BlackRock CEO Relies On Ethereum ETFs, Says IBIT Is Fastest Growing ETF

In a recent interview on FOX Business, BlackRock CEO Larry Fink shared his potential for an Ethereum exchange-traded fund (ETF) in regulatory control.

Despite concerns that Ethereum may be classified as a security by the US Securities and Exchange Commission (SEC), Fink expressed confidence in launching such an ETF.

The SEC's position on Ethereum raises doubts

BlackRock and several other ETF providers have filed spot Ethereum ETF applications with the SEC. But as the agency's May deadline nears, there are doubts about whether to approve these EFFs.

When asked whether the SEC's stance on ETH could be classified as a security, Fink declined to elaborate, but remained optimistic. “But I don't think the name will be too boring,” Fink said, noting that such a name would not hinder the creation of Ethereum ETFs.

It was recently announced that the SEC is investigating the classification of Ethereum as a security and has issued subpoenas to three companies regarding the Ethereum Foundation, a Swiss non-profit organization that is instrumental in the development and advancement of blockchain. This development has raised concerns about the possibility of launching an Ethereum ETF in the United States.

On the other hand, industry analysts are sharing different opinions. Bloomberg ETF experts James Seifert and Eric Balchunas expressed skepticism, noting the SEC's lack of communication with the filings is a concern. However, Craig Salm countered this argument by arguing that the lack of SEC involvement should not necessarily result in approval.

Fink Bullish on Bitcoin

Despite these challenges, Fink is optimistic about Ethereum and Bitcoin's long-term prospects. BlackRock not only tracks the Ethereum ETF, but also one of the most successful Bitcoin funds, the iShares Bitcoin Fund (IBIT), which has amassed more than $17 billion in assets under management since its launch in January.

BlackRock CEO Larry Fink says $IBIT spot #Bitcoin #ETF is fastest growing ETF in historypic.twitter.com/NOsDlFgROi

— Simon Dixon (@SimonDixonTwitt) March 27, 2024

IBIT is “the fastest-growing ETF in ETF history,” Fink said on Fox Business. He also said he's “very bullish on the long-term viability of Bitcoin. We're creating a more liquid, more transparent market right now, and it's amazing to me and I could never have predicted before we filed that we're going to see this kind of retail demand.”