The post BlackRock Head of Digital Assets appeared on BitcoinEthereumNews.com.

Key Takeaways BlackRock’s Mitchnick highlighted that their client base is predominantly interested in Bitcoin, with some interest in Ethereum. BlackRock considers Bitcoin and Ethereum as complementary assets with distinct roles. The SEC’s greenlight for spot Ethereum ETFs has sparked optimism about the future of other crypto ETFs, with some anticipating that Solana funds will be next in line. However, BlackRock’s Head of Digital Assets Robert Mitchnick thinks this is unlikely since their customers show “very little” demand for other cryptos beyond Bitcoin and Ethereum. “I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two,” said Mitchnick, speaking at the Bitcoin 2024 convention in Nashville yesterday. “I don’t think we’re gonna see a long list of crypto ETFs,” Mitchnick noted. BlackRock’s iShares Bitcoin Trust (IBIT) went live in January. The fund’s holdings have exceeded $22 billion worth of Bitcoin, becoming the world’s largest Bitcoin ETF, according to updated data. Following IBIT’s debut, BlackRock entered the Ethereum ETF market earlier this week. Its iShares Ethereum Trust (ETHA) just ended its third trading day with almost $71 million in daily inflows, as reported by Crypto Briefing. BlackRock may see limited client interest in other crypto ETFs, but some of its competitors may not. On June 27, asset manager VanEck filed for the first Solana Trust in the US. Matthew Sigel, Head of Digital Assets Research at VanEck, said the firm believes SOL is a commodity. Just one day after VanEck’s application, 21Shares followed with a filing to launch “21Shares Core Solana ETF,” an ETF seeking to give direct exposure to Solana. The firm said the filing was a necessary step. Another major fund manager, Franklin Templeton, also touted Solana in an X post which…

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Filed under: News - @ July 26, 2024 7:28 am