Spot ETFs: What’s Next for Solana and XRP?
With the recent approval of spot Bitcoin and Ethereum ETFs, investors are curious about the future of other crypto ETFs. Many are wondering if BlackRock, the world’s largest asset manager, will file for spot ETFs for altcoins like Solana (SOL) and XRP (XRP).
BlackRock’s Stance on Altcoins
BlackRock’s head of digital assets, Robert Mitchnick, has stated that the firm sees “very little interest” in crypto beyond Bitcoin and Ethereum. This suggests that BlackRock is likely to stick with its Bitcoin and Ethereum ETFs for now.
Solana: A Potential Contender
While BlackRock may be hesitant, other fund issuers are seeing the potential in Solana. VaEck and 21Shares have already applied for the first-ever Spot Solana ETFs in the US. Asset manager Franklin Templeton has also shown interest in Solana, predicting it could become the third-largest crypto by market cap.
XRP: Facing Obstacles
XRP, on the other hand, faces several obstacles. The SEC’s case against Ripple and the large amount of XRP held by Ripple itself raise concerns about its decentralization. While Ripple CEO Brad Garlinghouse believes a Spot XRP ETF is “inevitable,” some fund issuers like VanEck are not rushing to file.
The Future of Altcoin ETFs
The future of Spot Solana and XRP ETFs is uncertain. The regulatory landscape is constantly evolving, and investor interest plays a significant role. It’s likely that we’ll see more applications for altcoin ETFs in the coming months and years, but the success of these funds will depend on a number of factors.
