BlackRock, the world’s largest asset manager, sees limited interest in crypto beyond Bitcoin and Ethereum.
Robert Mitchnick of BlackRock stated clients focus mainly on BTC, with lesser interest in ETH, and little beyond.BlackRock Sees Little Appetite for Crypto ETFs Beyond Bitcoin, Ethereum
Despite BlackRock’s cautious stance, other firms like Franklin Templeton and Hashdex explore further crypto ETFs.
Hoping to see more crypto exchange-traded funds (ETFs) after the launch of Spot Bitcoin and Ethereum funds in the US? Don’t hold your breath, says BlackRock.
You can read more Crypto articles
Related: ETH Dips as Analysts Predict More Trouble Ahead Post ETF Launch
The American multinational investment company, with assets under management (AUM) of US$9.101 trillion (AU$13.88 trillion), is the world’s largest asset manager. It not only holds the largest BTC ETF but is also on track to have the largest ETH ETF, excluding Grayscale’s heavily outflowing converted fund.
So, with that weight behind BlackRock, whenever anyone speaks on behalf of the firm, everyone in the financial world listens.
BlackRock CEO Larry Fink has been an outspoken supporter of crypto in general, and Bitcoin specifically. Most recently, Fink said he used to be a crypto-sceptic but has come to believe Bitcoin is ‘legitimate’ after educating himself about it.
Clients Have Little Interest in Anything But ETH, BTC
However, it seems that interest is primarily focused on Bitcoin and Ethereum, because during the Bitcoin2024 conference, which started on July 25 in Nashville, Tennessee, Robert Mitchnick gave some interesting insights into the thinking of BlackRock
BlackRock’s head of digital assets said the firm has “very little interest” in crypto beyond the two major assets.BlackRock Sees Little Appetite for Crypto ETFs Beyond Bitcoin, Ethereum
During a panel titled ‘From Strategy to Innovation: BlackRock’s Bitcoin Journey’, Mitchnick told the audience their clients have not asked for access to more crypto products.
He doesn’t believe that there will be a “long list of crypto ETFs”, and that most of their clients will stick to an 80/20 portfolio in Bitcoin and Ethereum. Mitchnick explained that BlackRock does not view these assets as being in direct competition with each other.
Not Everyone Agrees with BlackRock
While BlackRock may not be alone with its views, it’s certainly not the only opinion out there. For example, Franklin Templeton believes that there could be a Solana ETF, saying “there are other exciting and major developments that we believe will drive the crypto space forward”.
Related: Largest Miner Marathon Digital Goes “Full HODL”, Adds to $1.28 Billion Bitcoin Stash
Others like Ripple CEO Brad Garlinghouse have pointed to XRP and Cardano for the next crypto ETFs.
Follow HiTrend on X
