Bitcoin and Ethereum ETFs Lead the Way: BlackRock Eyes Further Opportunities
With Bitcoin and Ethereum now having their exchange-traded funds (ETFs) on the market, investors are wondering which cryptocurrency might be the next ETF candidate. Among the frontrunners mentioned are Solana and XRP. However, for BlackRock, the ETF race ends with BTC and ETH, at least for now. Samara Cohen, CIO of ETFs and Index Investments at BlackRock, spoke on Bloomberg on Monday about the latest developments in the world of ETFs. Unlike in the past, when cryptocurrencies were rarely discussed, they have become one of the hottest topics in the ETF space this year. She addressed the launch of BlackRock's Ethereum spot ETF (ETHA), other ETH products, and more.
BlackRock's CIO on Future Crypto ETFs: Focus Remains on Bitcoin and Ethereum
When asked whether Solana might be the next to receive an ETF after the company's success with BTC and ETH, Cohen replied:
"Not in the near future. We're really looking at investability, to see what meets the criteria, what meets the bar to be delivered in an ETF. For us, both in terms of investability and what we're hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it will be a while before we see something else."
Solana ETF Speculations Rise Amid Market Shifts and Growing Adoption
While the $10 trillion giant dismisses SOL, some of its competitors and rivals are already considering a Solana ETF. One of these is Franklin Templeton, a BlackRock rival with $1.5 trillion in assets under management. As we reported last week, the company praised Solana, saying it has "shown great adoption and continues to mature, overcoming technological growing pains and highlighting the potential of monolithic architectures with high throughput."
SOL is trading at $182, reflecting a 5% drop in recent days as the market has generally declined. The market capitalization stands at $84.75 billion, enough to keep the company in fourth place, just ahead of BNB, which it recently overtook.
Continued Growth of Ethereum ETFs
In the Bloomberg interview, BlackRock's CIO also discussed the ongoing success of its Ethereum ETF. The ETHA ETF has brought in $442 million, nearly double the $269 million of the second-placed Bitwise ETF. Fidelity is in third place with $219 million. Below these three, in fourth place, is Grayscale Mini, the fee-free product from the crypto investment firm, which was spun off from their main ETF.
The Ethereum ETHE, Grayscale's main ETF, lost $1.5 billion in just four days.
Cohen told Bloomberg that the growth will continue:
"Investors really want ETH exposure, especially when they can use it as part of an overall portfolio in an ecosystem they trust."
