ETF analyst James Seyffart said BlackRock, the world’s largest asset manager, should not be allowed to launch the Solana Exchange Tradeed Facem (ETF) simultaneously with a U.S. issuer that has applied for a filing.
“That messed up,” Seyffart Tell ETF analyst Nate Geraci discusses a hypothetical situation in a video posted to YouTube on Saturday, which jumped in with live Solana at the last minute (sol) ETF and launched with the company that applied a few months ago.
Seyffart says smaller companies do all the hard work
“That shouldn’t have happened,” Seft said. He added: “These smaller issuers, these guys spent a lot of time working with the SEC to complete the paperwork.”
Vaneck is the first company in the United States to apply for Sot Solana ETF in June 2024. Other Solana ETF bidders include Crush, grayscaleInvesco, 21shares, Coinshares, Canary Capital, Franklin Templeton and Fidelity Investments.
Since the first filing, the SEC has released several delays in its approval decision and requested a revised application form to make it clearer about the proposed product.
However, Seyffart tends toward BlackrockBTC) and ether (ethereth).
If demand is high, BlackRock may “influx”
“If I were BlackRock, that’s what I’m going to do,” Seffft said.
Novadius president Nate Geraci said Blackrock may be waiting for its competitors to launch other crypto products first to measure market demand. “If the demand looks really good, maybe they can pour in,” he said.
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Geraci also said that if BlackRock chooses not to submit, they may “convene to the market, which will be Bitcoin and ETH without any other.”
However, Seyffart said that if BlackRock does not submit another cryptocurrency ETF, this is not a major risk to BlackRock, as about 90% of the crypto market capitalization is Bitcoin and Ethereum. “I don’t think it’s a big miss, even if they don’t,” he said.
“Obviously, this won’t be the nature of Bitcoin, and like I said, I appreciate the demand for indexing products,” Seyffart said.
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