World's largest asset manager files for Ethereum ETF, signaling growing acceptance of cryptocurrencies
BlackRock, the world's largest asset manager, has confirmed its plans to launch an Ethereum exchange-traded fund (ETF), according to a filing with Nasdaq. This move further solidifies BlackRock's commitment to cryptocurrencies and signals its intention to expand beyond Bitcoin.
The asset manager's filing reveals its plan to list an Ethereum ETF product, which will require regulatory approval. This follows BlackRock's registration of the corporate entity "iShares Ethereum Trust" in Delaware. The company has already shown interest in listing a Bitcoin ETF, indicating its growing support for the crypto market. BlackRock CEO Larry Fink, once a skeptic, has become a vocal advocate for cryptocurrencies.
BlackRock has filed to register a new iShares Ethereum Trust entity in Delaware. This move comes as the company awaits a decision on its spot Bitcoin ETF application from the Securities and Exchange Commission (SEC). The registration of the Ethereum trust on November 9th potentially indicates a move towards an Ether spot ETF, following the registration of a Bitcoin trust in June.
BlackRock is not alone in its interest in Ethereum ETFs. Several other financial firms, including VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex, are also vying for approval for a spot Ethereum ETF. The competition in this space is heating up, and the approval process could take months, as the SEC has delayed existing applications for spot Bitcoin funds multiple times.
The news of BlackRock's ETF plans has caused a surge in the price of Ethereum, helping it regain some market dominance against Bitcoin. The proposed ETF could potentially bring more mainstream acceptance and investment into Ethereum, further boosting its market position.
While the approval process for the proposed ETF could take some time, BlackRock's move signals a growing acceptance of cryptocurrencies in the mainstream financial world. As more firms show interest in crypto ETFs, it could potentially lead to more regulatory clarity and acceptance of these digital assets.