BlackRock has officially confirmed its plans to launch a spot Ether exchange-traded fund (ETF) by submitting a 19b-4 form to the United States Securities and Exchange Commission (SEC) on November 9.
The filing, made on behalf of the $9-trillion asset management firm by Nasdaq, proposes an ETF named the “iShares Ethereum Trust.” This move signifies BlackRock’s strategic expansion beyond Bitcoin in pursuit of its ETF objectives.
Prior to the formal filing, BlackRock had registered the corporate entity “iShares Ethereum Trust” in Delaware, providing the initial indication that a spot Ether ETF filing was on the horizon.
This development aligns with the growing interest among financial institutions, including BlackRock, in cryptocurrency-backed ETFs in recent months.
According to Bloomberg ETF analyst James Seyffart, there are currently several firms vying for SEC approval to launch a spot Ether ETF.
These contenders include VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex, all eager to tap into the growing demand for cryptocurrency investment products.
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In response to the news of BlackRock’s progress with the iShares Ethereum Trust, the price of Ether (ETH) experienced a significant surge, rising by 8.9% to reach $2,080.
Over the past 24 hours, ETH has gained 10.1%, as reported by CoinGecko.
This price rally has allowed Ether to regain some market dominance against Bitcoin (BTC), which had been outperforming ETH in recent months.
As a result of this positive development, ETH’s market dominance has increased to 17%, marking a 1.3% percentage point gain compared to its previous position.
The cryptocurrency market continues to witness increased interest from institutional investors and asset management firms, with BlackRock’s move into the spot Ether ETF space being a notable indication of the evolving landscape of cryptocurrency investment opportunities.
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