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BlackRock Claims There's "Little" Demand for Ethereum

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Fri, 22/03/2024 - 18:19
BlackRock Claims There's "Little" Demand for Ethereum
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Robert Mitchnick, head of digital assets at BlackRock, has revealed that the clients of the financial behemoth are showing "little" interest in Ethereum, the second-largest cryptocurrency by market capitalization.

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At the same time, there is "very little interest everywhere else," which implies that the investment company is not even considering smaller coins. 

Mitchnick has acknowledged that the cryptocurrency community wants to see the financial giant exploring more options, but he says that BlackRock remains mainly focused on Bitcoin. 

Bitcoin, according to the executive, is "overwhelmingly the number one priority."

Recently, BlackRock joined the tokenization race by launching a new fund based on the Ethereum network. The fund, which was officially launched earlier this week, makes it possible to earn US dollar yields with the help of blockchain technology. 

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In November, BlackRock also filed to launch an Ethereum exchange-traded fund. However, the U.S. Securities and Exchange Commission further postponed its decision on this application earlier this March. 

As reported by U.Today, the odds of an Ethereum ETF being approved collapsed due to regulatory pressure.

A week ago, Senators Jack Reed and Laphonza Butler specifically asked SEC Chair Gary Gensler not to approve ETFs for more cryptocurrency tokens.  

At the same time, the SEC has reportedly launched an aggressive campaign to label Ether as a security, which further diminishes the likelihood of an Ether-based spot ETF being approved in the near future.       

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