Larry Fink said today that the industry is taking steps toward tokenization.
BlackRock CEO Larry Fink He said Today on CNBC, he sees value in having an exchange-traded fund (ETF), fueling speculation that a spot ETH ETF will be traded next after the record launch of spot Bitcoin ETFs.
“I see value in having an Ethereum ETF,” Fink said in an interview on Friday.
Traders expect that spot ETFs holding other cryptocurrencies will follow the approval of the spot Bitcoin ETF. More than 58% of bets Developed Polymarket supports Ethereum ETF approval by end of May.
Several large asset managers have applied for ETH exchange-traded products. These companies include BlackRock, Van Eck, Ark Invest & 21Shares, Fidelity, and Galaxy Research. Van Eck will be the first to receive a response from the SEC, with a deadline set for May 23. BlackRock's deadline is early August.
Fink's comments come after spot Bitcoin ETFs posted record volumes on the first day of trading.
After a quiet 2023, Ethereum has cruised into an auspicious 2024, rising 13% in the past two weeks, compared to Bitcoin's 3.7% increase over the same time frame. according to KoenjikuETH is trading for $2,967, an increase of 2% on the day.
Fink said he believes all securities will be tokenized.
“These are just stepping stones toward coding,” he said, adding that the technology to encode everything already exists.
The head of the world's largest investment firm ended with a direct counterargument to what he hears from prominent politicians and bankers in the United States: by having a token system “we eliminate all corruption.”
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