BlackRock's Strategic Moves in the Crypto ETF Space: Solana and XRP in Sight

Nate Geraci, who heads The ETF Store, is of the opinion that BlackRock is on the verge of filing for ETFs centered around Solana and XRP. In a post shared on X on March 14, Geraci pointed out that BlackRock wouldn't allow its competitors to seize the initiative in launching ETFs for two of the leading non-stablecoin assets. Geraci is optimistic about a forthcoming Solana ETF filing, with an XRP submission potentially following once the SEC lawsuit is settled.

How realistic is this expectation?

BlackRock Aiming to Solidify Its Leadership in the Crypto ETF Market

The interest from institutional investors in Solana and XRP ETFs is on the rise, with several asset management firms like Grayscale, Bitwise, and VanEck already pursuing approvals from the SEC.

Estimates suggest that Solana ETFs could bring between $3 billion to $6 billion in investments over the next 6 to 12 months, while XRP ETFs might see between $4 billion and $8 billion, largely depending on how Bitcoin's adoption progresses. JPMorgan’s analysis Yet, despite this increasing interest, the regulatory status of XRP remains up in the air. Since 2020, Ripple Labs has been engaged in a legal struggle with the SEC over claims that XRP was distributed as an unregistered security.

In July 2023, a judge determined that XRP isn't necessarily classified as a security on secondary markets, although initial sales were categorized as unregistered securities. The SEC's legal proceedings are still ongoing.

According to a journalist from FOX Business, Ripple and the SEC are currently negotiating, centered around penalties and adapting to recent regulatory policy changes. The broader move towards clearer regulations in the cryptocurrency industry could make resolving this case particularly important.

Should XRP be redefined as a commodity, it could pave the way for ETF approval. Eleanor Terrett The Scope of BlackRock's ETF Control

BlackRock's total assets under management exceed $47.8 billion, establishing it as one of the largest holders of Bitcoin in the world. Most recently, on March 14, BlackRock’s iShares Bitcoin ETF (IBIT) wallet was credited with an additional 268 BTC, amounting to over $22 million.

In addition to Bitcoin, BlackRock has amassed significant holdings in other cryptocurrencies, including substantial stakes valued at approximately $2.3 billion, along with 70 million USDC stablecoins and a diverse mix of altcoins.

As of now, BlackRock holds close to 568,000 Bitcoin The thriving scene of Bitcoin ETFs, significantly boosted by companies like BlackRock, has spurred tens of billions of dollars into the cryptocurrency markets, breaking the prevailing norms of capital flow in crypto investments. Despite experiencing some fluctuations at the start of 2025, with crypto ETFs seeing $4.75 billion in withdrawals, BlackRock remains committed to the industry.

In early March 2025, the iShares Bitcoin ETF witnessed withdrawals amounting to $756 million, largely contributing to the overall outflow from BTC ETFs. Nevertheless, BlackRock integrated IBIT into its portfolio strategy in February 2025. over 1.2 million Ether These tailored portfolios, developed for asset managers, aim to spread risk and provide passive investors with cryptocurrency exposure without necessitating self-custody or direct blockchain transactions. This strategy is anticipated to invite further investment into Bitcoin.

Competing Companies Eager to Launch Solana and XRP ETFs

A host of competitors are vying to bring Solana and XRP exchange-traded funds (ETFs) to market, with Hasdex and Canary Capital prominently in the race. $193 million in outflows They are currently in discussions with the U.S. Securities and Exchange Commission (SEC) to modify its Nasdaq Crypto Index US ETF (NCIQ) to include popular altcoins such as XRP, Solana, Cardano, Chainlink, Uniswap, Litecoin, and Avalanche. This adjustment would diversify the ETF, which has primarily been focused on Bitcoin and Ethereum.

Canary Capital is also looking to gain approval for the first ETF based on Sui, the native token of the Sui blockchain, marking its sixth filing with the SEC which includes planned ETFs tied to Litecoin, Hedera, Axelar, XRP, and Solana.

Canary’s founder Steven McClurg remarked on the significant change in sentiment and dynamics within the cryptocurrency market since the election. He expressed a cautiously optimistic view, predicting that many of these ETF applications could likely gain approval by the close of 2025.

Meanwhile, Hashdex’s NCIQ ETF, currently managing around $66 million in assets, has already found its place in the market by offering exposure to Bitcoin and Ethereum. The decision to incorporate more altcoins signifies a growing interest from institutional players in broadening their crypto ETF portfolios.

Hasdex has filed This ETF would be the first to monitor the price movements of Sui, which holds a notable position among the top 25 cryptocurrencies.

Canary Capital is also entering the race Could XRP and Solana ETFs Achieve Success Comparable to BTC and ETH?

XRP and Solana ETFs may very well follow the path carved out by Bitcoin and Ethereum ETFs, assuming they navigate the regulatory landscape successfully. Recently, XRP experienced a 5% spike, hitting $2.30, fueled by speculation that the SEC may soon classify it as a commodity, a step that would clarify legal ambiguities and motivate institutional participation. SEC officials are currently deliberating on whether XRP should be classified similarly to Bitcoin and Ethereum, both of which are recognized as commodities. Should XRP be granted this classification, it could significantly enhance the likelihood of ETF approval.

Market observers believe that a formal affirmation from the SEC regarding XRP's commodity status could trigger a substantial price surge, potentially bringing XRP back to its previous peak of $3.10. The timeline for XRP ETF approval remains closely tied to the resolution of Ripple’s ongoing legal issues, with experts projecting a possible approval by the end of Q3 or the beginning of Q4 in 2025.

Canary’s SUI ETF, targeting a $7.4 billion market cap In a manner similar to the Bitcoin ETF approval in January 2024 that catalyzed a massive influx of institutional funds, XRP could be poised to receive over $5 billion in investments shortly after its ETF launch. Analysts estimate a 73% chance of XRP ETF approval by December 2025, with Trump’s support for altcoins as part of a potential U.S. crypto reserve likely expediting ETF approvals for coins like XRP. The SEC is currently evaluating a number of XRP ETF proposals, with verdicts expected by mid-October.

Solana is making strides to be the next cryptocurrency to seek ETF authorization, with recent applications from VanEck and 21Shares wrapping up a 240-day review phase in mid-2024. However, after this review period lapsed, the SEC postponed its examination of Solana ETF requests, in addition to those for XRP, Litecoin, and Dogecoin, amidst intensifying scrutiny over its stance on cryptocurrencies.

Despite these hold-ups, industry veterans remain hopeful regarding Solana’s prospects for ETF approval by 2025. ETF President Nate Geraci has stated confidently that 2025 will be a defining year for crypto ETFs, anticipating that Solana will receive its green light during this timeframe.

Anthony Scaramucci, a former press secretary in Trump’s White House, also chimed in, suggesting that if Trump regains power, Solana could achieve SEC approval, with some predictions indicating that approval could materialize within “the next two weeks.” Currently, the prediction market Polymarket assigns an 82% chance to Solana’s ETF approval happening in 2025.

A multitude of elements underpins this optimism, particularly Solana’s impressive performance. Lennix Lai, Global Chief Commercial Officer at OKX, noted that Solana’s blockchain has facilitated nearly “50% of all global DEX trading volume,” highlighting its significant role in redefining the DeFi landscape. Additionally, its impressive transaction speeds and minimal fees have garnered broad adoption, enhancing its standing within the cryptocurrency ecosystem.

Will Solana ETF Happen in 2025?

Experts, including Bloomberg’s Eric Balchunas, have cautioned that Solana’s classification as a potential security might hinder its ETF approval timeline, possibly pushing it out to 2026 as the SEC reviews the legal statuses of assets like Solana, XRP, and Litecoin.

As explained by Martins Benkitis, co-founder and CEO of Gravity, Solana is facing “steeper regulatory challenges” due to its token distribution strategies and the involvement of its foundation, complicating its regulatory trajectory. predicted Please remember that the information on this page is not intended and should not be construed as legal, tax, investment, financial, or any type of advice. It is crucial to only invest what you can afford to lose and seek unbiased financial counsel if you have any uncertainties. For more details, we recommend checking the terms and conditions along with the help and support resources provided by the issuer or advertiser. MetaversePost is dedicated to providing accurate, impartial reporting, yet market conditions can change without notice.

Victoria is a writer covering a range of technological subjects including Web 3.0, AI, and cryptocurrencies. Her extensive background equips her to create informative articles appealing to a broad audience. expressed confidence Cryptocurrencylistings.com Launches CandyDrop to Streamline Crypto Acquisition and Heighten User Engagement with Quality Projects as early as Q1 2025 DeFAI Must Tackle the Cross-Chain Dilemma to Realize Its Full Potential

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