BlackRock Officially Files EThereum Spot ETF Application! Will ETH Skyrocket?


 In a strategic move that could reshape the cryptocurrency investment landscape, BlackRock, the world's largest asset manager, has filed an official application for an Ethereum exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). This move follows the registration of the iShares Ethereum Trust entity by BlackRock.

This move represents BlackRock's strategic move into the fast-growing world of digital assets, and also reflects growing institutional interest in Ethereum.

Meanwhile, this filing comes after the registration of the iShares Ethereum Trust entity by BlackRock with the Department of State of Delaware, Division of Corporate Companies. This year, BlackRock has seen an increasingly active involvement in the crypto market, having previously submitted an application for the iShares Bitcoin Trust in June.

Anticipation of BlackRock's Ethereum ETF has weighed on the market, with trading firms such as Jane Street, Virtu Financial, and Jump Trading reportedly in talks to provide liquidity if the ETF is approved.

The market is closely watching BlackRock's ETF moves, especially after it introduced the iShares Bitcoin Trust earlier this year. Significantly, the prospect of spot Bitcoin ETF approval has fueled a recent surge in Bitcoin prices, with major trading firms positioning themselves to support BlackRock's efforts.

At the time of writing, Ethereum price has surged 2.63% to trade at $2,060.16, with trading volume down 2.61% to $13.41 billion in the past 24 hours. Meanwhile, some experts think the approval of the Ethereum Spot ETF could give impetus to more gains in the crypto market in the coming days.