BlackRock Files for Ethereum ETF in Move to Bring Crypto to Mainstream

Key Insights

  • BlackRock files with SEC for a spot Ethereum ETF called iShares Ethereum Trust
  • ETF aims to track Ethereum price performance; follows BlackRock’s filing for a Bitcoin ETF
  • Ethereum price jumped 2% on the news to $2080 as investors reacted positively

New York, NY – In a new development for the cryptocurrency industry, asset management titan BlackRock has filed paperwork with the Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) tied to the price of Ethereum.

The proposed ETF, named the iShares Ethereum Trust, aims to track the Ethereum market and give mainstream investors easy access to the second largest cryptocurrency by market capitalization. BlackRock detailed the structure and objectives of the fund in a Form S-1 submitted to the SEC on Wednesday.

The filing comes just months after BlackRock made waves by applying for a spot bitcoin ETF, which is still under review by the SEC. The Ethereum ETF would also be structured as a spot ETF, meaning it would hold Ethereum tokens directly rather than through derivatives.

Read also! BlackRock Pitches Bitcoin ETF Models to SEC Amid Mounting Approval Pressure

Industry experts see the new filing as a vote of confidence in Ethereum and its potential for more widespread adoption.

BlackRock diving into an Ether ETF so soon after its bitcoin application shows the firm believes Ethereum has arrived as an institutional investment, said Maya Roy, a financial analyst.

In its filing, BlackRock selected the CME CF Ethereum Reference Rate as the benchmark index for the proposed ETF. This echoes the index choice for its bitcoin ETF. Coinbase will serve as the custodian, providing security and storage for the Ethereum holdings.

Ethereum Price Pops as BlackRock Registers ETF

The price of Ethereum jumped nearly 2% following the announcement, hitting $2080 as investors reacted to the news.

Ethereum Price Pops as BlackRock Registers ETF
Source: Coinmarketcap

BlackRock’s moves have been closely watched given its status as the world’s largest asset manager with over $10 trillion in assets under management.

The SEC is still reviewing multiple bitcoin ETF applications, but many see eventual approval as inevitable. BlackRock entering the Ethereum space may help cement it as a financial asset class alongside its older sibling, bitcoin.

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