BlackRock’s Focus on Bitcoin and Ethereum
BlackRock, the world’s largest asset manager, isn’t likely to be filing for spot ETFs for altcoins like Solana and XRP anytime soon. Their digital assets head, Robert Mitchnick, has stated that they see “very little interest” in crypto beyond Bitcoin and Ethereum. So, it looks like they’ll stick to their Bitcoin and Ethereum ETFs for now.
Other Players Are Interested in Altcoins
While BlackRock might be hesitant, other fund issuers like VaEck and 21Shares see potential in altcoins. They’ve already applied to offer the first-ever Spot Solana ETFs in the US. Franklin Templeton has also shown interest in Solana, predicting it could become the third-largest crypto by market cap.
Solana: The Next Big Thing?
Solana’s explosive growth has caught the attention of many. Brian Kelly, founder of BKCM, believes it’s the next in line for its own ETF, alongside Bitcoin and Ethereum.
The XRP ETF: A Matter of Time?
Although no one has filed for a Spot XRP ETF yet, Ripple CEO Brad Garlinghouse believes it’s just a matter of time. He’s confident that an XRP ETF is “inevitable.”
However, some fund issuers like VanEck aren’t rushing to file for an XRP ETF. Their Head of Digital Assets Research, Matthew Sigel, explained that they chose Solana because it’s as decentralized as Ethereum, with no single entity controlling a majority of the supply.
Challenges for XRP
XRP’s decentralized nature is questioned due to Ripple’s large holding of the token. The SEC’s case against Ripple could also be a hurdle for any potential XRP ETF.
The Future of Altcoin ETFs
While BlackRock might be staying on the sidelines, other players are exploring the potential of altcoins. It’s likely that we’ll see more altcoin ETFs emerge in the future, but the timing and specific coins remain to be seen.
