Following the approval of spot Bitcoin and Ethereum ETFs, other altcoin ETFs are also expected to be approved.
While there are already applications for altcoin ETFs for some altcoins like Solana (SOL) and XRP, BlackRock has closed the door on any other ETFs.
Bloomberg ETF analyst Eric Balchunas shared BlackRock ETF president Jay Jacobs’ statements on this subject.
At this point, Jay Jacobs said that BlackRock will focus on Bitcoin and Ethereum ETFs rather than launching other altcoin ETFs.
Jacobs said that his exploration of Bitcoin and Ethereum has just begun and that interest in BTC and ETH is just the tip of the iceberg.
Noting that Bitcoin and Ethereum ETFs currently only reach a small number of customers, the BlakRock manager emphasized that the company is focusing on the BTC and ETH space rather than launching new altcoin ETFs.
“We are actually just the tip of the iceberg when it comes to Bitcoin and especially Ethereum.
Only a very small portion of our clients own IBIT and ETHA, so instead of launching new altcoin ETFs, we will focus on BTC and ETH.”
While many investors appreciate BlackRock’s approach of not launching more crypto ETFs, one user said that a step-by-step approach is better when it comes to ETFs, as launching a new ETF too early will only increase volatility.
Currently, SOL and XRP ETFs are expected to be approved in the US by the end of 2025.
*This is not investment advice.