Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Multitrillion dollar investment giant BlackRock has proven it has big plans for Ethereum (ETH) through its spot ETF product. In just about two days after the iShares Ethereum Trust ETF (ETHA) hit the market, data from Lookonchain said it had amassed a total of 77,000 ETH worth approximately $277 million.
Following Bitcoin playbook
BlackRock’s renewed interest sprang up only a few years ago, with the investment behemoth now a major spot Bitcoin and Ethereum ETF issuer. To date, BlackRock is considered the most successful Bitcoin ETF issuer, as its total holdings surpass that of its top rivals.
As of press time, the iShares Bitcoin Trust (IBIT) boasts a total BTC of 337,035.76700 units. This is at least 100,000 BTC more than the total holdings of Michael Saylor’s MicroStrategy Incorporated.
Per the Lookonchain insight, BlackRock received a total of 76,669 ETH valued at $262.4 million from Coinbase Prime hours earlier.
Following this receipt, the BlackRock Ethereum ETF page shows the firm now holds over 84,850.
At this pace, BlackRock is on track to become one of the largest holders of Ethereum in the Web3 ecosystem.
BlackRock impact
Recently, BlackRock hit a $10 trillion market capitalization, a massive milestone it recorded with subtle consideration from the spot Bitcoin ETF product. The firm has a very robust customer base, which might greatly benefit Ethereum.
Despite the impressive show since it started trading, the spot Ethereum ETF hype has not directly impacted the price of ETH amid hefty liquidations. At the time of writing, the coin was changing hands at $3,176.88, down by 8.4% in the past 24 hours.
Despite this bearish price trend, BlackRock will play an important role in driving the resurgence and longer-term growth in the price of Ethereum with its projected massive accumulations.
Tomiwabold Olajide
Dan Burgin