The crypto universe is buzzing with speculation after BlackRock’s head of U.S. iShares product, Rachel Aguirre, played it coy on a potential Solana ETF during a February 24, 2025, Bloomberg interview. With BlackRock managing a colossal $11.6 trillion in assets, Aguirre’s refusal to spill the beans has set tongues wagging—could the world’s largest asset manager be eyeing a game-changing move into Solana, or is it staying loyal to its Bitcoin and Ethereum turf?
Aguirre’s response was a masterclass in ambiguity. Asked about a Solana ETF amid Franklin Templeton’s recent filing for a Solana Trust, she leaned on three pillars: meeting client needs, defining an investment thesis, and ensuring ETF suitability. No yes, no no—just a poker face that’s got the crypto crowd dissecting every word. This comes as Solana’s star rises, with the blockchain outpacing Ethereum in developer growth (7,625 new devs in 2024 vs. Ethereum’s 6,456) and raking in $5 billion in revenue last year, per Pantera Capital. The Solana ETF hype isn’t baseless—filings from VanEck, 21Shares, Bitwise, and others are already in the SEC’s pipeline, with a decision deadline looming by March 15, 2025.
BlackRock’s silence contrasts with the industry’s Solana ETF fever. Franklin Templeton’s Delaware filing on February 11 signals legacy finance is diving into SOL, while Grayscale’s Solana Trust pushes for ETF conversion. Yet, Aguirre’s noncommittal stance suggests BlackRock might not budge beyond its iShares Bitcoin Trust (IBIT), a $58 billion behemoth, and its Ethereum holdings. Crypto watchers on X speculate a 70% approval chance for a Solana ETF this year, but BlackRock’s history—shunning altcoins beyond BTC and ETH—casts doubt. CEO Larry Fink has called Bitcoin a “legitimate financial asset,” but Solana? Crickets.
Why the hush? Liquidity and regulatory fit could be sticking points, as Aguirre hinted at ETF “suitability.” Solana’s $100 billion ecosystem is no small fry, yet the SEC’s past security classification tussles with SOL might give BlackRock pause. Still, with a pro-crypto Trump administration in play, the tide could turn fast. For now, Aguirre’s tight lips leave us guessing: is BlackRock plotting a SOL surprise, or is this a deliberate sidestep? The crypto world’s holding its breath—this could be a blockbuster or a bust. https://x.com/Lutcheann