- BlackRock is seeing little client demand for Ethereum despite offering bitcoin
- The asset manager is taking a slow, deliberate approach to expanding its crypto offerings
- BlackRock’s roadmap for additional digital assets beyond bitcoin will be driven by client interest
BlackRock is seeing limited interest in Ethereum from institutional clients, according to Robert Mitchnick, head of the asset manager’s digital assets division.
Misconception About BlackRock’s Crypto Offerings
Mitchnick said there is a misconception that BlackRock will have a “long tail” of crypto services beyond bitcoin. He stressed that client demand for assets beyond bitcoin remains minimal at this time.
BlackRock Entering Crypto Slowly
The asset manager unveiled plans last month to offer bitcoin to institutional clients. However, Mitchnick said the firm is taking a deliberately cautious approach to expanding its crypto offerings.
He explained that BlackRock wants to fully build out its bitcoin capabilities before considering additional digital assets. This includes areas like trading, custody and risk management.
Mitchnick: Client Interest is Key
Ultimately, Mitchnick said BlackRock’s crypto product roadmap will be driven by client interest. If demand broadens substantially beyond bitcoin, the firm will respond accordingly.
Conclusion
For now, BlackRock’s crypto efforts remain squarely bitcoin-focused. Ethereum and other altcoins are on the radar but not, yet priorities based on limited demand. The firm is taking a slow, client-led approach to expanding its digital asset capabilities.
