BlackRock Head of Digital Asset Believes XRP, ADA, SOL Coin ETFs Are Unlikely
During the Bitcoin Conference 2024, Robert Mitchnick, BlackRock Head of Digital Assets, expressed skepticism about the prospects of additional crypto ETFs, specifically for assets like Solana and XRP. He suggested that the likelihood of exchange-traded funds (ETFs) tracking other crypto assets beyond Bitcoin and Ethereum is low due to their relatively small market caps and lower levels of maturity and liquidity.
Mitchnick emphasized that although the future of crypto as an asset class is promising, the current ecosystem may not support a wide range of crypto ETFs. He acknowledged that the crypto space will continue to attract more financial firms, but he remained cautious about the proliferation of altcoin ETFs.
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Geraci Challenged BlackRock Chief Stance
In contrast, Nate Geraci, President of ETH Store, challenged Mitchnick’s viewpoint, citing the existence of ETPs for altcoins like Solana, XRP, and Cardano in the European market. He expressed surprise at BlackRock’s stance and highlighted the potential for similar products in the US with the necessary regulatory changes.
Mitchnick also touched upon the regulatory challenges, noting the SEC’s discomfort with spot Ether ETFs offering a staking facility. Despite the uncertainty surrounding crypto regulations, both Mitchnick and Geraci remain optimistic about the future of crypto investment products.
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