Blackrock Brings Ethereum ETF Enthusiast on Board to Focus on Crypto Offerings

Highlights

Matt Kunke, a former GSR research analyst, was brought on by BlackRock as a product strategist for iShares digital assets ETFs.
Kunke had previously placed a 75% bet on the approval of spot Ethereum ETF.
The appointment comes at a crucial moment when the market's bets on the approval of Ethereum ETF have been dwindling.

Blackrock has hired GSR research analyst Matt Kunke as a Digital Assets Product Strategist. The appointment comes at a time when the Ethereum ETF approval resides near and Blackrock aims to improve its crypto ETF offering to customers.

Blackrock Hires Matt Kunke

Matt Kunke, a former GSR research analyst, was brought on by BlackRock as a product strategist for iShares digital assets ETFs. According to his LinkedIn profile, Kunke started serving at Blackrock in February 2024. The appointment seems a little important as Kunke had previously placed a 75% bet on the approval of spot Ethereum ETF, something that Blackrock must be waiting for in anticipation.

Ethereum ETF Bets Drop

The appointment comes at a crucial moment when the market’s bets on the approval of Ethereum ETF have been dwindling. The SEC has not yet granted Blackrock’s application permission to introduce a spot Ethereum ETF. According to Bloomberg ETF specialist Eric Balchunas, there is a 30% chance that an Ethereum spot ETF will be approved in May, a significant decrease from the 60%–70% likelihood. The market is not particularly pleased with the way the SEC has handled applications for Ethereum ETFs, which coincides with the fall in optimism. The market is unsure about the SEC’s conclusion because of its unwelcome quiet and lack of interaction with the Ethereum ETF applications.

Is Blackrock Positioning Itself Better in the Market

It is no surprise at this point that Blackrock usually devises its moves strategically. Even with the Bitcoin ETFs, even since its debut, Blackrock’s IBIT has performed exceptionally well, being a top runner in the overall ETF market. At the time of writing, according to data from Sosovalue, Blackrock’s Bitcoin ETF has around $10 billion in net inflows. With the next ETF decision right around the corner, Blackrock would most likely want to position itself better than its peers and keep a lead from the start.

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Nausheen Thusoo

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