The potential launch of a Solana (SOL) ETF by BlackRock has stirred debate among ETF analysts, with concerns raised about the fairness of such a move. According to ETF analyst James Seyffart, it would be "messed up" if BlackRock were allowed to launch a SOL ETF at the same time as other issuers, considering the time other firms have spent working with the Securities and Exchange Commission (SEC).

Seyffart shared his views in a discussion with fellow ETF analyst Nate Geraci, highlighting the efforts of smaller firms that have been diligently working with the SEC to ensure their applications are in order. VanEck was the first U.S. firm to apply for a spot Solana ETF in June 2024.

Nate Geraci, co-founder of the ETF Institute, predicts that BlackRock will file for spot XRP and Solana ETFs, potentially waiting for final regulatory clarity before moving. He believes that stopping at Bitcoin and Ethereum ETFs would be out of step with the firm's broader strategy of offering index-based exposure across multiple asset classes. Offering products for other major chains like XRP and Solana could be a way to capture additional market segments while defending BlackRock's lead.

BlackRock already dominates the crypto ETF market with the largest spot Bitcoin ETF and the largest spot Ethereum ETF. According to a company spokesperson, BlackRock is currently focused on growing its two crypto ETFs, including the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). Wall Street analysts believe that BlackRock could have already filed for spot crypto ETFs beyond BTC and ETH if they wanted.

The U.S. SEC is expected to greenlight trading of several spot altcoin ETFs before the end of 2025. The agency has made deliberate efforts to engage with spot altcoin ETF issuers led by Solana, signaling an imminent approval in the near term.

According to Vivian Fang, a finance professor at Indiana University, the Bitcoin and Ethereum ETFs are different from the Solana and XRP ETFs. While both XRP and Solana are U.S.-made altcoins, Wall Street analysts have predicted a SOL ETF approval first before an XRP one.

The REX-Osprey SOL spot ETF experienced a net inflow of $6.4 million yesterday, bringing its total net inflow to $141 million since launch.