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BlackRock’s Head of Digital Assets stated that BTC and ETH will likely be the only crypto assets to secure spot ETFs.
What’s the scoop?
- Dashed Hopes: Speaking yesterday at
Bitcoin 2024, BlackRock Head of Digital Assets Robert Mitchnick noted that the launch of spot ETH ETFs is unlikely to result in ETF listings for alternative assets. - Limited Demand: While Bitcoin and
Ethereum represent a sizable fraction of the crypto industry’s market capitalization, Mitchnick perceives that all other crypto assets lack the track record, liquidity, maturity, and other features that would indicate future ETF approval is plausible.
Bankless Take:
While BlackRock is not optimistic on the probability additional spot crypto ETFs receive approval, other industry players are already taking the first steps to create such products, having sought approval to list a variety of altcoin CME futures and filed for spot SOL ETFs.
Although many doubted that spot ETH ETFs would ever receive approval, it appears evident that the SEC will now approve crypto ETFs for any underlying assets that manages to secure the elusive distinction of commodity, as currently indicated by the presence of CME futures and futures-based ETFs.
◼️ @BlackRock doesn’t foresee a long list of US crypto ETFs hitting the market.
— Cointelegraph (@Cointelegraph) July 26, 2024
Speaking on July 25 at the @TheBitcoinConf in Nashville, BlackRock’s head of digital assets Robert Mitchnick noted that: “Our client base today, their interest overwhelmingly is in Bitcoin first,… pic.twitter.com/SKV1FNyu3J
