BlackRock Confirms Plans for Ethereum ETF
Blackrock has confirmed its plans to launch a spot Ethereum exchange-traded fund (ETF) after filing a 19b-4 form with the United States Securities and Exchange Commission. The filing, submitted through Nasdaq, is for a proposed ETF called the “iShares Ethereum Trust,” signaling BlackRock’s expansion beyond Bitcoin.
The move follows the registration of corporate entity iShares Ethereum Trust in Delaware on Nov. 9, indicating that a spot Ethereum ETF filing could be imminent. Several other financial firms have also expressed interest in cryptocurrency-backed ETFs, including VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex.
Ethereum Price Surge and Market Dominance
The news of BlackRock’s plans has caused Ether (ETH) to spike 8.9% to $2080 and rise by 10.1% over the last 24 hours, according to CoinGecko. This surge has helped ETH regain market dominance against Bitcoin (BTC), with its market dominance now sitting at 17%, up 1.3% prior to the news.
Hot Take: BlackRock’s Move Boosts Ethereum
BlackRock’s confirmation of its plans for an Ethereum ETF has sent Ether prices soaring and increased its market dominance against Bitcoin. This signals a growing interest in cryptocurrency-backed ETFs from major financial institutions.
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