📈 ETF Analyst: BlackRock Shouldn’t Jump the Line on Solana ETF

ETF analyst James Seyffart says it would be “messed up” if BlackRock swooped in with a spot Solana (SOL) ETF at the last minute and launched alongside firms that filed months ago.

Who’s already in line:

• VanEck (first US applicant – June 2024)

• Bitwise, Grayscale, Invesco, 21Shares, CoinShares, Canary Capital, Franklin Templeton, Fidelity

• These issuers have been working closely with the SEC, enduring delays and amending applications to meet legal clarity requirements

The concern: Seyffart says smaller issuers have put in the hard work and should not be undercut by a last-minute BlackRock entry.

What BlackRock might do instead:

• Launch a crypto index product tracking multiple assets beyond Bitcoin (BTC) and Ethereum (ETH)

• Wait to see demand for other crypto ETFs before entering

• Possibly decide BTC and ETH are enough, given they represent ~90% of the total crypto market cap

Why it matters:

If BlackRock enters, it could instantly dominate the market — but even without Solana exposure, Seyffart says it’s “not a big miss” for them. He’s bullish on index product demand, suggesting that could be the firm’s real play.