BlackRock Submits Application for a Spot Ethereum ETF

BlackRock, the world’s largest asset manager, is planning to launch an ETF that holds Ethereum’s cryptocurrency, Ether. This shows the company’s increased commitment to the growing world of cryptocurrencies.

As a result of this news, the price of ETH reached its highest point of the day, reaching around $2,100, a 3% increase from before the filing was announced.

However, the price has since slightly decreased but is still 9% higher than it was 24 hours ago. Nasdaq, the US exchange where BlackRock plans to list the ETF, revealed the company’s plans in a new filing.

It was also discovered earlier in the day that BlackRock had registered a new corporate entity called “iShares Ethereum Trust” in Delaware, using the name of their ETF division.

The product will require regulatory approval before launching.

BlackRock has previously made headlines by seeking to launch a Bitcoin ETF.