ETF analyst James Sfart says the world’s largest asset manager, Blackrock, should not be allowed to launch the Solana Exchange Trade Fund (ETF) simultaneously with issuers in the United States, which have already filed for one.
In a video posted on YouTube on Saturday, Sfart told ETF analyst Net Garaki, “This is a mess,”, while discussing a fake scenario where Blackrock – despite filing – Spot Solana (Civil) jumps with ETF and jumps at the last minute.
Sifart says little firms have worked hard
“That should not happen,” Sifart said. He added, “These small issues, these boys have spent a lot of time working with the SEC.
Vanik was the first American firm to apply for the spot for the ETF in June 2024. The other Solana ETF bids include Bitwi, Gray Scale, Invisco, 21 shares, Skins, Canary Capital, Franklin Templeon and sincere investment.
Since the preliminary filing, the SEC has issued several delays in its approval decision and requested amended application form to obtain a maximum legal explanation on the proposed product.
However, Sfart is leaning towards the theory that Blackrock will instead launch a crypto index product, which will keep track of two major, BitCoin (BTC) and Ether (ETH).
If the demand is high can rotate in the Black Arc
Sfart said, “If I were Blackrock, I would do so.
Nettis President Net Girraki said Blackrock is waiting for its rivals to first launch crypto products to assess the demand for market. “If the demand seems to be really good, maybe they can just enter it,” he said.
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Geraki also said that if he does not choose to file a Blackrock, he is “calling the market that it is just going to be bitcoin and ETH and nothing else.”
However, Sifart says that if they do not file for any other crypto ETF, this is not a major threat to Blackrock because about 90 % of the crypto market cap is in bitcoin and ethrum. “Even if they don’t, I don’t think it’s such a big miss,” he said.
Sifart said, “Obviously this is not what he is and for BitCoin, and as I said, I am very fast on the demand for index products.”
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