital, and VanEck, have submitted their S-1 registrations for spot Solana ETFs, to the U.S. Securities and Exchange Commission (SEC). So far, BlackRock hasn’t joined the race with other issuers.
Asset manager VanEck became the first U.S. firm to file for a spot Solana ETF, back in June 2024. In subsequent months, other players joined the bandwagon. Since the initial filing, the SEC has repeatedly delayed its approval decision and requested amended applications to obtain greater legal clarity on the proposed products. Speculations are growing about whether BlackRock will enter this space. Commenting on this, Seyffart noted:
“That shouldn’t happen. These smaller issuers, these guys have spent so much time working with the SEC getting the paperwork right.”
However, Seyffart believes BlackRock is more likely to launch a crypto index product tracking the spot prices of multiple cryptocurrencies beyond the two largest, Bitcoin (BTC) and Ether (ETH). Responding to this, Nate Geraci stated that BlackRock may be waiting for competitors to launch other crypto products first to assess market demand.
“If the demand looks like it’s going to be really good, perhaps they can just swoop in,” he said. Geraci added that if BlackRock opts not to file, it could be signaling a market view that only Bitcoin and Ether will dominate.
BlackRock Denies Plans for SOL, XRP ETF
Following the Ripple lawsuit victory earlier this week, rumors of BlackRock filing for a spot XRP ETF stirred once again, as reported by CNF. But within 24 hours, a Blackrock spokesperson rejected these rumors, noting “At this time, BlackRock does not have any plans to file an XRP or SOL ETF”.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing multiple proposals to launch exchange-traded funds (ETFs) for XRP, alongside filings tied to Solana and Dogecoin.

