BlackRock Inc., a trillion-dollar asset manager, has sparked optimism in the market with its latest filing, hinting at the potential launch of its first Ethereum spot Exchange Traded Fund (ETF) product.
The filing, named the iShares Ethereum Trust, was submitted to the Division of Corporations at the Delaware Department of State.
While not an active ETF filing, experts anticipate that BlackRock might soon submit a formal application to the U.S. Securities and Exchange Commission (SEC).
This move follows BlackRock’s earlier filing for the iShares Bitcoin Trust, signaling the company’s growing commitment to the cryptocurrency market.
All eyes are now on the SEC, as BlackRock’s previous filing for a Bitcoin spot ETF set a precedent, leading to similar applications from other financial entities.
BlackRock has been persistent in pursuing a Bitcoin spot ETF, resubmitting its proposal multiple times despite SEC objections. Although approval has not been granted yet, the company’s involvement has raised expectations for eventual approval.
The registration of an Ethereum ETF by BlackRock has had a significant impact on the market, propelling Ethereum to new heights.
As of now, ETH is trading at $2,111, marking a 12% increase and breaking the $2,111 barrier for the first time since mid-July.