VanEck experts predict the imminent launch of spot Solana-ETFs. However, BlackRock representatives believe that the appearance of such an instrument on the market is premature.
Major investment firms have already filed applications to launch exchange-traded funds (ETFs) based on Solana, and the SEC’s decision to delist SOL as a qualifying security has raised hopes that approval will soon follow. However, there is no consensus among industry participants on when that will happen.
VanEck: Solana ETF is coming
VanEck’s head of digital asset research, Matthew Siegel, says spot exchange-traded funds (ETFs) based on Solana (SOL) could hit the market sooner than expected.
Siegel is a vocal advocate for the creation of a SOL-ETF, citing the European market as an example, where various exchange-traded products (ETPs) based on one or more assets are already operating. The head of digital assets at VanEck says the company wants to become a leader in this area in the U.S. market as well.
During The Wolf of All Streets podcast, Siegel noted that the Solana ETF is currently being held back by numerous regulatory hurdles, led by current SEC Chairman Gary Gensler.
However, according to a VanEck representative, this could change soon. A more crypto-friendly government will open the door to more diversity in the crypto ETF market.
Siegel previously outlined the key steps that companies issuing spot SOL ETFs would need to take. He still believes that the launch of Ethereum (ETH) ETFs has paved the way for a similar instrument on Solana.
Cryptans are putting their hopes in Donald Trump, who promised to replace Gensler if he became president during the Bitcoin 2024 conference in Nashville. The crypto community expects that with the new chairman at the SEC, changes in regulation are inevitable.
BlackRock is pessimistic
BlackRock has a different take. Robert Mitchnick, head of digital assets at the firm, points to differences in market capitalization and maturity between leading cryptocurrencies and altcoins. Based on this, the expert believes that the world’s largest asset manager has no immediate plans for a Solana ETF.
BlackRock sees “very little interest” in crypto ETFs, he said, preferring Bitcoin and Ethereum-based ETFs over Solana.
Previously, VanEck and 21Shares applied to launch spot Solana ETFs. Franklin Templeton, meanwhile, only hints at this. The company recently mentioned SOL among “other and interesting developments” that contribute to the development of the crypto industry.
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Source: Cryptocurrency
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