BlackRock Files For Spot Ethereum ETF
10 Nov 2023 by Rory Kejzerko 2 min read
BlackRock Files For Spot Ethereum ETF

In addition to its in-waiting Spot Bitcoin ETF application, apex asset manager giant BlackRock has now filed for a Spot Ethereum ETF.

The industry-shaking news came to surface via the company’s registration of an ‘iShares Ethereum Trust’ corporate entity in Delaware - i.e. the ultimate tax haven for corporations and shareholders in the US. Further, the 19b-4 form was officially filed by Nasdaq yesterday, and is now waiting for approval from the US Securities and Exchange Commission (SEC). 

The proposed ETF - which will be known as BlackRock’s ‘iShares Ethereum Trust’ - signals the world’s largest asset manager’s intention to broaden its crypto scope to include the world’s largest altcoin. In turn, this will allow its clients - which collectively hold $9 trillion worth of assets with the company - to invest and hold Ethereum (ETH) without having to engage in the complexities that come with ‘traditional’ crypto purchases.

Per reports, BlackRock isn’t alone in its venture into Spot Ethereum ETFs, as the likes of VanEck, ARK 21Shares, Invesco, Grayscale and Hashdex are also said to be waiting for similar approvals from the SEC. 

BlackRock’s Ethereum Price Impacts

In wake of the BlackRock’s Spot Ethereum ETF filing, bullishness spread across the coin’s space, to ultimately see its price pump almost 9% to a valuation of $2080. Since then, the coin has also been able to sustain a 9%+ price increase over the past 24 hours (per CoinGecko).

With thanks to such development, the world’s biggest altcoin has also been able to claw-back 1.3% worth of crypto market dominance, taking its overall share up to 17%. Given the relentless attention Bitcoin (BTC) has been receiving over the past few months through its respective institutional Spot ETF rumours, such news should come as a refreshing boost to many Ethereum maxis. 

By virtue, BlackRock’s evident enthusiasm towards offering institutional crypto products is also bullish for the crypto industry as a whole, as it signals to both crypto natives and non-natives that DeFi is on the radar of many of the world’s most influential financial entities.  

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This article is intended for educational purposes and is not financial advice.