BlackRock Crypto Chief Is Negative on More Crypto ETFs

While speaking on the inaugural day of the Bitcoin Conference 2024, BlackRock Head of Digital Assets Robert Mitchnick poured cold water on the hopes of more crypto ETFs

BlackRock’s Head of Digital Assets, Robert Mitchnick, has expressed pessimism regarding the approval of more cryptocurrency exchange-traded funds (ETFs) in the future, despite the recent approval of a spot Ether ETF.

During an interview with Bloomberg’s James Seyffart at the Bitcoin Conference, Mitchnick stated that the chances of ETFs tracking other crypto assets, such as Solana’s SOL or Ripple’s XRP, are slim.

“I don’t think we’re going to see a long list of crypto ETFs. If you think of Bitcoin, today it represents about 55% of the market cap. ETH is at 18%. The next plausible investible asset is at, like, 3%,” he explained.

According to Mitchnick, the next crypto asset in line for an ETF is not close to meeting the threshold in terms of market capitalization, track record, and maturity.

However, he emphasized that crypto as an asset class is here to stay and that more financial firms will have the opportunity to compete in the crypto space.

“Financial firms like BlackRock are like aircraft carriers. We take a long time to turn around, but once we do, we can move a lot of capital,” Mitchnick said.

no More Crypto ETFs In The Future, BlackRock Exec Hints At Poor Performance

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