BlackRock Officially Files For Ethereum ETF
Fund management giant BlackRock has officially filed for a spot Ethereum ETF, signaling the acceleration of crypto ETF product launches.
The $9 trillion asset manager submitted its iShares Ethereum Trust registration last week, and if approved, the spot ETH ETF will be listed on NASDAQ.
Expectations Of Spot Crypto ETF Breakthrough Rise
BlackRock made a similar move for filing a spot Bitcoin ETF in June, fueling predictions for an eventual breakthrough for spot crypto ETF products.
BlackRock’s attention to spot crypto ETFs led to a surge in the crypto markets, with Bitcoin and Ether seeing increases of 28% and 24%, respectively, over the past month.
According to Bloomberg ETF analysts, there is a 90% chance the spot Bitcoin ETF will be approved by early January, with spot ETH ETFs likely following soon after.
Research firm Bernstein predicts that approval of spot crypto ETFs could lead to a 13-fold increase in crypto assets under management in the next five years, reaching $650 billion.
According to Bernstein, the crypto fund management industry has the potential to grow into a sector with $50 billion in revenues over the period, which represents a significant transformation from a “cottage industry’’.
Hot Take
The entry of BlackRock into the world of spot Ethereum ETFs has sparked expectations for a significant breakthrough. If approved, it is expected to drive considerable growth in the crypto industry and lead to the surge in crypto assets under management, representing a positive step towards mainstream adoption of these digital assets as investment vehicles.
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