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BlackRock Confirms No Plans for XRP or Solana Spot ETFs, Keeps Focus on Bitcoin and Ethereum

Scant institutional interest in altcoin ETFs outweighs the regulatory clarity achieved by Ripple’s dropped appeals.

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BlackRock rules out XRP and SOL ETFs despite Ripple-SEC case closure
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Overview

  • BlackRock has officially ruled out launching spot ETFs for XRP or Solana in the near term despite industry expectations following the end of Ripple’s legal battle with the SEC.
  • The decision comes after Ripple and the U.S. Securities and Exchange Commission agreed to drop their appeals, closing a lawsuit that began in 2020.
  • Robert Mitchnick, BlackRock’s head of digital assets, said at the Bitcoin 2024 convention that client demand beyond Bitcoin and Ethereum is “very little.”
  • Samara Cohen, the firm’s chief investment officer for ETF and index investments, told Bloomberg that a Solana ETF is not on BlackRock’s roadmap for now due to investor suitability criteria and client feedback.
  • Analysts warn that BlackRock’s restraint on altcoin ETFs could open the door for competitors, even as markets abroad like Brazil move ahead with spot XRP products.