Over the past two weeks, Solana’s price surged 30%, outperforming both Bitcoin and Ethereum. Many believe this increase is linked to rumors about a potential Solana ETF. However black rock 
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dashed these hopes.
In a recent Interview with BloombergSamara Cohen, BlackRock’s CIO for ETF and index investing, confirmed that Bitcoin and Ethereum will continue to be the primary cryptocurrencies traded through ETFs for the time being.
Disappointed? Here is all the information we have.
BlackRock clarifies its priorities
Cohen explained that there is currently little demand to add other altcoins, like Solana, to crypto ETFs. She noted that Bitcoin and Ethereum meet the required criteria for stability and investor interest, unlike other cryptocurrencies. She cited technical challenges, liquidity issues, and concerns about market manipulation as the main reasons why altcoins like Solana are not yet considered for ETFs. This view is supported by Robert Mitchnick, head of digital assets at BlackRock, who also sees no immediate future for additional crypto ETFs.
Understanding ETF Market Share
Bitcoin and Ethereum dominate the crypto market, with Bitcoin holding 55% and Ethereum 17% of the total market share. Other altcoins contribute less than double digits, making their inclusion in ETFs even more difficult. Despite Solana’s strong recent performance and market cap of $82 million, surpassing Binance’s BNB token, BlackRock remains cautious about expanding its ETF offerings beyond Bitcoin and Ethereum.
So, what’s next for crypto ETFs?
Cohen mentioned that crypto ETFs could be part of “model portfolios” by the end of 2024. Major financial institutions like Wells Fargo, Morgan Stanley, and UBS are evaluating how Bitcoin and Ethereum could fit into their portfolios. BlackRock’s Ethereum ETF, ETHA, has attracted significant investor interest since its launch.
It’s shaky ground for Solana
While some asset managers, like VanEck and 21Shares, are pushing for Solana ETF Due to high demand from the crypto community, approval remains uncertain. Despite Solana’s bullish outlook and analyst Ali Martinez’s prediction of a 900% upside, many experts doubt new crypto ETFs will be approved in 2024.
CEO of Ripple brad garlinghouse 
brad garlinghouse Brad Garlinghouse is the CEO of financial technology company Ripple Labs, he is an extremely popular name in the global crypto landscape. He previously served as CEO of Hightail, a file sharing service, and is also an active angel investor. He joined Ripple as COO in April 2015, reporting to CEO and chief supporter, Chris Larsen. He was elevated to CEO in December 2016. Initially, he worked at AOL and Yahoo! From 2003 to 2008, he served as Senior Vice President at Yahoo!, where he led the home pages, Flickr and Yahoo! Mail and Yahoo! Courier divisions. At Yahoo!, he authored an internal update known as the “Peanut Butter Manifesto”, demanding that the organization focus on its core business instead of overextending itself, much like the peanut butter. Details: Organization: Ripple Location: United States Education: MBA from Harvard Business School and BA from University of Kansas Skills: Venture Capital and Startups Experience: CEO at Ripple from January 2017 to present · President and COO of Ripple logo from April 2015 – December 2016 Member of the board of directors of Animoto from 2012 to December 2017 Tonic Health, a logo of the company R1 Member of the board of directors of Tonic Health from 2011-2016 Member of the board of directors of Ancestry from 2013 to 2016 CEO of Hightail from May 2012 to September 2014
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had planned several altcoin ETFs this year, but Bloomberg analyst Eric Balchunas pointed out that the final deadline for Solana ETFs is mid-March 2025, with a key date in November.
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