BlackRock Eyes Ethereum-Based ETF
Global asset management giant BlackRock has shown interest in expanding its cryptocurrency fund offerings by filing for an iShares Ethereum (ETH) Trust, hinting at a potential Ethereum exchange-traded fund (ETF). This move signals the company’s consideration of proposing an Ethereum ETF to the U.S. Securities and Exchange Commission (SEC), although no formal proposal has been submitted yet.
This development comes after BlackRock’s previous venture into the cryptocurrency ETF space with a filing for a spot Bitcoin ETF. The timing of this potential move aligns with a surge in Ether’s price, which saw an over 8% increase in the last 24 hours as of the morning of the filing.
Financial Institutions Pursue Spot Ether Products
If BlackRock proceeds with an Ethereum ETF, it will join other financial institutions like Ark Invest, 21Shares, VanEck, Grayscale Investments, Hashdex, and Invesco in seeking to offer ETFs that directly hold Ether. Grayscale Investments has already initiated the process to transform its Ethereum Trust into a spot Ether fund, while other companies have also filed with the SEC to launch their own spot Ether products.
Hot Take: Big Players Eye Ethereum
The interest shown by BlackRock and other major financial institutions in offering Ethereum-based products reflects growing confidence in the potential of this cryptocurrency. As more big players enter the space, it could signal further mainstream adoption and investment opportunities for crypto enthusiasts.
By
By
By
By