XRP ETF: BlackRock Crypto Chief Denies Chances Of Solana, XRP ETF Approval

Highlights

BlackRock's Mitchnick cites a lack of maturity and liquidity for other altcoins to transform into an ETF.
He also pointed out at the regulatory concerns and SEC unwillingness to accommodate more such products.
Nate Geraci disagreed to Mitchnick stating that Europe already has several crypto ETPs running successfully.

During the inaugural day of the Bitcoin Conference 2024, BlackRock Head of Digital Assets Robert Mitchnick dampened expectations for future crypto ETFs, including Solana and XRP. This contrasts with the views of several crypto experts who believe that the approval of the spot Ether ETF would pave the way for more altcoin ETFs.

BlackRock Crypto Chief Is Negative on More Crypto ETFs

Robert Mitchnick, who leads the digital assets division of BlackRock stated that chances of exchange-traded-funds (ETFs) that track other crypto assets like Solana’s SOL, Ripple’s XRP, etc are low. He further explained his rationale during his interview with Bloomberg’s James Seyffart at the Bitcoin Conference. Mitchnick said:

“I don’t think we’re going to see a long list of crypto ETFs. If you think of Bitcoin, today it represents about 55% of the market cap. ETH is at 18%. The next plausible investible asset is at, like, 3%. It’s just not close to being at that threshold or track record of maturity, liquidity, et cetera.”

However, he makes it clear that crypto as an asset class is not going anywhere and that more financial firms will get an opportunity to compete in the crypto space. On the other hand, its competitors like VanEck have already made the first move towards Solana ETFs.

On the other hand, the spot Ether ETFs have been having a dull start after launch. These products have recorded two consecutive days of outflows with Grayscale’s ETHE bleeding heaving. Besides, BlackRock is holding the other hand trying to keep the inflows coming.

Mitchnick added that despite the lack of clarity on crypto regulations from the U.S. Securities and Exchange Commission (SEC), the regulator still wants to draw the line somewhere. He pointed out that the SEC wasn’t comfortable with spot Ether ETFs offering a staking facility.

Also Read: BlackRock Ethereum ETF Wallet Gets 76,669 ETH From Coinbase

Nate Greaci Rejects Mitchnick’s Views

ETH Store President Nate Geraci stated that he completely disagrees with Mitchnick’s views. Geraci pointed out Europe where ETPs for altcoins like Solana, XRP, and Cardano, are already there in the market. “Only need to look over to Europe to see SOL, XRP, ADA, etc. ETPs. Surprised BlackRock would say this,” he added.

Commenting on the regulatory front, Geraci stated that the introduction of similar products in the US would certainly require regulatory changes, however, he continues to be optimistic on that front.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.