BlackRock CEO Larry Fink expressed his acknowledgment of the value of spot ETFs based on the second-largest cryptocurrency, Ethereum, in an interview with CNBC.

He emphasized viewing digital assets as a distinct asset class and drew parallels with the enduring role of gold throughout history. Fink highlighted the limited supply of Bitcoin and considered the current state as "steps toward tokenization."

This statement follows the recent approval of 11 spot exchange-traded funds (ETFs) on Bitcoin by the U.S. Securities and Exchange Commission (SEC).

BlackRock is among the approved issuers for providing ETFs. However, despite investor interest, cryptocurrencies, including Bitcoin, exhibited significant volatility post the ETF launch, partly influenced by SEC Chairman Gary Gensler's remarks regarding the speculative and volatile nature of cryptocurrencies.