Following its successful launch of the Spot Bitcoin ETF in January 2024, BlackRock. The world’s largest asset manager. Moves forward with instant Ethereum ETF. However, there are chances that the asset manager will reconsider its efforts citing the “little” customer demand for Ethereum, compared to Bitcoin. Will BlackRock continue to push for a spot Ethereum ETF?
During a friendly chat at Friday’s Bitcoin investor conference in New York, Robert Mitchnick confirmed. The head of digital assets at BlackRock, emphasized the primary focus of the company’s client base on Bitcoin. “I can say that for our customer base,” he noted. “Bitcoin is very much the first focus and a little bit of Ethereum.” He also stated that the demand for all other crypto assets is “very, very little.”
However, he has not commented anything at the moment on whether or not BlackRock will continue its pursuit of ETF approval. Last week, BlackRock hired Matt Kunk. Digital asset product strategist. To lead the firm’s efforts in iShares digital asset ETFs. Ethereum proponents have come to the asset class’s defense.
Currently, the SEC has delayed the application for BlackRock’s Ethereum ETF until May 2024. There have been ongoing discussions that BlackRock will also seek ETFs for other digital assets. Mitchnik explained that there is a misconception within the cryptocurrency industry regarding an asset manager’s intentions to offer a wide range of other services. “This is not our primary focus,” he stressed. On the other hand, BlackRock continues to explore the industry. The asset manager recently announced the launch of its stablecoin BUIDL on the Ethereum blockchain, as part of its tokenization efforts.