Asset management titan BlackRock’s head of Exchange Traded Funds (ETFs) reportedly says that demand for Bitcoin (BTC) and Ethereum (ETH) ETFs is only just beginning to surface.
According to senior Bloomberg ETF analyst Eric Balchunas, BlackRock CEO Jay Jacobs says the asset management titan is now focus on its BTC and ETH ETFs due to the demand they receive instead of launching altcoin ETFs.
“We are really just at the tip of the iceberg with Bitcoin and especially Ethereum. Only a small portion of our clients own (IBIT and ETHA), so that’s what we’re focusing on (versus launching new altcoin ETFs).
At the time of writing, data shows that BlackRock’s iShares Bitcoin Trust ETF (IBIT) has $54.38 billion in net assets, while the company’s iShares Ethereum Trust ETF (ETHA) has approximately $3.84 billion. Both ETFs launched earlier this year, with IBIT making its debut in January, while ETHA was rolled out in July.
IBIT is trading at $57.80 at the time of writing, while ETHA is trading at $29.71.
Balchunas too reports that Mike Venuto of Tidal Financial Group – a leading financial services and ETF investing platform – says Bitcoin is becoming increasingly intertwined with options strategies.
“We have people coming to us all the time trying to pitch ‘Bitcoin + something else’ ETFs… Every options strategy you can think of will be tied to Bitcoin, Nvidia, Tesla and MicroStrategy in ETFs. It’s coming.”
The top crypto asset by market is trading at $101,895 at the time of writing, down fractionally on the day.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney