November 9, 2023
BlackRock, one of the world's largest asset managers, filed the iShares Ethereum Trust in Delaware on Thursday, sparking speculation that the company is planning to launch an Ethereum ETF.
The filing comes after BlackRock adopted a similar strategy in the past. Just seven days before filing for a Bitcoin Spot ETF, the company filed the iShares Bitcoin Trust, indicating its intention to enter the cryptocurrency market.
An Ethereum ETF is an exchange-traded fund that tracks the price of Ethereum, the second-largest cryptocurrency in the world. Approval of an Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) would be a major milestone for the cryptocurrency market, as it would open the door for institutional investors, such as pension funds and insurers, to invest in Ethereum in a more convenient and accessible way.
"The filing of the iShares Ethereum Trust is a significant sign that BlackRock is considering launching an Ethereum ETF," said Eric Balchunas, an ETF analyst at Bloomberg. "BlackRock is a large and respected company, and its interest in an Ethereum ETF suggests that the cryptocurrency is gaining acceptance among institutional investors."
However, it is important to note that the SEC has not yet made a decision on the Ethereum ETF applications that are currently under review. The filing of the iShares Ethereum Trust does not guarantee approval of an Ethereum ETF.
"It will be interesting to see how this situation develops in the coming days and weeks," Balchunas said. "But the filing of the iShares Ethereum Trust is a positive sign for the cryptocurrency market."