BlackRock Observes Limited Demand for Ethereum Among Clients

New York, March 22, 2024 - BlackRock's Head of Digital Assets, Robert Mitchnick, has revealed that the asset manager's clients have expressed only "a little bit" of interest in Ethereum (ETH) compared to Bitcoin (BTC).

"Our client base is overwhelmingly focused on Bitcoin, with Ethereum a distant second," Mitchnick stated during a fireside chat at the Bitcoin Investor Day conference in New York.

Mitchnick emphasized that demand for other crypto assets remains negligible. He also clarified that BlackRock does not intend to offer a wide range of crypto-related services.

"We're not focused on that," he said, addressing speculation that BlackRock would launch an exchange-traded fund (ETF) for the memecoin dogwifhat (WIF).

BlackRock's entry into the digital assets market with its Bitcoin Bitcoin Fund (IBIT) in January was met with enthusiasm. The fund has attracted $15 billion in assets, outperforming all other Bitcoin ETFs.

Mitchnick attributed the fund's success to persistent client demand for Bitcoin exposure, despite market fluctuations. He also noted that clients had expressed frustration with the challenges of accessing crypto assets.

Recently, BlackRock launched its tokenized asset fund, BUIDL, on the Ethereum network in collaboration with Securitize.