BlackRock ETHA
BlackRock has found massive success with its spot Bitcoin ETF, and now it is has hit a new milestone with its spot Ethereum ETF. BlackRock ETHA Website/Screenshot

KEY POINTS

  • $ETHA passed $1 billion in total net asset value on Friday, becoming the second spot Ether ETF to do so
  • The ETF's cumulative net inflows stand at $1.13 billion as of Friday – in second spot is Fidelity's FETH with $478M
  • The milestone puts $ETHA within the 'top 20%' of all the 3,700 existing ETFs, said Nate Geraci

BlackRock's spot Ethereum exchange-traded fund (ETF) ETHA has reached a new milestone just two months after spot ETH ETFs were launched – it has become the second Ether ETF to pass $1 billion in net asset value after Grayscale's ETH.

$ETHA Passes $1B

Data from investor information tool SosoValue revealed that after Friday's trading, ETHA's net asset value was at $1.04 billion, becoming only the second spot Ethereum ETF to achieve such a milestone.

Also on Friday, the ETF's net inflows were at $11.46 million, second to Fidelity's FETH in the daily round-up of positive flows.

Grayscale was first to hit the $1 billion-mark, so why is BlackRock's latest milestone significant?

BlackRock's $ETH ETF Still King?

BlackRock is undoubtedly the King in spot Bitcoin ETFs, but in the U.S. spot Ethereum ETFs circle, it may seem to have been underperformed compared to Grayscale when data is based solely on total net asset value.

When zooming out and looking at the numbers of all U.S.-listed Ether ETFs, ETHA's performance shines.

SoSoValue shows that as of Friday, BlackRock's ETH ETF has amassed cumulative net inflows of $1.13 billion, compared to Grayscale's ETH at $294.52 million. Fidelity's FETH is somehow closer to ETHA, with cumulative net inflows of $478.64 million, followed by Bitwise's ETHW at $326.68 million.

ETHA's good performance comes in the backdrop of Ethereum's ups and downs in the past month. It has seen significant lows in the last 30 days, at one point plunging to $2,200, but has gradually recovered and is now trading at around $2,600 as per data from CoinGecko.

$ETHA in Top 20% of All ETFs

The ETF's latest milestone has placed it in "top 20% of all 3,700 $1bil in assets," said ETF Store President Nate Geraci. He noted how the achievement was reached just two months after the U.S. Securities and Exchange Commission (SEC) approved spot Ethereum ETFs for trading.

BlackRock's $IBIT – The Dominance Road

Meanwhile, ETHA's performance is still far from the stellar rally of BlackRock's spot BTC ETF, IBIT. All U.S. Bitcoin ETFs performed well last week with Friday's inflows alone reaching $494.4 million, but IBIT was on a whole other level, as per Farside Investors data.

IBIT had a great day Friday, hauling in over $110 million, but it was outperformed by Ark/21 Shares' ARKB, with more than $203 million in positive flows. Still, BlackRock's IBIT was the weekly top performer, logging inflows of nearly $500 million.

BlackRock's crypto ETF journey has been nothing but stellar. Bloomberg senior ETF analyst Eric Balchunas predicted in mid-August that the company's IBIT is "on pace" to beat Bitcoin creator Satoshi Nakamoto's total BTC holdings late next year if the accumulations continue to pour in.

Read more