- BlackRock appeared to initiate the process for an ether exchange-traded fund (ETF) on Thursday, contributing to a surge in the cryptocurrency's value. The Delaware Division of Corporations website indicated the registration of an iShares Ethereum Trust on Thursday. This development follows a pattern observed in June when BlackRock filed for a bitcoin ETF, preceded by a similar notice for the iShares Bitcoin Trust.
- The firm's iShares product currently leads the exchange-traded funds market with assets under management exceeding $2.3 trillion. On Thursday, the price of ether experienced a 7% increase, surpassing $2,000 for the first time since April. This rally is reminiscent of the rise in Bitcoin's price during the summer when asset managers began the process of filing for ETF launches.
Why it matters
While the Securities and Exchange Commission (SEC) has yet to approve a bitcoin ETF, it has historically opposed such funds. Notably, the SEC had initially blocked Grayscale's attempt to convert its bitcoin trust into an ETF, but a court overturned that decision in August.