The BlackRock digital asset executive stated that the company’s clients incessantly sought after exposure to Bitcoin and Ethereum through the bull and bear markets.
Asset manager BlackRock is prioritizing Bitcoin and a little Ethereum at the moment, head of digital assets Robert Mitchnick stated. In a Friday Bitcoin Investor Day convention, Mitchnick noted that the two assets remain the ones of interest to its clients, and the manager will stick with that demand.
“For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit ethereum, and very little everything else,” Mitchnick said.
Focused on Bitcoin and Ethereum
Mitchnick stated that BlackRock’s quest for bitcoin exchange-traded funds (ETFs) came from its customers’ increasing demand for exposure to the asset. He noted that the asset manager’s clients vented their frustrations at how difficult it was to have cryptocurrency in their portfolio and continually showed interest in Bitcoin through the bull and bear markets.
BlackRock took the crypto market by storm when it applied for a spot Bitcoin ETF in June 2023. Its dignified presence, coupled with Grayscale’s legal victory over the US Securities and Exchange Commission (SEC), eventually led to the approval of the product on January 11.
Having bagged a bitcoin product, BlackRock swiftly shifted its attention to an Ether ETF. The asset manager filed for an Ethereum EFT in November, with its CEO, Larry Fink, stating that he “sees value in having an Ethereum EFT.”
BlackRock sees an Ether ETF as a stepping stone to asset tokenization and recently unveiled its tokenization fund, BUIDL, on the network. The asset manager employed the tokenization company Securitize as its transfer agent.
Less of Every Other Thing
Mitchnick further explained that its clients have not developed an appetite for exposure to other cryptocurrencies. When asked if BlackRock will launch an ETF for memecoin dogwifhat (WIF), Mitchnick said he knows nothing about the token.
The head of digital assets at BlackRock also noted that the firm doesn’t intend to have a “long tail” of crypto services. According to him, that is not BlackRock’s focus.
The interview may have hampered the hopes of a possible Solana ETF. A few days ago, speculations trended on crypto Twitter about Grayscale looking to convert its SOL Trust into a spot ETF. But with BlackRock seemingly uninterested, the clamoring may be put on hold, at least for now.
