BlackRock files for ETH spot ETF registration in Delaware, setting a pace that may see the firm extend its application to the SEC soon.
Global asset management behemoth BlackRock has filed a document hinting at a potential proposal for an Ethereum-based exchange-traded fund, indicating interest in growing the range of cryptocurrency funds it offers.
The biggest asset manager in the world, BlackRock, is preparing the way for a possible Ethereum exchange-traded fund (ETF). A recent filing for an iShares Ethereum (ETH) Trust made public on the Delaware Department of State’s website serves as evidence for this development.
This means that BlackRock, which manages almost $9 trillion in assets, is considering submitting a proposal for an Ethereum ETF to the Securities and Exchange Commission (SEC) of the United States. But as of now, the SEC has not received any formal proposals.
This submission is in line with BlackRock’s earlier foray into the Bitcoin ETF market. The asset manager filed with the SEC to create a spot Bitcoin ETF on June 15, with an early disclosure for the iShares Bitcoin Trust appearing on Delaware’s website a week earlier.
BlackRock’s possible entry into Ethereum-based products comes at the same time that the price of ether has surged, up more than 8% in the last 24 hours as of the filing day, to almost $2,030.
BlackRock would follow several other financial organizations that have started such initiatives if it proceeds with a spot Ethereum ETF. Additionally, companies like VanEck, 21Shares, and Ark Invest have been working to provide ETFs with direct Ether holdings.
In this regard, Grayscale Investments has also taken the initiative; on October 2, it started converting its Ethereum Trust into a spot Ether fund. Several other businesses, including Hashdex and Invesco, have also filed SEC forms to introduce their own spot ether products
