With instant bitcoin and Ethereum ETF is already tradingThere has been discussion about whether fund issuers will apply for other cryptocurrency ETFs. Specifically, market experts have questioned whether The world’s largest asset manager, BlackRockwill apply for spot ETFs for other altcoins such as Solana and XRP.
BlackRock Unlikely to Apply for Solana and XRP Spot ETFs
Black stone It’s unlikely you’ll be applying for spot ETFs for Solana and XRP anytime soon. That’s according to BlackRock’s head of digital assets, Robert Mitchnick, who advertiser Asset manager sees ‘very little interest’ in cryptocurrencies outside of Bitcoin and EthereumThis suggests that BlackRock will likely stick with its Bitcoin and Ethereum ETFs rather than seeking to offer any other cryptocurrency ETF.
Charles Gasparino, an American journalist and senior correspondent for Fox Business Channel, had Previously fired BlackRock may be applying for a spot XRP ETF. His announcement came on the heels of an interview BlackRock CEO Larry Gasparino gave where he dodged a question about the possibility of Spot XRP ETF Launched.
Fink’s evasive response sparked speculation among XRP community members that BlackRock might be considering creating an XRP ETF. However, Gasparino later clarified the matter and revealed that Fink lacked in-depth knowledge about XRP, so he did not have a detailed answer to Gasparino’s question about a potential BlackRock-owned XRP ETF.
While BlackRock may not be interested in other altcoins, fund issuers like VaEck and 21Shares see potential in altcoins like Solana and have already applied To introduce the first-ever Spot Solana ETF in the US. Asset manager Franklin Templeton has also expressed interest in Solana, having once predicted that it would soon become the third-largest cryptocurrency by market cap. However, it remains to be seen whether the asset manager will eventually apply for a Spot Solana ETF.
Other fund issuers are expected to take notice of Solana sooner rather than later, given the massive growth the cryptocurrency has already seen in this surge. Brian Kelly, founder of digital asset investment firm BKCM, said, previously mentioned Solana is likely to be next to get its own ETF, considering it is part of the “big three” of this cycle alongside Bitcoin and Ethereum.
Possibility to create an instant XRP trading fund
While no asset manager has applied for funding yet, XRP ETF In the US, there are expectations that this will eventually happen. Ripple CEO Brad Garlinghouse mentioned At the Consensus 2024 conference, some noted that it is only a matter of time before the market sees a Spot XRP ETF and that such a fund is “inevitable.”
However, a firm like VanEck has suggested that it may not be looking to apply for a spot XRP ETF anytime soon. This came after the firm’s head of digital asset research said, Matthew Siegel Explained Why did they apply for the Spot Solana ETF and not any other fund like Spot XRP ETF. mentioned Solana is completely decentralized like Ethereum, where no single party controls more than 20% of the circulating supply of the token, and no one person can unilaterally stop the chain.
The same can’t quite be said for XRP, given how much The token supply held by RippleThis could put a big question mark on the decentralized nature of XRP. Meanwhile, the SEC case against Ripple could pose another hurdle to any potential application for a Spot XRP ETF.
Featured image created using Dall.E, chart from Tradingview.com