BlackRock Advisors has filed for the creation of an iShares Ethereum Trust entity, according to records from the Delaware Department of State Division of Corporations. This move suggests that the world’s largest asset manager may be strengthening its commitment to the cryptocurrency market. BlackRock is currently awaiting a decision on its spot bitcoin ETF application from the U.S. Securities and Exchange Commission (SEC).
While a BlackRock spokesperson declined to comment, the filing for the iShares Ethereum Trust indicates a potential expansion into the Ethereum ecosystem. Ether’s price responded positively to the news, surging nearly 8% to approximately $2,040.
BlackRock previously made waves in the crypto space by filing for the iShares Bitcoin Trust in June of this year. The iShares brand is closely associated with BlackRock’s exchange-traded fund (ETF) products. The filing for the iShares Bitcoin Trust included details such as its custodian (Coinbase Custody Trust Company) and benchmark (the CME CF Bitcoin Reference Rate from Administrator CF Benchmarks, a subsidiary of Kraken).
Although the iShares Ethereum Trust filing is not yet visible on the SEC’s website, historical patterns suggest that it might be officially registered next week. The SEC is currently reviewing multiple spot bitcoin ETF applications, including one from BlackRock. Trading firms like Jane Street, Virtu Financial, and Jump Trading are reportedly in discussions to provide liquidity for BlackRock’s proposed spot bitcoin ETF if it receives regulatory approval. The anticipation of a spot bitcoin ETF approval has contributed to a recent rally in bitcoin’s price. BlackRock CEO Larry Fink emphasized the growing interest in crypto, citing a recent price surge triggered by a false news report about the approval of its spot ETF.