Latest news with #RobertMitchnick
Yahoo
15-04-2025
- Business
- Yahoo
SEC Delays Staking Decision on Grayscale's ETHE, ETH
The Securities and Exchange Commission delayed ruling on whether or not to permit so-called "staking" in Grayscale Investment's Ethereum ETFs, saying more time is needed to consider changing the rules. The SEC said in an April 14 filing that it will approve, reject, or institute further proceedings on, staking in the $1.9 billion Grayscale Ethereum Trust ETF (ETHE) and the $712 million Grayscale Ethereum Mini Trust ETF (ETH) by June 1. The agency also delayed permitting in-kind redemptions for VanEck's Bitcoin and Ethereum ETFs, according to another April 14 filing. VanEck manages the $1.2 billion VanEck Bitcoin ETF (HODL) and the $67.7 million VanEck Ethereum ETF (ETHV). The rule change would permit redemptions in the underlying asset, and not necessarily in cash, and avoids a taxable event. Ethereum's outflows and price declines may be relieved if staking—the cryptocurrency's validation mechanism, which acts as a sort of yield device—were introduced, BlackRock Inc.'s (BLK) digital assets chief Robert Mitchnick said recently. Staking offers participants rewards in exchange for locking up their crypto for a period, and permitting that in the Ethereum ETF would stoke investor interest, BlackRock said. The decision to delay comes on the heels of Paul Atkins being named SEC Commissioner on April 9. Atkins was tapped to lead a more crypto-friendly commission, departing from the skeptical and cautious crypto stance of predecessor Gary Gensler. The crypto industry largely endorsed President Donald Trump and his promise to reduce restrictions on digital currencies. Ethereum ETFs have fallen hard this year, with ETHE's price cut in half amid $565.6 million in outflows as rival cryptocurrencies appeal to investors. Bitcoin ETFs, on the other hand, have gained recently, and the iShares Bitcoin Trust (IBIT) has pared some losses so that it's now down 9% since the year began. ETHE is the largest spot-ethereum ETF, and the New York Stock Exchange sought permission to permit staking in the fund in early March. Grayscale, based in Stamford, Connecticut, didn't immediately respond to a request seeking | © Copyright 2025 All rights reserved Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
BlackRock Adds a New Digital Asset Custodian
BlackRock Inc. (BLK), the world's largest asset manager, has tapped Anchorage Digital as a digital asset custodian for the iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust (ETHA) to meet growing crypto demand from retail and institutional clients. Coinbase Global Inc. (COIN) was previously the only crypto custodian for BlackRock's Bitcoin and Ether exchange-traded funds. Anchorage Digital Bank will be an additional custodian eligible to support BlackRock's crypto exchange-traded products and other funds providing exposure to crypto, according to a press release issued by Anchorage on Tuesday. 'As demand for digital asset products increases, and as our footprint in the ecosystem grows, we continue to expand our network of service providers with a focus on the highest quality institutional providers,' Robert Mitchnick, head of digital assets at BlackRock, said in a statement included in the release. 'After a thorough evaluation, Anchorage Digital clearly meets these standards, and we are excited to be expanding our network of eligible digital asset service providers with the addition of Anchorage Digital.' However, BlackRock doesn't have current plans to move any Bitcoin or Ether from the trusts to Anchorage Digital, per two filings (see here and here) with the Securities and Exchange Commission. The addition of the second custodian reflects BlackRock's 'ongoing risk management approach' as part of the trusts' growing size and the fund manager's "expanding presence in the digital asset space.' 'As BlackRock continues to bridge digital assets and traditional finance, we are excited by the opportunity to set a new standard for tailored access to the digital asset class,' Nathan McCauley, CEO and co-founder of Anchorage Digital, said via the press release. 'By providing federally regulated crypto infrastructure, we are helping BlackRock to meet client demand for today and tomorrow. We are proud to build toward a world where every investor can get exposure to digital assets.' Anchorage's other major asset management clients include alternative asset manager Apollo and crypto ETP issuer 21Shares. IBIT launched in January 2024 and hit the $10 billion in assets milestone just seven weeks later, faster than any ETF before it. Surpassing the Grayscale Bitcoin Trust ETF (GBTC) as the world's largest bitcoin fund, the ETF of the Year finalist has accumulated roughly $45.1 billion in assets under management. ETHA, meanwhile, has around $1.8 billion in assets. Cryptocurrencies were caught up in recent market volatility, with the price of Bitcoin dropping around 18% year to date as of Wednesday morning and Ether plummeting 55%. Still, BlackRock seems to believe in the long-term potential of these digital assets. In February, when Bitcoin ETFs were experiencing record outflows, BlackRock added IBIT to two of its model | © Copyright 2025 All rights reserved Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
BlackRock Adds a New Digital Asset Custodian
BlackRock Inc. (BLK), the world's largest asset manager, has tapped Anchorage Digital as a digital asset custodian for the iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust (ETHA) to meet growing crypto demand from retail and institutional clients. Coinbase Global Inc. (COIN) was previously the only crypto custodian for BlackRock's Bitcoin and Ether exchange-traded funds. Anchorage Digital Bank will be an additional custodian eligible to support BlackRock's crypto exchange-traded products and other funds providing exposure to crypto, according to a press release issued by Anchorage on Tuesday. 'As demand for digital asset products increases, and as our footprint in the ecosystem grows, we continue to expand our network of service providers with a focus on the highest quality institutional providers,' Robert Mitchnick, head of digital assets at BlackRock, said in a statement included in the release. 'After a thorough evaluation, Anchorage Digital clearly meets these standards, and we are excited to be expanding our network of eligible digital asset service providers with the addition of Anchorage Digital.' However, BlackRock doesn't have current plans to move any Bitcoin or Ether from the trusts to Anchorage Digital, per two filings (see here and here) with the Securities and Exchange Commission. The addition of the second custodian reflects BlackRock's 'ongoing risk management approach' as part of the trusts' growing size and the fund manager's "expanding presence in the digital asset space.' 'As BlackRock continues to bridge digital assets and traditional finance, we are excited by the opportunity to set a new standard for tailored access to the digital asset class,' Nathan McCauley, CEO and co-founder of Anchorage Digital, said via the press release. 'By providing federally regulated crypto infrastructure, we are helping BlackRock to meet client demand for today and tomorrow. We are proud to build toward a world where every investor can get exposure to digital assets.' Anchorage's other major asset management clients include alternative asset manager Apollo and crypto ETP issuer 21Shares. IBIT launched in January 2024 and hit the $10 billion in assets milestone just seven weeks later, faster than any ETF before it. Surpassing the Grayscale Bitcoin Trust ETF (GBTC) as the world's largest bitcoin fund, the ETF of the Year finalist has accumulated roughly $45.1 billion in assets under management. ETHA, meanwhile, has around $1.8 billion in assets. Cryptocurrencies were caught up in recent market volatility, with the price of Bitcoin dropping around 18% year to date as of Wednesday morning and Ether plummeting 55%. Still, BlackRock seems to believe in the long-term potential of these digital assets. In February, when Bitcoin ETFs were experiencing record outflows, BlackRock added IBIT to two of its model | © Copyright 2025 All rights reserved
Yahoo
22-03-2025
- Business
- Yahoo
Why 'Staking' Could Give Ethereum ETFs a Much-Needed Boost
Ethereum ETFs' struggles with outflows and price declines may be relieved if "staking," the cryptocurrency's validation mechanism which acts as a sort of yield device, were introduced, BlackRock Inc.'s (BLK) digital assets chief said this week. Ethereum spot exchange-traded funds have badly lagged their Bitcoin counterparts since being introduced in June, six months after spot Bitcoin ETFs began trading. The two largest, the Grayscale Ethereum Trust ETF (ETHE) and the iShares Ethereum Trust (ETHA), both with about $2.5 billion in assets, have plummeted 43% over the past three months while the largest spot Bitcoin fund, the iShares Bitcoin Trust (IBIT) has dropped 13%. Ethereum ETF investors' inability to earn a staking yield may be contributing to their outflows and falling prices, BlackRock's Robert Mitchnick said at the Digital Asset Summit on March 20 in New York, according to CNBC. Staking offers participants rewards in exchange for locking up their crypto for a period, and permitting that in the Ethereum ETF would stoke investor interest, he said. 'There's no question it's less perfect for ETH today without staking,' CNBC reported Mitchnick as saying. 'A staking yield is a meaningful part of how you can generate investment return in this space, and all the [ether] ETFs at launch did not have staking.' Mitchnick's comments come as efforts are underway to persuade the Securities and Exchange Commission to permit staking in Ethereum ETFs. Bitwise Asset Management and the New York Stock Exchange this week sought a rule change that would permit the Bitwise Ethereum Trust (ETHW) to offer staking rewards. Bitwise, which also manages the Bitwise Bitcoin ETF (BITB) among other crypto ETFs, in November bought London-based crypto firm Attestant to add staking services to its asset management services. Approximately $527 million has been pulled from the two biggest Ethereum ETFs over the past month. Source: data With around $7 billion in eight funds, Ethereum ETFs are dwarfed by the approximately $95 billion, according to Bloomberg, in the dozen or so spot Bitcoin ETFs. Bitcoin and Ethereum are the only cryptocurrencies permitted in spot ETFs, while other digital assets trade in futures | © Copyright 2025 All rights reserved
Yahoo
21-03-2025
- Business
- Yahoo
Why 'Staking' Could Give Ethereum ETFs a Much-Needed Boost
Ethereum ETFs' struggles with outflows and price declines may be relieved if "staking," the cryptocurrency's validation mechanism which acts as a sort of yield device, were introduced, BlackRock Inc.'s (BLK) digital assets chief said this week. Ethereum spot exchange-traded funds have badly lagged their Bitcoin counterparts since being introduced in June, six months after spot Bitcoin ETFs began trading. The two largest, the Grayscale Ethereum Trust ETF (ETHE) and the iShares Ethereum Trust (ETHA), both with about $2.5 billion in assets, have plummeted 43% over the past three months while the largest spot Bitcoin fund, the iShares Bitcoin Trust (IBIT) has dropped 13%. Ethereum ETF investors' inability to earn a staking yield may be contributing to their outflows and falling prices, BlackRock's Robert Mitchnick said at the Digital Asset Summit on March 20 in New York, according to CNBC. Staking offers participants rewards in exchange for locking up their crypto for a period, and permitting that in the Ethereum ETF would stoke investor interest, he said. 'There's no question it's less perfect for ETH today without staking,' CNBC reported Mitchnick as saying. 'A staking yield is a meaningful part of how you can generate investment return in this space, and all the [ether] ETFs at launch did not have staking.' Mitchnick's comments come as efforts are underway to persuade the Securities and Exchange Commission to permit staking in Ethereum ETFs. Bitwise Asset Management and the New York Stock Exchange this week sought a rule change that would permit the Bitwise Ethereum Trust (ETHW) to offer staking rewards. Bitwise, which also manages the Bitwise Bitcoin ETF (BITB) among other crypto ETFs, in November bought London-based crypto firm Attestant to add staking services to its asset management services. Approximately $527 million has been pulled from the two biggest Ethereum ETFs over the past month. Source: data With around $7 billion in eight funds, Ethereum ETFs are dwarfed by the approximately $95 billion, according to Bloomberg, in the dozen or so spot Bitcoin ETFs. Bitcoin and Ethereum are the only cryptocurrencies permitted in spot ETFs, while other digital assets trade in futures | © Copyright 2025 All rights reserved
