Ethereum Demand Rising Among BlackRock Clients, Notes Head of Digital Assets in Report
BlackRock, a $10 trillion asset management firm, has reported minimal demand among its clients for Ethereum (ETH), the leading smart contract platform.
Robert Mitchnick, head of digital assets at BlackRock, states that clients primarily prioritize Bitcoin (BTC), leaving only a small portion of interest for Ethereum and minimal interest in other cryptocurrencies. Mitchnick acknowledges the digital asset community’s desire for a range of crypto-focused products from BlackRock but emphasizes that the firm’s focus remains on Bitcoin. In related news, the U.S. Securities and Exchange Commission (SEC) recently delayed decisions on approving Ethereum-based exchange-traded funds (ETFs) from BlackRock and Grayscale, citing the need for more time to evaluate the proposed rule changes.
SEC Chair Gary Gensler also refrained from commenting on Ethereum’s security classification, as the regulatory agency continues to review ETH ETF applications. Currently, Ethereum is trading at $3,332 with a slight decrease over the last 24 hours.
Clever Robot News Desk 25th March 2024
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