As the highly anticipated Bitcoin Exchange Traded Fund (ETF) went live, the asset management giant BlackRock expressed its interest in listing a similar product for Ethereum. In a recent interview with CNBC on January 12, 2024, BlackRock CEO Larry Fink expressed his support for the Ethereum ETF.
BlackRock’s interest in Ethereum ETF
Just after the long-awaited Bitcoin ETF launch by the Securities and Exchange Commission (SEC), Fink made a statement: “I see value in having an Ethereum ETF. These are just stepping stones towards tokenization, and I really do believe this is where we’re going to be going.”
However, BlackRock, a global asset management giant, recently debuted its iShares Bitcoin Trust (IBIT) along with 10 others in the U.S. The Bitcoin ETF, which garnered significant attention, accounted for approximately $1 billion of the total $4.6 billion in trading volume collectively seen by ETFs on the first day.
With the SEC’s recent approval for cryptocurrency ETFs, BlackRock views this as an opportunity to extend its offering for Ethereum-based products. The CEO of BlackRock views tokenization, the representation of assets as tokens on the blockchain, as a crucial development that can address issues related to money laundering and corruption.
Larry Fink’s evolving stance on Cryptocurrency
The stance of Fink has completely changed, as earlier he used to criticize crypto, but now looking at his view toward Ethereum shows that he has become a complete fan of crypto. During an interview, Fink showcased his perspective on cryptocurrency while highlighting that he sees crypto assets as a class rather than a traditional currency.
However, the recent move of Larry toward the Ethereum ETF may cause a significant price surge in the coming days. As earlier we had witnessed during the filing of the spot Bitcoin ETF application back in June 2023, it caused a surge in the price of Bitcoin of over 18%.
Additionally, just anticipation for the Ethereum ETF after the approval of the spot Bitcoin ETF caused its price to surge more than 16%. Currently, Ethereum is trading near $2,680, and in the last 24 hours, it surged more than 3%, according to the data by TradingView. Looking at the ETH price for the last 7 days, it surged more than 20%, whereas in the last 30 days, it surged nearly 21%.
