BlackRock Solana ETF 推出的障礙：深入分析

在 Thinking Crypto 播客最近的一集中，著名 ETF 分析師 Nate Geraci 否認了貝萊德很快就推出 Solana ETF 的可能性。

Renowned ETF analyst Nate Geraci recently discussed the possibility of BlackRock launching a Solana ETF.

著名 ETF 分析師 Nate Geraci 最近討論了貝萊德推出 Solana ETF 的可能性。

According to Geraci, for this to materialize, Solana would first need to establish CME-traded futures and a futures-based ETF.

Geraci 表示，要實現這一目標，Solana 首先需要建立在 CME 交易的期貨和基於期貨的 ETF。

Despite its growing popularity, various factors hinder Solana’s chances of being included in BlackRock’s ETF offerings.

儘管 Solana 越來越受歡迎，但多種因素阻礙了 Solana 被納入貝萊德 ETF 產品的機會。

Regulatory Prerequisites for a Solana ETF

Solana ETF 的監管先決條件

CME-Traded Solana Futures

CME 交易的 Solana 期貨

For a Solana ETF to become a reality, Geraci highlighted the necessity of CME-traded futures. The CME Group, known for its global derivatives marketplace, plays a crucial role in legitimizing digital currencies through regulated futures contracts.

為了讓 Solana ETF 成為現實，Geraci 強調了在 CME 交易期貨的必要性。芝商所以其全球衍生性商品市場而聞名，透過受監管的期貨合約在數位貨幣合法化方面發揮著至關重要的作用。

The absence of CME-traded Solana futures poses a significant obstacle to the launch of a Solana ETF. Currently, only a handful of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, have futures contracts available on the CME.

缺乏 CME 交易的 Solana 期貨對 Solana ETF 的推出構成了重大障礙。目前，只有少數加密貨幣（包括比特幣、以太幣和萊特幣）在 CME 提供期貨合約。

To increase the chances of a Solana ETF, the cryptocurrency would need to be included in the lineup of CME-traded futures.

為了增加 Solana ETF 的機會，加密貨幣需要納入 CME 交易的期貨陣容。

However, considering the limited number of cryptocurrencies that have achieved this status, the competition is fierce, and Solana's entry into the CME futures market is not guaranteed.

然而，考慮到達到這一地位的加密貨幣數量有限，競爭激烈，Solana 進入 CME 期貨市場並不能保證。

Futures-Based Solana ETFs

基於期貨的 Solana ETF

If Solana were to be included in the CME-traded futures market, the next step would involve the creation of futures-based Solana ETFs.

如果 Solana 被納入 CME 交易的期貨市場，下一步將涉及創建基於期貨的 Solana ETF。

These ETFs would track the performance of Solana futures contracts, providing a convenient and accessible way for investors to gain exposure to Solana’s price movements without directly purchasing the cryptocurrency.

這些 ETF 將追蹤 Solana 期貨合約的表現，為投資者提供一種方便且容易獲得的方式來了解 Solana 的價格變動，而無需直接購買加密貨幣。

After the launch of futures-based Solana ETFs, there would be a higher chance for the development of a spot Solana ETF, which would directly track the price of Solana.

在推出基於期貨的 Solana ETF 後，開發直接追蹤 Solana 價格的現貨 Solana ETF 的機會將會更大。

However, even with the availability of futures-based ETFs, the path to a spot Solana ETF is not straightforward and would depend on various factors, including regulatory approval.

然而，即使有基於期貨的 ETF，通往現貨 Solana ETF 的道路也並非一帆風順，並且取決於各種因素，包括監管部門的批准。

BlackRock’s Stance on Altcoin ETFs

貝萊德對山寨幣 ETF 的立場

Dismissal of Solana ETF Possibility

取消 Solana ETF 的可能性

BlackRock executives have consistently dismissed the possibility of launching altcoin ETFs, including Solana.

貝萊德高層一直否認推出包括 Solana 在內的山寨幣 ETF 的可能性。

According to Samara Cohen, BlackRock’s Chief Information Officer, there are no immediate plans to launch a Solana-based ETF.

貝萊德首席資訊長 Samara Cohen 表示，目前沒有計劃推出基於 Solana 的 ETF。

During an interview with ETF Trends, Cohen highlighted the firm's focus on offering ETFs for cryptocurrencies with the highest market capitalization and liquidity, such as Bitcoin and Ethereum.

在接受 ETF Trends 採訪時，科恩強調了該公司專注於為具有最高市值和流動性的加密貨幣（例如比特幣和以太坊）提供 ETF。

She further noted that while Solana is a well-known cryptocurrency, it is not among the top-tier crypto assets in terms of market capitalization.

她進一步指出，雖然 Solana 是一種眾所周知的加密貨幣，但就市值而言，它並不是頂級加密資產之一。

Moreover, Cohen expressed her skepticism towards altcoin ETFs, stating that she has "not seen a huge demand for altcoin-specific ETFs."

此外，科恩對山寨幣 ETF 表示懷疑，稱她「沒有看到對山寨幣專用 ETF 的巨大需求」。

This viewpoint aligns with BlackRock's strategy of catering to the broader market demand rather than pursuing niche offerings.

這一觀點與貝萊德迎合更廣泛市場需求而不是追求利基產品的策略是一致的。

Market Demand for Altcoins

山寨幣的市場需求

BlackRock's reluctance to launch a Solana ETF is also influenced by a perceived lack of demand for altcoin-focused ETFs.

貝萊德不願推出 Solana ETF 的另一個原因是人們認為以山寨幣為重點的 ETF 需求不足。

Despite Solana's branding as an "Ethereum killer" and its popularity among cryptocurrency enthusiasts, BlackRock's assessment of the market suggests minimal interest in altcoin-based products.

儘管 Solana 被稱為“以太坊殺手”，並且在加密貨幣愛好者中很受歡迎，但貝萊德對市場的評估表明，人們對基於山寨幣的產品興趣不大。

This aligns with the firm's preference for offering ETFs that cater to the mainstream audience rather than pursuing specialized or niche markets.

這符合該公司偏向提供迎合主流受眾而非追求專業或利基市場的 ETF 的偏好。

By focusing on cryptocurrencies with broader appeal, such as Bitcoin and Ethereum, BlackRock aims to maximize the potential for its ETF offerings.

透過專注於具有更廣泛吸引力的加密貨幣（例如比特幣和以太坊），貝萊德旨在最大限度地發揮其 ETF 產品的潛力。

Existing Solana ETF Filings

現有 Solana ETF 備案

21Shares and VanEck Filings

21Shares 和 VanEck 文件

Despite BlackRock's lack of involvement in Solana ETFs, other firms have filed applications with the SEC for Solana-related ETFs.

儘管貝萊德沒有參與 Solana ETF，但其他公司已向 SEC 提交了 Solana 相關 ETF 的申請。

Among them are 21Shares and VanEck, both of which have submitted filings for Solana ETFs.

其中包括 21Shares 和 VanEck，兩家公司都已提交 Solana ETF 的備案。

According to Geraci, the SEC is expected to make a decision on these filings by March of next year. If approved, the launch of a Solana ETF could occur by March 2025.

Geraci 表示，預計 SEC 將於明年 3 月對文件做出決定。如果獲得批准，Solana ETF 可能會在 2025 年 3 月之前推出。

However, it's important to note that the SEC's approval process for cryptocurrency ETFs is often lengthy and subject to various considerations.

然而，值得注意的是，美國證券交易委員會對加密貨幣 ETF 的批准流程通常很漫長，並且需要考慮各種因素。

As such, the timeline for the approval and launch of a Solana ETF may vary and is ultimately dependent on the SEC's decision-making.

因此，Solana ETF 的批准和啟動時間表可能會有所不同，並最終取決於 SEC 的決策。

BlackRock's Interest in Tokenization

貝萊德對代幣化的興趣

Current Ventures

目前的創投

While BlackRock may not be pursuing altcoin ETFs, the firm is actively exploring other ventures within the cryptocurrency space.

雖然貝萊德可能不會追求山寨幣 ETF，但該公司正在積極探索加密貨幣領域的其他業務。

Among them is the launch of Ethereum ETFs, which are currently awaiting regulatory approval.

其中包括以太坊ETF的推出，目前正在等待監管部門的批准。

Additionally, BlackRock is interested in tokenization, a process that involves converting real-world assets into digital tokens for trading.

此外，貝萊德對代幣化感興趣，這是一個涉及將現實世界資產轉換為數位代幣進行交易的過程。

This venture aligns with BlackRock's broader goal of enhancing financial market efficiency through innovative technologies.

該合資企業符合貝萊德透過創新技術提高金融市場效率的更廣泛目標。