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While speaking to CNBC, BlackRock CEO Larry Fink said he sees value in having a spot Ethereum (ETH) ETF (Exchange Traded Fund). Finks comments come on the heels of 11 spot Bitcoin (BTC) ETFs (Exchange Traded Funds) being approved by the US SEC (Securities and Exchange Commission). US investors have long asked for spot ETFs for the cryptocurrency space.

JUST IN: BlackRock CEO Larry Fink says they "see value in having an Ethereum ETF."

Also Read: Spot Ethereum ETF To Follow Spot Bitcoin ETF: Says Analyst

BlackRock, the worlds largest asset manager, has already applied for a spot ETH ETF. Other firms that have submitted applications include VanEck, 21Shares & ARK, Grayscale, etc..

The SECs final deadline for a decision on VanEcks spot ETH ETF application is May 23, 2024. The final deadline for BlackRocks application, on the other hand, is on Aug. 7, 2024.

According toBloombergETF analyst Eric Balchunas, there is a 70% chance that the SEC will approve an Ethereum (ETH) ETF by May 2024. According to the analyst, The Ether spot is tied to the hip of [the] Bitcoin spot for sure. Its gonna go wherever it goes. Its essentially on a 15-foot rope following it.

Also Read: Ethereum: SEC May Approve ETH ETF in May, Says Bloomberg

Balchunas was previously cautious about a spot Bitcoin (BTC) ETF. However, the analyst has since changed his stance. Balchunas is optimistic about an Ethereum (ETH) ETF and has a high approval chance.

On the other hand, digital asset lawyer Joe Carlasare believes a spot ETH ETF will receive approval from the SEC, but it may take longer than expected.

A spot Ethereum ETF could lead to significant institutional funding for the second-largest cryptocurrency. With a spot BTC ETF already approved, a spot ETH ETF could send the crypto market into a new bull run. However, there is a possibility that the SEC will postpone its decision due to technical reasons.

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Ethereum: BlackRock CEO Larry Fink Sees Value in ETH ETF - Watcher Guru