BlackRock’s Interest in Cryptocurrency ETFs
As the world’s largest asset manager, BlackRock has shown significant interest in cryptocurrencies. This year, the company filed an application for a spot Bitcoin ETF with the SEC and expressed interest in Ethereum as well.
BlackRock plans to utilize Coinbase for custody of the BTC backing the funds, indicating its intention to enter the cryptocurrency market on a large scale.
Spot Crypto ETFs and Market Impact
In addition to the Bitcoin ETF filing, BlackRock has registered the iShares Ethereum Trust in Delaware, signaling a possible future SEC filing for a spot ETH ETF.
These filings have caused a surge in ETH prices, with current trading close to $2.1K. The market is optimistic about SEC approval due to BlackRock’s strong track record with ETF applications.
Speculation on XRP ETF Filing
Despite interest in Bitcoin and Ethereum, there is no current information regarding BlackRock filing for a spot XRP ETF. The ongoing legal battle between Ripple and the SEC may influence this decision.
Ripple’s legal issues make it unlikely that BlackRock would pursue an XRP ETF until the situation is resolved, possibly in Ripple’s favor.
Hot Take: Impact of BlackRock’s Cryptocurrency ETFs
TL;DR
- BlackRock’s Cryptocurrency ETFs: Filed for a Bitcoin ETF and showed interest in an Ethereum ETF in 2023, impacting market prices, especially for Ethereum.
- Market Response: Significant price surge in cryptocurrencies due to BlackRock’s strong track record in ETF application approvals.
- XRP ETF Speculation: No current filing for an XRP ETF by BlackRock, with the decision possibly influenced by Ripple’s ongoing legal issues with the SEC.
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