The largest asset manager in the world, BlackRock, should not be authorized to simultaneously launch a negotiated fund in exchange for Solana (ETF) with American issuers who have already deposited one, said ETF analyst James Seyffart.
“This is spoiled,” Seyffart told the ETF analyst, Nate Geraci, in a video published on YouTube on Saturday, discussing a hypothetical scenario where BlackRock – despite no deposit so far – jumps at the last minute with an ETF Solana (floor) and launches alongside companies that applied months ago.
Small businesses have done all the hard work, says Seyffart
“It shouldn’t happen,” said Seyffart. “These little transmitters, these guys have spent so much time working with the dry to get the right documents,” he added.
Vaneck was the first American company to apply for a Solana ETF spot in June 2024. Other solana ETF bidders include Bitwise, Grayscale, Investco, 21Shares, Coinshares, Canary Capital, Franklin Templeton and Fidelity Investments.
Since the initial deposit, the SEC has issued several delays in its approval decision and has requested modified request forms to obtain greater legal clarity on the products offered.
However, Seyffart leans towards the opinion that Blackrock will rather launch a crypto index product according to the cash prices of several cryptocurrencies beyond the two largest, Bitcoin (BTC) and Ether (ETH).
Blackrock can dive if the request is high
“That’s what I would do if I were BlackRock,” said Seyffart.
Novadius president Nate Geraci said Blackrock could wait for his competitors to launch other cryptographic products first in order to assess market demand. “If the demand seems to be really good, they may just be diving,” he said.
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Geraci also said that if Blackrock chooses not to deposit, they can “make a market call that it will be just Bitcoin and Eth and nothing else”.
However, Seyffart says that this is not a major risk for BlackRock if they do not deposit for another ETF Crypto, because around 90% of the market capitalization of the crypto is in Bitcoin and Ethereum. “Even if they don’t, I don’t think it’s so big,” he said.
“It will obviously not be what it is and was for Bitcoin, and as I said, I am quite optimistic about the demand I see for index products,” said Seyffart.
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