In Short
Thank you for reading this post, don't forget to subscribe!- BlackRock’s Cryptocurrency ETF: Submission for a Bitcoin ETF and a keen interest in an Ethereum ETF in 2023 have impacted the market, especially in the case of Ethereum.
- Market Response: Substantial surge in cryptocurrency prices owing to BlackRock’s stellar track record in securing ETF approvals.
- Speculation on XRP ETF: At present, there’s no indication of BlackRock filing for an XRP ETF, likely influenced by Ripple’s ongoing legal disputes with the SEC.
BlackRock, the largest asset management company globally, has been involved in the cryptocurrency domain for several years, but it wasn’t until June of this year when the company intensified its involvement.
On June 16, BlackRock submitted an application for a spot Bitcoin ETF (exchange-traded fund) with the United States Securities and Exchange Commission.
The company intends to utilize Coinbase for custody of the BTC that will back the fund.
Moreover, the $10 trillion asset manager has also expressed its enthusiasm for Ethereum. Let’s explore it further.
BlackRock and Spot Crypto ETF
Alongside the submission for a spot Bitcoin ETF due in June 2023, BlackRock has signaled its interest in applying for a spot ETH ETF as well.
The company has registered the iShares Ethereum Trust in Delaware, indicating an upcoming SEC filing. In response, the price of ETH has surged, surpassing the coveted $2K mark and currently trading near $2.1K.
It’s evident that these submissions have a substantial effect on the price, given BlackRock’s remarkable history of securing approvals for its applications. The market is optimistic about the eventual SEC approval for BTC and ETH ETFs.
With this in mind, we turned to the insights of ChatGPT to gauge the likelihood of BlackRock filing for an application for another highly sought-after and well-established cryptocurrency – Ripple’s XRP.
Will BlackRock Initiate an XRP ETF?
Unsurprisingly, ChatGPT affirmed what was already known:
There’s currently no information or confirmation about BlackRock’s submission for the Spot XRP ETF.
However, the AI also highlighted that:
It’s worth noting that the landscape of cryptocurrency ETFs is swiftly evolving, and entities like BlackRock are displaying escalating interest in various digital assets.
It’s crucial to emphasize that Ripple, the company behind XRP, is embroiled in a significant legal dispute with the US Securities and Exchange Commission. It seems improbable that BlackRock will file for an XRP ETF until this matter is resolved, likely in favor of Ripple.
Source: cryptopotato.com
