Larry Fink highlights the worth of Ethereum ETFs and the cryptocurrency asset category.
Larry Fink, the CEO of BlackRock, compared Bitcoin to gold in a recent interview with CNBC. He expressed optimism about spot Ethereum (ETH) ETFs as an investment product, following the successful launch of similar funds based on Bitcoin. According to Fink, BlackRock sees cryptocurrencies as a potential asset class, with Bitcoin serving as a store of wealth similar to gold. He also mentioned the upcoming halving event and the limited supply of Bitcoin as factors that could contribute to future price increases.
BlackRock was among the 11 issuers approved by the Securities and Exchange Commission (SEC) to trade spot Bitcoin ETFs on registered national exchanges. On the first day, these ETFs generated over $2 billion in trading volume, attracting the attention of Wall Street and traditional finance. BlackRock has also filed for a spot Ethereum ETF, but it remains uncertain whether the SEC will approve it, following the approval of spot BTC ETFs.
After the approval, SEC Chair Gary Gensler emphasized that existing financial laws applied to most cryptocurrencies. He clarified that approving BTC ETFs did not constitute an endorsement of Bitcoin or other blockchain assets. This statement was in line with the SEC’s ruling on Grayscale. Gensler specifically classified Bitcoin as a “non-security commodity,” distinguishing it from other cryptocurrencies like Ethereum. Some industry figures, such as ARK Invest CEO Cathie Wood, criticized Gensler’s comments, while SEC Commissioner Hester Peirce criticized the SEC for denying such products for over a decade at the expense of legislative resources.
In related news, US Senators have called on the SEC to provide clarity on Bitcoin ETFs following a misleading tweet about them.
