BlackRock, the world’s largest asset manager with an impressive portfolio of approximately $10 trillion under management, has focused its watchful eye more on Bitcoin than any other digital asset. Despite Ethereum occupying the second position in terms of market capitalization in the crypto sector, it appears that the interest of the financial giant’s clients in this cryptocurrency is, surprisingly, only marginal.

Robert Mitchnick, the pioneer at the helm of BlackRock’s digital assets department, shared revealing insights during an event in New York. He highlighted that when it comes to his customers’ preference, Bitcoin is the undisputed main star, leaving Ethereum and other altcoins in a distant second position. “I can tell you that for our client base, bitcoin is overwhelmingly the number one focus and a little bit Ethereum,” commented Mitchnick, reflecting the prevailing trend among BlackRock investors.

Additionally, demand for cryptocurrencies beyond Bitcoin and Ethereum is described as “very, very little,” signaling that BlackRock is keeping other altcoins off its radar for now. This revelation comes at a time when the cryptocurrency market continues to evolve, with new digital assets emerging regularly.

Curiosity about BlackRock’s portfolio expansion to include exchange-traded funds (ETFs) based on more niche cryptocurrencies has been addressed. Notably, Mitchnick admitted to being unfamiliar with one of the most talked about meme coins of the moment, indicating a possible disconnect between market speculation and BlackRock’s actual intentions.

Despite this, BlackRock made headlines by submitting documentation for a spot Bitcoin ETF in mid-2023, which subsequently received approval. This significant step reiterates the continued interest and confidence in Bitcoin, reflecting consistent demand from BlackRock clients regardless of market fluctuations.

At the time of publication, the price of ETH was quoted at US$3,393.61 with an increase of 2% in the last 24 hours.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


Leave a Reply