BlackRock has chosen to stand aside from the immediate competition for Solana Exchange-Traded Funds (ETFs). This strategic decision raises questions about its capacity to secure a dominant position in the next wave of institutional demand for altcoins.
The firm’s stance—focused on assets with greater liquidity and regulatory clarity—stands in stark contrast to the offensive launched by competitors who are already positioning products linked to SOL. In its crypto ETF strategy, BlackRock prioritizes stability and scalability, reinforcing its exposures in Bitcoin and Ethereum before venturing into Solana.
BlackRock’s conservative strategy and focus on BTC/ETH
The firm applies rigorous criteria of maturity, liquidity, and market capitalization before expanding its range of crypto products, a guideline driven by leaders like Robert Mitchnick in the digital assets space. This preference aims to mitigate regulatory risk and capitalize on the client base that has yet to deploy capital into its existing products.
Notably, its iShares Bitcoin Trust (IBIT) has become the fastest-growing ETF in the firm’s history, accumulating “tens of billions” in assets and concentrating approximately 3.25% of Bitcoin’s total supply. In parallel, the iShares Ethereum Trust (ETHA) has registered significant inflows. Executives like Jay Jacobs have noted that many institutional clients are still pending the allocation of capital into these tools.
The decision to avoid Solana also responds to the need to minimize legal exposure. SEC Chair Gary Gensler has been emphatic in stating that Bitcoin ETF approvals “do not set a precedent for other digital assets,” underscoring institutional caution in the face of uncertain regulatory classifications.
While BlackRock awaits clearer conditions, several competitors are moving forward with their Solana offerings. Fidelity, for instance, is preparing a Spot Solana ETF (FSOL) with an announced fee of 25 basis points (bps) and an estimated launch around November 19, 2025. VanEck has filed for a fund linked to liquid staking via JitoSOL, and Bitwise has already launched its Solana ETF (BSOL) with approximately $450 million in seed capital. The path for Grayscale involves converting a trust, pending an SEC ruling with a deadline around October 11, 2025, while Franklin Templeton has a final SEC decision deadline in November 2025. Furthermore, Canary has already launched its SOLC product with on-chain staking through Marinade Finance (reported start on November 18, 2025).
BlackRock’s bet is consistent with a policy of minimizing regulatory friction and consolidating its leadership in the two pillars of the market: Bitcoin and Ethereum. However, this caution opens a crucial window for its rivals to solidify positions in the Solana ecosystem.
The evolution will depend on the upcoming regulatory rulings and how institutional demand responds in the coming months. The next verified milestone is the key SEC decisions on Solana filings, expected between October and November 2025.
