- Recently, the company’s spot Bitcoin ETF (IBIT) had a successful debut trading day.
- BlackRock, applied to the SEC for a spot Ethereum ETF in November of last year.
Larry Fink, CEO of BlackRock, recently spoke with CNBC and said that he “sees value” in creating an Ethereum spot ETF in the US. Recently, the company’s spot Bitcoin ETF (IBIT) had a successful debut trading day.
The biggest asset management in the world, BlackRock, applied to the SEC for a spot Ethereum ETF in November of last year. This came five months after the company filed for a spot Bitcoin ETF product in June.
Eyeing ETH ETF Approval
Coinbase Custody was once again chosen by BlackRock to be the custodian for their planned spot Ethereum ETF, the iShares Ethereum Trust. This decision is in line with their pick for their spot Bitcoin ETF.
Under Fink’s leadership, BlackRock has expanded substantially from its 1988 co-founding and now manages assets worth trillions of dollars. Fink said in October that he has been receiving comments “from clients from around the world about the need for crypto.”
With the first final decision date for the SEC on an application from Ark and 21Shares coming on May 23, Bloomberg ETF analyst Eric Balchunas recently estimated that there is a 70% likelihood for the authorization of spot Ethereum ETF funds by May.
When assets, whether digital or real world, are represented on the blockchain by tokens, this process is called tokenization. Moreover, tokenization, in Fink’s view, may solve problems associated with corruption and money laundering.
Bitcoin, in particular, is “an asset class that protects you” from worries about geopolitical risk, according to Fink, who also said that he does not see cryptocurrencies as money but as an investment class.
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