BlackRock CEO Backs Ethereum ETF After Bitcoin Success

Kelvin Munene Murithi
January 12, 2024
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BlackRock CEO Larry Fink recently acknowledged the potential of an Ethereum ETF in the United States, a significant development following the successful launch of their Bitcoin ETF. In an interview, Fink highlighted the successful trading debut of BlackRock’s Bitcoin ETF, IBIT, which amassed a remarkable $1.05 billion in trading volume. This achievement outstripped the first-day volume of the BITO Bitcoin futures ETF in 2021.

Fink’s insights into the digital asset market are notable. He equated Bitcoin to an asset class similar to gold, with the added nuance of Bitcoin nearing its maximum supply limit. His perspective solidifies the view of cryptocurrencies as more than transient digital phenomena. The move towards tokenization, as Fink suggests, marks a transformative era in the financial sector.

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BlackRock’s Strategic Moves

BlackRock, the world’s largest asset manager, signaled its growing interest in crypto by filing for a spot at Ethereum ETF in November. This move came five months after its initial foray into a Bitcoin ETF. The proposed Ethereum ETF, named the iShares Ethereum Trust, continues BlackRock’s partnership with Coinbase Custody, reflecting the firm’s deepening commitment to the cryptocurrency realm.

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Regulatory Outlook and Industry Growth

Speculation is high regarding the SEC’s stance on the Ethereum ETF, with analysts like Bloomberg’s Eric Balchunas estimating a 70% chance of approval by May. The SEC’s decision is eagerly awaited, with the first deadline for an Ark and 21Shares application due May 23. The approval of an Ethereum ETF could signal a significant shift in the regulatory landscape and further mainstream adoption of digital assets.

Since co-founding BlackRock in 1988, Fink has steered the firm to unprecedented heights. Under his leadership, BlackRock has grown into a global powerhouse with trillions under management. His recent comments reflect the firm’s increasing attention to the demands of its clients regarding cryptocurrencies.

Read Also: Grayscale Responds To SEC’s Bitcoin ETF Approval Challenges

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.