As the world’s largest asset manager, BlackRock has clearly shown interest in Ethereum. Since May 9, 2025, the company has purchased 269,000 ETH, totaling $673.4 million. This acquisition was made while reducing Bitcoin ETF holdings, signaling a strategic shift toward Ethereum. 

In April 2025, BlackRock executives met with the U.S. Securities and Exchange Commission (SEC) to discuss ETH staking and tokenization, laying the groundwork for institutional interest. The substantial ETH purchases following these meetings reflect the company’s confidence in Ethereum’s regulatory position and future utility. Given BlackRock’s previous role in Bitcoin’s price rally, the probability of a similar surge in Ethereum has strengthened. 

BlackRock’s iShares Ethereum 

BlackRock’s iShares Ethereum Trust (ETHA) has solidified its leadership in the spot Ethereum ETF market with the latest figures. Since its inception, ETHA has surpassed $5 billion in cumulative net inflows, achieving the longest streak of uninterrupted inflows in 2025. On Wednesday, June 11, 2025 alone, it recorded $163.6 million in net inflows, significantly contributing to the total for all spot Ethereum ETFs and even surpassing Bitcoin ETF inflows. 

ETHA’s assets under management (AUM) reached $4.23 billion and it holds approximately 1.55 million ETH. Its stock price surged above $21 after gaining more than 50% over the last two months, reflecting institutional investors’ strong confidence in Ethereum. This marks the highest price level since February. 

 ETF Store President Nate Geraci noted: 

“18 straight days of inflows into spot ETH ETFs… Nearly $250 million today. And still no staking or in-kind creation/redemption. Very early.” 

So far this week, BlackRock’s iShares Ethereum Trust has contributed over $250 million in inflows. Consequently, the ETHA stock price surged to $21. Over the past two months since “Trump Liberation Day,” the stock has risen over 50%, making ETHA a clear favorite among investors. 

Ethereum Network Developments and Market Dynamics 

The Ethereum network has shown strong recovery recently. In May 2025, the total number of transactions reached 42 million — the highest since May 2021. Daily active addresses exceeded 440,000. Monthly transaction fee revenue rose to $42.5 million, nearly double compared to April. 

Decentralized exchange (DEX) volume rose to $70.5 billion, indicating renewed activity in the ecosystem. Ethereum’s stablecoin supply reached an all-time high of $125 billion. These data highlight increased network usage and expanding economic activity, marking an end to ETH’s price stagnation. 

Rising demand and the token burn mechanism are shrinking supply, potentially adding upward pressure on prices in coming quarters. On the other hand, the ETH/BTC ratio is trading around 0.03 — its lowest level in six years. Historically, such levels have coincided with trend reversals. According to analysts, the weekly RSI reaching extremely low levels also signals a strong potential for Ethereum to outperform Bitcoin.

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BlackRock had requested an “in-kind” mechanism for its Ethereum ETF. This mechanism offers tax advantages to investors and reduces transaction costs. 

SEC Approves BlackRock’s Ethereum ETF

In-kind transactions allow investors to exchange ETF shares directly for Ethereum tokens. Typically, ETF shares are bought or sold for cash. However, the in-kind method enables direct asset swaps, significantly reducing capital gains taxes from sales. Additionally, transaction costs are minimized with this method. Unlike cash transactions, which involve various commissions and bank fees, in-kind transactions lower these costs, allowing investors to invest with lower fees. 

John Doe, BlackRock’s ETF Strategy Director, stated, “BlackRock is committed to expanding the features of its Ethereum ETF and is working toward approval for staking capabilities.” 

Moreover, in-kind transactions reduce the gap between the ETF’s market price and Ethereum’s actual market price. This ensures the ETF’s price aligns with the underlying asset’s value, providing investors with fairer and more transparent pricing. 

Market Reaction and Investor Interest 

Following the SEC’s approval, Ethereum prices moved positively. ETH rose by 2%, reaching $2,509. Additionally, the ETF saw an inflow of $45 million in investments in a short period, clearly demonstrating investors’ confidence in BlackRock’s Ethereum ETF. Cryptocurrency analysts and investors consider the SEC’s decision a significant turning point. With the approval of BlackRock’s ETF, investing in Ethereum will become more accessible and advantageous for both individual and institutional investors. 

Furthermore, BlackRock’s decision to hold the ETF’s Ethereum assets in trusted platforms like Coinbase and Anchorage Digital enhances the security of the funds. 

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What Does the In-Kind Model Mean?

In-kind redemption is a mechanism of great significance in the spot crypto ETF market. In this system, investors can receive the underlying crypto asset (in this case, ETH) instead of cash when selling their ETF shares. This eliminates extra costs, conversion delays, and the complexity of cash transactions. If the SEC approves this application, ETF operations will become more efficient and liquidity will increase significantly.

With this move, BlackRock joins Invesco Galaxy, VanEck, WisdomTree, and 21Shares, who have also submitted similar in-kind amendment applications for their Ethereum ETFs. There are also similar requests still under SEC review for Bitcoin ETFs.

BlackRock Awaits SEC Decision

So far, the U.S. Securities and Exchange Commission (SEC) has not made a final decision on these types of applications. In April, decisions on in-kind applications submitted by VanEck and WisdomTree for both Bitcoin and Ethereum ETFs were postponed to June 3. Bloomberg ETF analysts Eric Balchunas and James Seyffart expect the SEC to approve the in-kind model within this year.

Seyffart noted that the final deadline for the first in-kind application for Ethereum ETFs is November 10, 2025. If approval comes by then, it will be a major turning point for the ETF market.

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Mitchnick stated that Ethereum presents a more complex narrative for investors, which is why investors have difficulty understanding it. However, he expressed his belief in Ethereum’s potential in the long term. Emphasizing that Ethereum plays a complementary role with Bitcoin in investment portfolios, Mitchnick predicts that investors will allocate 20% of their crypto assets to Ethereum and the remaining 80% to Bitcoin.

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Commenting on the Ethereum ETF, Larry Fink, CEO of BlackRock, the world’s largest asset manager, shared his views for the upcoming period. However, what Fink said is an important and followed data for the markets.

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