BlackRock, the world’s leading asset manager with an unparalleled record of 576-1 for exchange-traded funds (ETFs) approvals, eyes its next potential victory. The potential approval of a spot Ethereum ETF by the United States Securities and Exchange Commission (SEC).
This comes after the firm, alongside 13 institutional behemoths, celebrated the launch of the first spot Bitcoin ETFs in the US on January 10, marking a monumental moment for cryptocurrency investors.
Ethereum ETF Approval Looms
BlackRock’s foray into the Bitcoin ETF market bolstered confidence among crypto enthusiasts. With over $8 trillion in assets under management and a near-perfect track record, its endorsement of crypto ETFs has catalyzed optimism. Subsequently hinting at a broader acceptance and integration of digital currencies into the mainstream financial system.
The SEC’s nod to spot Bitcoin ETFs has ignited speculation within the crypto community regarding the fate of Ethereum ETFs. Particularly, in light of BlackRock’s November 2023 application for a spot Ethereum ETF. With the decision deadline set for May 23, the stakes are high.
For instance, Eric Balchunas, a senior analyst at Bloomberg, attributed a 70% chance of approval for the Ethereum ETF. He reflected a cautiously optimistic outlook bolstered by recent regulatory developments.
“I don’t see any reason for [the SEC] to deny [spot Ethereum ETFs] given they have approved the [futures Ethereum ETFs]… It would be illogical and technically they could open themselves up for another lawsuit,” Balchunas said.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
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Author: Bary Rahma
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