With 6 exchange-traded fund (ETF) products now live on traditional stock markets, Solana (SOL) tacked on an impressive 13-day inflow streak. Across all 6 SOL ETFs, the altcoin has pulled in beyond $166 million in inflows, but the sentiment changed yesterday.
Unable to reclaim the $150 resistance level, Solana (SOL) saw the first day of negative flows, with $8.2 million leaving the markets. Moreover, Solana’s publicly-traded ETFs started with an initial capital of $446.9 million, but one giant is missing from the broader picture.
BlackRock**’s** Solana Stance Goes Beyond ETFs
Unlike Grayscale, Bitwise, Vaneck & others, BlackRock has refrained from releasing a stand-alone Solana ETF. While BlackRock is operating the fastest-growing IBIT ETF, Solana (SOL) is accrued via the BUIDL fund, which deploys Solana (SOL) on decentralized finance (DeFi) protocols for extra yield.
However, yesterday’s Solana ETF outflows coincided with BlackRock’s IBIT bleeding a hefty $149 million on Thursday. With BlackRock’s Solana (SOL) DeFi harvesting beast now topping $2.5 billion, it’s likely that BlackRock would jump into the Solana ETF game once the altcoin gains comprehensive regulatory clearance.
For now, it looks like BlackRock is carrying on quietly accumulating Solana (SOL) via BUIDL, while competing digital asset managers test out their altcoin ETFs on the stock markets. Bitwise’s ETF has gained the most traction so far, whipping up $550 million inflows with the BSOL ETF leading among alts on NYSE Arca for most days, per Farside Investors’ data.
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People Also Ask:
What exactly is BlackRock doing with Solana? BlackRock put part of its $2.9 billion BUIDL fund (a tokenized money-market fund) onto the Solana blockchain. Roughly $250 million of real-world assets (mostly short-term US Treasuries) now live on Solana and keep growing.
Is this the same as a Solana ETF? No. The Solana ETFs you see in the news are separate products from issuers like VanEck, 21Shares, and Bitwise. BUIDL is BlackRock’s own private fund for big institutions, not a publicly traded ETF.
Why did BlackRock pick Solana instead of just using Ethereum? Solana offers much lower fees and faster transactions. For a fund that pays out yields every day, those savings add up for institutions, so BlackRock (and others like Apollo and Ondo) moved billions over.
Does this mean BlackRock is buying SOL tokens? Indirectly. BUIDL holds stablecoins and Treasury-backed tokens on Solana, not a SOL reserve itself. Still, every dollar in BUIDL increases demand for Solana blockspace and indirectly supports the network.
Will BlackRock ever launch an actual Solana ETF? Nothing official yet. Larry Fink has said they’ll only do ETFs for assets they consider “investment-grade.” For now they’re happy earning yield on Solana quietly through BUIDL instead of offering a public SOL ETF.
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