BlackRock takes initial steps toward an Ethereum ETF.BlackRock’s move signals the growing institutional interest in cryptocurrency investments.The SEC’s cautious stance on crypto ETFs presents regulatory challenges despite...
- BlackRock takes initial steps toward an Ethereum ETF.
- BlackRock’s move signals the growing institutional interest in cryptocurrency investments.
- The SEC’s cautious stance on crypto ETFs presents regulatory challenges despite increasing industry enthusiasm.
On Thursday, the website for Delaware’s Division of Corporations revealed the registration of an “iShares Ethereum Trust.” This move closely mirrors the steps taken by BlackRock in June when the company filed for a Bitcoin ETF, with a similar notice for the “iShares Bitcoin Trust.”
BlackRock has made first step towards filing for a spot Ether ETF. I just confirmed on the website myself. Nice catch by @SummersThings https://t.co/mLKIhKdiI6
— Eric Balchunas (@EricBalchunas) November 9, 2023
Ethereum’s price surge
In response to the news of BlackRock’s potential interest in launching an Ethereum ETF, the price of Ethereum (ETH) experienced a 7% increase, reaching a value of over $2,000.
This surge is reminiscent of Bitcoin’s price movements when asset managers began pursuing ETF launches during the summer.
SEC’s stance on crypto ETFs
Historically, the SEC has maintained a cautious stance and opposed the creation of such funds. Notably, the SEC had previously blocked Grayscale’s attempts to convert its Bitcoin trust into an ETF. However, a court ruling in August overruled this decision.
While the SEC did not appeal the court’s decision, it retains the authority to potentially halt Grayscale’s conversion or other Bitcoin ETF proposals for various reasons.