BlackRock CEO Larry Fink Says An Ethereum ETF Is Possible Even If ETH Is A Security, ''Very Bullish'' On Bitcoin

BlackRock CEO Larry Fink Says An Ethereum ETF Is Possible Even If ETH Is A Security, ”Very Bullish” On Bitcoin

Updated: 28 March 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

BlackRock CEO Larry Fink said an Ethereum ETF (exchange-traded fund) can gain regulatory approval even if it is classified as a security, and added that he is “very bullish” on Bitcoin in the long term.

When asked in a Mar. 27 Fox Business interview if BlackRock could still list an ETF product based on ETH even if it is deemed a security by the Securities and Exchange Commission (SEC), Fink replied, “I think so.”

Ethereum ETF Applications Face Rejection As SEC Fails To Classify ETH

The SEC has yet to clarify whether the largest altcoin by market cap is a security or a commodity. Congress is pressuring the SEC to clarify its status as securities platform Prometheum plans to launch an ETH custody service.

The SEC is reportedly aiming to classify ETH as a security and has sent subpoenas to several companies as part of its inquiry into the matter. This potential classification has raised concerns of whether it would even be possible to launch an ETH ETF in the US with Bloomberg Intelligence putting the chances of approval by a May deadline at just 25%.

Re Eth ETF approval, we are holding the line at 25% odds altho tbh it is a very pessimistic 25%. The lack of engagement seems to be purposeful vs procrastination. No positive signs/intel anywhere you look. Personally hope they do approve it but it just ain't looking good. https://t.co/nuBdCDE18L

— Eric Balchunas (@EricBalchunas) March 25, 2024

BlackRock is one of eight issuers that have applied to the SEC to launch ETH ETFs.

BlackRock’s CEO Is Bullish On Bitcoin

While the crypto community awaits the regulator’s decision, BlackRock’s Bitcoin ETF (IBIT) has outperformed the other 10 funds that started trading in the US on Jan. 11. Since its launch, IBIT has raked in over $15 billion in assets under management, and is the “fastest growing ETF in the history of ETFs,” said Fink in the Fox Business interview.

JUST IN: BlackRock CEO Larry Fink says their spot #Bitcoin ETF "is the fastest growing ETF in the history of ETFs." 🚀 pic.twitter.com/J6g7XrYWCU

— Bitcoin Magazine (@BitcoinMagazine) March 27, 2024

“I’m very bullish on the long-term viability of Bitcoin,” Fink said. “I’m pleasantly surprised and I would have never predicted before we filed it [IBIT application], that we were going to see this type or retail demand.”