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The CEO of BlackRock, the world’s largest asset management company, Larry Fink, delivered significant messages after the iShares Bitcoin Trust (IBIT) received approval from the US Securities and Exchange Commission (SEC) on January 10. Fink expressed his belief in cryptocurrency as an asset class rather than a currency, while also stating the value of a spot Ethereum ETF.
Emphasis on the “Importance” of a Spot Ethereum ETF
Larry Fink, CEO of BlackRock, gave an interview to CNBC. During the interview, Fink made notable statements about cryptocurrency, emphasizing his belief in it as an asset class rather than a currency.
Following the approval of the spot Bitcoin ETF, Fink also touched on the much-anticipated spot Ethereum ETF in the crypto world. He indicated the value of a spot Ethereum ETF, signaling BlackRock’s determination to offer a spot ETF for the largest altcoin.
BlackRock has a history of 575 approvals and one ETF rejection. With the SEC’s approval of the spot Bitcoin ETF application, this number rose to 576. If the SEC approves their Ethereum ETF application made in November 2023, the number will increase to 577.
BlackRock’s Application for a Spot Ethereum ETF
As is known, BlackRock made an application for a spot Ethereum ETF in November 2023. The SEC is expected to make a decision on this application by May 23. Many cryptocurrency advocates believe that following the approval of the spot Bitcoin ETF, the spot Ethereum ETF will also be approved. Bloomberg ETF analyst Eric Balchunas believes there is a 70% chance that the SEC will greenlight at least one spot Ethereum ETF in May.
The narrative of the spot ETF has led to a rise in ETH. The king of altcoins, which recently surpassed the $2,500 level, was trading at $2,651, down 0.18% in the last 24 hours at the time this article was prepared.
