BlackRock prepares to file spot Ether ETF Trending Crypto News

BlackRock prepares to file spot Ether ETF
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Global asset management behemoth BlackRock has signaled interest in expanding its cryptocurrency fund offerings with a recent filing that indicates a possible proposal for an Ethereum-based ETF.

BlackRock, the world’s largest asset manager, is laying the groundwork for a potential spot Ethereum exchange-traded fund (ETF). The evidence pointing to this development is a filing for an iShares Ethereum (ETH) Trust that was recently posted on the Delaware Department of State’s website.

This action suggests that BlackRock, which oversees approximately $9 trillion in assets, is considering proposing an Ethereum ETF to the U.S. Securities and Exchange Commission (SEC). However, as of now there has been no formal proposal submitted to the SEC.

This filing follows in the footsteps of BlackRock’s previous venture into the cryptocurrency ETF space. The asset manager filed with the SEC to launch a spot Bitcoin ETF on June 15, with an initial disclosure for the iShares Bitcoin Trust appearing on Delaware’s website a week earlier.

The timing of BlackRock’s potential move into Ethereum-based products coincides with a surge in Ether’s price, which stood at around $2,030, up by over 8% in the last 24 hours as of the morning of the filing.

If BlackRock moves forward with a spot Ethereum ETF, it will join the ranks of several other financial institutions that have embarked on similar endeavors. Firms like Ark Invest, 21Shares and VanEck have also been seeking to offer ETFs that directly hold Ether.

Grayscale Investments has also been proactive in this area, having already initiated a process on Oct. 2 to transform its Ethereum Trust into a spot Ether fund. Other companies such as Hashdex and Invesco have also placed filings with the SEC to launch their own spot Ether products.

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