BlackRock CEO Larry Fink recently expressed his belief in the value of a spot Ethereum (ETH) ETF (Exchange Traded Fund) during an interview with CNBC. This comes after the US SEC (Securities and Exchange Commission) approved 11 spot Bitcoin (BTC) ETFs, a development that has been eagerly anticipated by US investors interested in the cryptocurrency space.
BlackRock, recognized as the world’s largest asset manager, has already submitted an application for a spot ETH ETF. Other firms that have followed suit include VanEck, 21Shares & ARK, and Grayscale.
However, the question remains: Will the SEC approve a spot Ethereum ETF? The SEC has set the final deadline for a decision on VanEck’s spot ETH ETF application for May 23, 2024, while the deadline for BlackRock’s application is Aug. 7, 2024.
According to Bloomberg ETF analyst Eric Balchunas, there is a 70% chance that the SEC will approve an Ethereum (ETH) ETF by May 2024. Balchunas, who was initially skeptical about a spot Bitcoin (BTC) ETF, has since become optimistic about an Ethereum (ETH) ETF, citing a high approval chance. He stated, ‘The Ether spot is tied to the hip of [the] Bitcoin spot for sure. It’s gonna go wherever it goes. It’s essentially on a 15-foot rope following it.’
On the other hand, digital asset lawyer Joe Carlasare believes that a spot ETH ETF will receive approval from the SEC, but it may take longer than expected.
The approval of a spot Ethereum ETF could lead to significant institutional funding for the second-largest cryptocurrency. With a spot BTC ETF already approved, a spot ETH ETF could potentially trigger a new bull run in the crypto market. However, there is a possibility that the SEC will postpone its decision due to technical reasons.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Eric Balchunas, Joe Carlasare, Larry Fink |
| Companies | VanEck, Bloomberg, 21Shares & ARK, US SEC (Securities and Exchange Commission), BlackRock, Grayscale, CNBC |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
