Speaking with fellow analyst Nate Geraci, Seyffart argued that early filers have invested significant time and resources to meet regulatory requirements, and allowing a late entrant to debut on the same day would be unfair.
VanEck kicked off the Solana ETF push in mid-2024, followed by a wave of applications from Bitwise, Grayscale, Invesco, 21Shares, CoinShares, Canary Capital, Franklin Templeton, and Fidelity. Since then, the SEC has delayed decisions and sought amendments to filings to ensure legal clarity.
While BlackRock has yet to show interest in a single-asset Solana ETF, Seyffart suggested the firm might instead aim for a broader crypto index covering assets beyond Bitcoin and Ethereum. Geraci speculated that BlackRock could be waiting to see whether rival products gain traction before deciding to enter — a move that could allow them to “swoop in” if market demand proves strong.
Seyffart noted that skipping a Solana ETF wouldn’t be a major setback for BlackRock, given that Bitcoin and Ethereum account for roughly 90% of total crypto market value. Even so, he sees significant potential for diversified crypto index products to attract investor attention.
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