BlackRock’s foray into the crypto space via a BlackRock Solana ETF is a very contentious issue. It has been brought to the fore at the same time Bloomberg Intelligence’s James Seyffart has put forth that it is unfair of the $10 trillion asset manager. Seyffart claims it is unfair to do a last minute filing which in turn will leave smaller issuers in the dust.
Speaking on “ETF Prime” to Nate Geraci, Seyffart reported that companies like VanEck, 21Shares, and Bitwise have been at this for months. In some cases, they have been working over a year as they went through the SEC’s very long approval process for Solana ETFS. Suddenly, BlackRock Solana ETF filing came as a surprise.
First Movers Vs. Market Giants
Early adopters have put in great effort into legal, regulatory, and operational issues. VanEck for instance broke the ice in June 2024 when they filed for a U.S. spot Solana ETF. Subsequently, others decided to follow.
- VanEck Solana Trust – June 2024
- 21Shares Core Solana ETF – June 2024
- Bitwise SOL ETF – November 2024 (later refiled)
- Grayscale Solana ETF – January 2025
- Franklin Templeton Solana ETF – March 2025
- Fidelity SOL ETF – March 2025 (with staking features)
- Invesco Galaxy SOL ETF – June 2025
Seyffart reported that these companies “put in the work” and took the risk. This effort is a benefit which BlackRock may see if they wait for the SEC to approve their own Solana ETF.
BlackRock’s Strategic Silence
BlackRock is dominant in the crypto ETF space with its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) products. Yet, they have passed on filing for single asset altcoin ETFs. Geraci indicated that this is a “wait and see” approach. It allows the firm to study demand and regulatory climate before they fully jump in.
If BlackRock did issue an ETF for Solana, they may take over the market quickly. The BlackRock Solana ETF would benefit from their existing influence.
SEC Decision Approaches
The SEC has a mark of October 10, 2025 to rule on present Solana ETF applications. In July the agency asked for all parties’ up to date filings. This is a sign it is preparing for simultaneous decisions.
Seyffart warned that a last-minute BlackRock entry could disrupt the approval process. This disruption could occur especially if the decision hinges on a BlackRock Solana ETF consideration.
The Stakes For Solana
Approval of a Solana ETF could see large institutional investors, which in turn will increase SOL’s liquidity. This would also improve its market position. It is to note that the outcome will play a role in how players in the ETF issue field will position themselves. This may include a late entry from a giant like BlackRock.
Presently the possibility of a BlackRock Solana ETF is still in a speculative stage. Yet at the same time it is into the discussions around fairness, competition, and the future of crypto ETFs. To get deeper context, viewers can watch the related discussion on YouTube.
