Larry Fink said today that the industry is taking steps toward tokenization.
BlackRock CEO Larry Fink said Today on CNBC, he revealed that he sees value in having an Ethereum exchange-traded fund (ETF), fueling speculation that the spot ETF will be next to trade after the record-breaking launch of spot Bitcoin ETFs.
“I see value in having an Ethereum ETF,” Fink said in an interview Friday.
Traders speculate that spot ETFs holding other cryptocurrencies will follow the approval of a spot Bitcoin ETF. More than 58% of bets placed on Polymarket are in favor of Ethereum ETF approval by the end of May.
Several major asset managers have applied for ETH exchange-traded products. These include BlackRock, Van Eck, Ark Invest & 21Shares, Fidelity and Galaxy Research. Van Eck will be the first to receive an answer from the SEC. The deadline is set for May 23rd. BlackRock's deadline is set for early August.
Fink's comments come after the spot Bitcoin ETF saw record-breaking volumes on its first day of trading.
After a sleepy 2023, Ethereum has had a promising 2024, rising 13% in the last two weeks, compared to a 3.7% rise for Bitcoin over the same period. According to Coingecko, ETH is trading at $2,967, up 2% on the day.
Fink said he believes all securities will be tokenized.
“These are just stepping stones toward tokenization,” he said, adding that the technology to tokenize everything already exists.
The head of the world's largest investment firm concluded with a direct counterargument to what was heard from high-ranking politicians and bankers in the United States: Through a symbolized system, “we eliminate all corruption.”