Blackrock Welcomes Ethereum ETF Enthusiast to Enhance Focus on Crypto Products

adminMarch 11, 20240 Comment205

Blackrock Welcomes Ethereum ETF Enthusiast to Enhance Focus on Crypto Products.

Matt Kunke, previously a research analyst and advocate for a spot Ethereum ETF, has transitioned to Blackrock, where he now serves as a Digital Assets Product Strategist.

At a pivotal moment when approval for an Ethereum ETF looms and Blackrock seeks to enhance its crypto ETF offerings, the company has enlisted GSR research analyst Matt Kunke as a Digital Assets Product Strategist.

Matt Kunke Joins Blackrock
Former GSR research analyst, Matt Kunke, has been appointed by BlackRock as a product strategist for iShares digital assets ETFs. According to his LinkedIn profile, Kunke began his tenure at Blackrock in February 2024.

This appointment holds significance as Kunke had previously shown confidence in the approval of a spot Ethereum ETF, with Blackrock likely awaiting this development eagerly.

Drop in Ethereum ETF Speculation
At this critical juncture, with market optimism for the approval of an Ethereum ETF waning, Blackrock’s appointment holds significance. The SEC has yet to greenlight Blackrock’s request for a spot Ethereum ETF. According to Bloomberg’s ETF specialist Eric Balchunas, the likelihood of an Ethereum spot ETF approval in May has decreased to 30%, a notable drop from the previously estimated 60%-70% chance.

Market sentiment reflects dissatisfaction with the SEC’s handling of Ethereum ETF applications, leading to decreased optimism. The market remains uncertain about the SEC’s stance due to its minimal communication and lack of engagement with Ethereum ETF applicants.

Is Blackrock Improving Its Market Positioning?
It’s no surprise by now that the firm is known for its strategic approach to decision-making. Since its introduction, Blackrock’s IBIT has consistently outperformed, making it a top contender in the overall ETF market, including Bitcoin ETFs.

As of the latest data from Sosovalue, Blackrock’s Bitcoin ETF has attracted around $10 billion in net inflows. With another ETF decision looming, the firm is likely aiming to strengthen its position relative to its peers and maintain its lead from the outset.