In a recent filing with Nasdaq, the world’s largest asset manager announced plans to establish an ETF that will hold Ethereum’s ether token (ETH), further enhancing its cryptocurrency strategy.
BlackRock has formed a corporate entity for this initiative under the name ‘iShares Ethereum Trust,’ which is registered in Delaware. Following this announcement, the price of ETH surged to its daily peak of $2,100, marking a six-month high.
In June 2023, BlackRock submitted an application to the SEC seeking approval for a spot Bitcoin ETF. As of now, the regulator has not yet authorized any spot ETFs linked to cryptocurrencies, maintaining its cautious stance towards the crypto market. However, recent reports from Coin Telegraph indicate that the SEC may approve all 12 pending applications for spot Bitcoin ETFs within the next eight days.