BlackRock Delays Solana ETF Amidst Market Concerns

BlackRock Delays Solana ETF Amidst Market Concerns

BlackRock, the world's largest asset manager, has put their plans for a Solana exchange-traded fund (ETF) on hold. According to the firm's chief investment officer, Samara Cohen, the company is still assessing the viability of Solana as an investment. "We look at the investability, making sure that it meets the criteria that we would offer in an ETF," Cohen said. "Certainly, bitcoin and ether meet those criteria. Others are going to take a little bit more time." Solana has been plagued by network outages and congestion issues in recent months, which may have contributed to BlackRock's decision to delay the ETF. The network's technical problems have raised concerns about its ability to handle the increased demand that would come with an ETF. Despite the setbacks, Solana remains one of the most popular cryptocurrencies on the market. Its high speed and low fees have attracted a large following of users and developers. If Solana can overcome its technical challenges, it is likely that BlackRock will eventually launch an ETF for the cryptocurrency. In the meantime, investors who are interested in gaining exposure to Solana can do so through other means, such as buying the cryptocurrency directly or investing in a fund that holds Solana.