Ethereum
BlackRock bets on Ethereum, 84,000 ETH held in trust
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Multi-billion dollar investment giant BlackRock has proven that it has big plans for Ethereum (ETH) with its spot ETF product. About two days after the iShares Ethereum Trust ETF (ETHA) went on the market, data Lookonchain said it raised a total of 77,000 ETH worth approximately $277 million.
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BlackRock’s renewed interest in Bitcoin only began a few years ago, and the investment giant is now a major issuer of Bitcoin and Ethereum ETFs. To date, BlackRock is considered the most successful Bitcoin ETF issuer, as its total holdings exceed those of its major rivals.
At press time, the iShares Bitcoin Trust (IBIT) claims a total of 337,035.76700 BTC units. That’s at least 100,000 BTC more than Michael Saylor’s total holdings MicroStrategy Incorporated.
According to Lookonchain, BlackRock received a total of 76,669 ETH worth $262.4 million from Coinbase Prime a few hours earlier.
Following this reception, the BlackRock Ethereum ETF page watch The company now holds more than 84,850 shares.
At this rate, BlackRock is on track to become one of the largest holders of Ethereum in the Web3 ecosystem.
The impact of BlackRock
Recently, BlackRock hits $10 trillion market capa milestone it has taken with a special focus on the spot Bitcoin ETF product. The company has a very strong customer base, which could greatly benefit Ethereum.
Despite the impressive show since its trading began, the hype surrounding the Ethereum ETF has not had a direct impact on the price of ETH in the middle heavy liquidationsAt the time of writing, the coin was trading at $3,176.88, down 8.4% in the last 24 hours.
Despite this bearish price trend, BlackRock will play a significant role in the long-term recovery and growth of Ethereum price with its planned massive accumulations.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience in covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.