BlackRock IBIT
BlackRock's IBIT has been a popular choice since the SEC approved spot Bitcoin ETFs for trading in January. BlackRock YouTube | Bitcoin ETFs BlackRock YouTube Channel/Screenshot

KEY POINTS

  • Ripple's Brad Garlinghouse previously said $XRP, $SOL, and other crypto ETFs are 'inevitable'
  • BlackRock's Samara Cohen said $BTC and $ETH 'meet' the bar for ETFs, but right now, other crypto do not
  • She predicted that it might take 'a while' before new crypto ETFs are approved

The success of spot Bitcoin exchange-traded funds (ETFs) and the approval of spot Ethereum ETFs led to speculation that other cryptocurrencies catching up to the market cap of the two leading digital assets and may soon have their own ETFs. However, an industry executive has rejected the idea.

Ripple CEO floats inevitability of other crypto ETFs

Earlier in June, Brad Garlinghouse said the appearance of an $XRP ETF and other crypto ETFs was "inevitable" following the approval of $ETH ETFs. He admitted that the journey toward getting approval for other funds will be arduous due to the evolving regulatory environment, but he said the regulatory "speed bumps" will serve as a challenge to applying issuers.

VanEck leads the way

Late last month, investment management firm VanEck filed for the country's first potential spot Solana ($SOL) ETF, pumping the token's price by over 7% and turning the crypto industry bullish over the news.

BlackRock rejects other crypto ETFs for now

When asked during an appearance on Bloomberg TV Monday about whether BlackRock was looking at other crypto ETFs, the investment behemoth's chief investment officer for ETF and index investments, Samara Cohen, said "not in the near term."

"We really look at the investability to see what meets the criteria, what meets the bar to be delivered in an ETF, and for us, right now both between investability and considerations, and also what we hear from our clients, you know, Bitcoin and $ETH definitely meet that bar," she said.

She went on to project that it will probably be "a while before we see anything else," shutting down near-term doors about BlackRock potentially leading other issuers in applying for a fund for other digital assets.

BlackRock's crypto ETFs record

During the first day of $ETH ETF trading last week, BlackRock's $ETHA accounted for some 24% of over $1 billion in total trading volume for the new ETFs, suggesting the ETF is a popular choice among traders.

In terms of Bitcoin, BlackRock's IBIT is now the world's largest corporate holder of $BTC, with over 316,000 Bitcoins, followed by Grayscale's GBTC (over 273,000), and finally, Michael Saylor's MicroStrategy (over 226,000).

A positive statement for $BTC and $ETH?

Despite Cohen's statements possibly affecting the communities behind other digital assets negatively, some crypto users believe the news is actually good for Bitcoin and Ether.

"This is insanely bullish for BTC and ETH," one trader said, while another said BlackRock may just be focusing on pumping Ether ETFs first before focusing on other cryptocurrencies.

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