BlackRock has hired GSR Research Analyst Matt Kuhnke as Digital Asset Product Strategist. The appointment comes as the approval of the Ethereum ETF approaches and BlackRock aims to improve its offering of crypto ETFs to customers.
BlackRock hires Matt Kunke
Former GSR Research Analyst Matt Kuhnke has been hired by BlackRock as a product strategist for the iShares Digital Assets ETF. According to his LinkedIn profile, Kuhnke joined BlackRock in February 2024. This appointment seems a bit significant, as Kuhnke previously placed a 75% bet on the approval of the Ethereum ETF, and BlackRock should be looking forward to it.
Related article: VanEck raises fees on 24-month spot Bitcoin ETF
Ethereum ETF stakes fall
The appointment comes at a critical moment when market bets on the approval of an Ethereum ETF are fading. The SEC has not yet granted approval to BlackRock's application to introduce a Spot Ethereum ETF. The Ethereum Spot ETF has a 30% chance of approval in May, down from a 60% to 70% chance, according to Bloomberg ETF specialist Eric Balchunas. The market is not particularly happy with the way the SEC handled the Ethereum ETF application, and this coincides with a decline in optimism. The market is in disbelief about the SEC's conclusions. The reason is that the SEC's silence is unwelcome and the lack of interaction with the Ethereum ETF application.
Is BlackRock improving its market position?
It's no surprise at this point that BlackRock typically devises its moves strategically. Among Bitcoin ETFs, BlackRock's IBIT has performed extremely well since its debut and has become a frontrunner in the entire ETF market. At the time of writing, BlackRock's Bitcoin ETF had approximately $10 billion in net inflows, according to SosoValue data. With the next ETF decision on the horizon, BlackRock is likely in a better position than its peers and will want to maintain its lead from the start.
