Bitcoin Predominates Clients' Interest, with Ethereum Following: BlackRock's View on Crypto

By: Eva Baxter

BlackRock, a multinational investment management corporation, foresees Bitcoin (BTC) as an inevitable component of the financial system, gradually amalgamating with the best facets of the conventional financial structure. The firm's Head of Digital Assets discussed this viewpoint at a recent Bitcoin Investor Day.

Despite the focus of the crypto industry on a 'long tail' of digital assets, BlackRock claims that its clients mainly express interest in Bitcoin and a minor interest in Ethereum (ETH). Other cryptocurrencies reportedly receive trifling attention. Bitcoin's predominance within clients’ priority list reflects in BlackRock's offerings including the second-largest spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), managing assets of over $15 billion.

BlackRock also exhibits interest in Ethereum by submitting an application for a spot Ethereum ETF to the SEC, with a decision expected this May. Despite having no extensive plans to support products for other cryptocurrencies, recent reports suggest that the firm intends to increase Bitcoin and Ethereum-related offerings. This includes the launch of a tokenized asset fund partially aided by USDC on the Ethereum blockchain.

The firm, however, has reportedly been on the receiving end of many unsolicited, eccentric 'donations' from the crypto community in relation to its recent on-chain asset fund.