November 9, 2023
BlackRock, an investment firm managing trillions of dollars worth of assets, has registered its iShares Ethereum trust in Delaware. This move follows a similar registration process for its Bitcoin trust. The registration documents have been verified by senior Bloomberg ETF analyst Eric Balchunas.
The registration of the iShares Ethereum trust indicates that BlackRock is taking the first step towards filing for a spot Ether ETF. This development comes as Ethereum, the second-largest digital asset by market cap, experiences a surge in price. At the time of writing, ETH is trading at $2,011, reflecting a 6.5% gain in the last 24 hours.
In recent weeks, other investment firms such as VanEck, Bitwise, and ProShares have launched Ethereum Futures exchange-traded funds (ETFs). ProShares' chief executive, Michael L. Sapir, highlighted the demand from investors for access to the performance of cryptocurrencies through ETFs. With the launch of their ETH ETF, investors can now target the performance of Bitcoin or Ether through an ETF without having to wait.
In conclusion, BlackRock's registration of the iShares Ethereum trust in Delaware signals its intention to file for a spot Ether ETF. This move aligns with the growing demand from investors for cryptocurrency exposure through ETFs. As Ethereum continues to gain momentum, investors now have more options to access its performance through investment vehicles like ETFs.
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