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BlackRock Has Big Plans for Ethereum

November 12, 2023
x min read

BlackRock made waves in the crypto space when they announced their plans for a Bitcoin ETF. And now they have big ambitions around another digital asset: Ethereum.

What’s happening:

Why it matters:

  • Institutional capital is getting positioned to pour into crypto, which has long been seen as the most important catalyst for digital assets as a whole
  • BlackRock signalling they want to have an Ethereum ETF is a huge sign of validation that large asset managers are looking at crypto as an opportunity that goes well beyond just Bitcoin

Going deeper:

  • Coinbase (NASDAQ: COIN) would be the custodian of all Ethereum purchased by the ETF
  • BlackRock and Coinbase already have a ‘market surveillance pact’ together which is an important aspect of running a regulated ETF and likely bolsters the chances of an approval

The fine print:

  • The new Ethereum ETF will still require approval from the SEC to be officially listed
  • All Bitcoin ETF applications from the world’s largest asset managers are still waiting for an official ruling from the SEC

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