BlackRock CEO Backs Ethereum ETF Day After Bitcoin ETF Debut
BlackRock, the world’s largest asset manager, has come out in favor of an Ethereum ETF. The comments from CEO Larry Fink came just one day after the firm’s long-awaited Bitcoin ETF began trading.
In an interview on CNBC, Fink endorsed the concept of an Ethereum investment product accessible to mainstream investors. “I see value in having an Ethereum ETF,” he stated on Friday. “These are just stepping stones towards tokenization, and I really do believe this is where we’re going to be going.”
- BlackRock’s Bitcoin trust, iShares Bitcoin ETF (IBIT), accounted for around $1 billion of the total $4.6 billion Bitcoin ETF trading debut.
- The firm appears interested in expanding its crypto offering amid Fink’s broader conviction around blockchain-based tokenization.
- Fink does not see cryptocurrencies becoming viable currencies.
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The launch of IBIT and other Bitcoin ETFs this week marked a major milestone for crypto assets after years of rejection by regulators. Fink suggested BlackRock is now looking to bring a similar, easily accessible Ethereum investment product to its clients.
His stance reflects the growing mainstream embrace of crypto as an alternative asset class rather than as a replacement for fiat currency. “It’s no different than what gold represented over thousands of years,” Fink commented, citing Bitcoin’s fixed supply cap.
Analysts expect Ethereum ETF to debut this year
Yesterday was the first day US investors could gain exposure to Bitcoin through an ETF after years of anticipation. Multiple analysts predict strong chances of Ethereum ETF approval in the coming months as well, with products from various issuers, including VanEck and Ark Invest, under review.
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Bloomberg ETF analyst Eric Balchunas has estimated that there is a 70% probability that such an ETF will get approved in May. Digital asset lawyer Joe Carlasare stated his view that an Ethereum ETF will likely gain approval this year.
