Quick overview
- BlackRock has announced it will not file for exchange-traded funds related to Solana or XRP, focusing instead on Bitcoin and Ethereum products.
- This decision follows market speculation and legal developments involving Ripple and the SEC, impacting potential catalysts for Solana and XRP.
- BlackRock’s statement clarifies its current institutional interest, emphasizing that no new product launches for these cryptocurrencies are planned in the near term.
- Despite ongoing speculation about altcoin ETF approvals, market conditions currently favor established assets like BTC and ETH.
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BlackRock, a leading investment firm, has officially announced that it has no plans to file for exchange-traded funds related to Solana or XRP. This announcement follows widespread market speculation and legal developments connected to Ripple and the SEC. Without immediate plans for XRP or Solana ETFs, BlackRock reaffirms its focus on Bitcoin and Ethereum products.
Notably, BlackRock executives have not personally commented; however, their statement addresses persistent speculation in the cryptocurrency market. A BlackRock spokesperson remarked, “No plans to submit applications for either [XRP or Solana] product at this time.”
The news impacts Solana and XRP, removing potential catalysts from upcoming ETF announcements. BTC and ETH remain the only US-listed spot crypto ETF assets. As such, no new institutional funding impacts these altcoins at this time.
BlackRock’s focus on Bitcoin and Ethereum underscores its strategic direction amid U.S. regulatory clarity. Market observers anticipated potential altcoin ETF filings, but this announcement clarifies the current scope of BlackRock’s institutional interest.
The ongoing speculation influences market sentiment but does not affect institutional ETF strategies. BlackRock’s statement confirms that near-term institutional product launches for these cryptocurrencies remain unplanned. Historically, the launch of Bitcoin and Ethereum spot ETFs led to significant market inflows.
Expert analysts, such as Eric Balchunas, predict future altcoin ETF approvals; however, current market conditions prioritize established assets, highlighting ongoing transformations in the market. Balchunas noted,
Bloomberg analysts stated a 95% chance that the SEC will approve the pending XRP ETF applications this year.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.