BlackRock’s CEO Larry Fink has delivered significant messages following the approval of the iShares Bitcoin Trust (IBIT) Spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) on January 10. Fink emphasized his belief in cryptocurrency not as a currency but as an asset class, while also acknowledging the value of a potential spot Ethereum ETF.
During an interview with CNBC, Fink highlighted the importance of cryptocurrencies in the financial world. He mentioned that the approval of a spot Bitcoin ETF has set the stage for the highly anticipated spot Ethereum ETF, signaling BlackRock’s commitment to introducing 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, this record has increased to 576. If the SEC approves their Ethereum ETF application, submitted in November 2023, the count will rise to 577.
The SEC is expected to make a decision on BlackRock’s spot Ethereum ETF application by May 23. Many cryptocurrency advocates believe that the approval of a spot Bitcoin ETF will pave the way for the approval of a spot Ethereum ETF. Bloomberg ETF analyst Eric Balchunas estimates a 70% chance that the SEC will greenlight at least one spot Ethereum ETF in May.
Following the narrative of spot ETFs, the price of Ethereum has surged, recently surpassing the $2,500 level. At the time of writing, the leading altcoin has experienced a slight decline of 0.18% over the past 24 hours, trading at $2,651.
