Blackrock Advances Towards Ethereum ETF Approval with Ishares Trust Filing

Blackrock, the world’s largest asset manager, registers Ishares Ethereum Trust with Delaware’s Division of Corporations, sparking speculation on a potential spot ethereum exchange-traded fund (ETF). Market watchers await SEC approval, recalling Blackrock’s prior submission for a spot bitcoin ETF.

Blackrock, a global asset management giant, has taken a significant step by officially filing the Ishares Ethereum Trust with Delaware’s Division of Corporations on November 9, 2023. As the largest asset manager globally, this move suggests Blackrock’s interest in securing approval from the U.S. Securities and Exchange Commission (SEC) for a spot ethereum exchange-traded fund (ETF).

Market speculation is fueled by the anticipation of Blackrock’s potential entry into the spot ether ETF space, following its earlier submission for a spot bitcoin ETF on June 15, 2023. The company is currently awaiting the SEC’s decision on the bitcoin ETF initiative. Ethereum’s value experienced a notable surge of over 5% in the 24 hours following the news, temporarily surpassing the $2,000 mark per unit.

As the financial community watches closely, the registration of the Ishares Ethereum Trust marks a strategic move for Blackrock, positioning itself for potential expansion into the burgeoning cryptocurrency ETF landscape.

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