Ethereum Boosted by BlackRock ETF Filing

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  • Ethereum surged by 11% yesterday after BlackRock took the first steps towards an Ethereum ETF
  • The company registered the iShares Ethereum Trust in Delaware and filed a 19b-4 form with the SEC
  • BlackRock is now the largest company vying for an Ethereum ETF

Ethereum bounced 11% yesterday on the news that global investment giant is expanding its interest in the crypto sector by filing the iShares Ethereum Trust in Delaware. The move, which is typically seen as the first stage of an ETF, makes Blackrock the latest company to file for an Ethereum ETF, although it is by far the largest. BlackRock is one of the frontrunners for a Bitcoin ETF, but an Ethereum ETF is more controversial as the Securities and Exchange Commission (SEC) seems to think that Ethereum could be classed as a security.

iShares Ethereum Trust Registered

BlackRock’s filing was revealed yesterday afternoon in the form of a 19b-4 form supplied to the SEC, marking a crucial step in the approval process. Prior to this, BlackRock had registered paperwork in Delaware for the iShares Ethereum Trust, as revealed by documents posted to the Delaware Department of State Division of Corporations website.

The Ethereum ETF would be launched in collaboration with Nasdaq, another traditional finance firm that has been looking more and more into crypto in recent years. Ether rallied as much as 11% on Thursday as a result of the news, surpassing the $2,000 mark and reaching its highest level since April.

SEC May Intervene

The SEC could have something to say about an Ethereum ETF however; Chair Gary Genslers stated after Ethereum became a proof-of-stake coin that the staking feature meant that Ethereum could be considered a security.

Several other financial institutions, including VanEck, Invesco, and 21Shares, have also filed for spot Ethereum ETFs in the past as far back as 2021, indicating a growing interest in providing investors with regulated exposure to Ethereum and its native cryptocurrency. Grayscale has also applied to convert its Ethereum Trust to an ETF, with its legal victory over its Bitcoin ETF giving it hopes of a brace.