BlackRock, the world’s largest asset manager, is unlikely to file for spot ETFs for altcoins like Solana and XRP anytime soon, according to statements from the company’s digital assets head, Robert Mitchnick. Mitchnick stated that BlackRock sees “very little interest” in cryptocurrencies beyond Bitcoin and Ethereum, indicating that the company will likely focus on its existing Spot Bitcoin and Ethereum ETFs.
Market experts and journalists, including Charles Gasparino from Fox Business, have also cast doubt on the possibility of BlackRock launching a Spot XRP ETF. Gasparino revealed that BlackRock’s CEO, Larry Fink, evaded questions about a potential XRP ETF during an interview, leading to speculation within the XRP community. However, Gasparino clarified that Fink’s lack of detailed information about XRP may have contributed to his elusive response.
While BlackRock may not be exploring other altcoins, fund issuers like VanEck and 21Shares have shown interest in offering the first-ever Spot Solana ETFs in the US. Franklin Templeton, another asset manager, has also predicted that Solana could become the third-largest cryptocurrency by market cap. Brian Kelly, founder of BKCM, has suggested that Solana could be the next cryptocurrency to receive its own ETF, alongside Bitcoin and Ethereum.
Despite the lack of a Spot XRP ETF filing in the US, Ripple CEO Brad Garlinghouse believes it is only a matter of time before such a fund is launched. However, VanEck has indicated that they may not pursue a Spot XRP ETF in the near future. The firm’s Head of Digital Assets Research, Mattew Sigel, explained that they chose to file for a Spot Solana ETF due to Solana’s decentralized nature, which is comparable to Ethereum. In contrast, concerns about XRP’s centralization, particularly with Ripple holding a significant portion of the token’s supply, could hinder the launch of a Spot XRP ETF.
The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) could also pose challenges for any potential application for a Spot XRP ETF. Despite these obstacles, the growing interest in altcoins like Solana and the anticipation surrounding a potential Spot XRP ETF indicate a shifting landscape in the cryptocurrency market, with fund issuers and investors closely monitoring developments in the space.