The world's largest asset manager, BlackRock, has officially filed its application to create an Ethereum exchange-traded fund, or ETF.
BlackRock, the New York-based multinational asset management and financial services company, announced on Wednesday that it is seeking approval from the Securities and Exchange Commission (SEC) to create an Ethereum spot ETF, allowing US investors to invest directly in the cryptocurrency.
La filing form s-1, for the ETF called iShares Ethereum Trust, before the SEC, makes official BlackRock's search for investment instruments that offer regulated exposure to the two main cryptocurrencies on the market: Bitcoin and Ethereum.
In June, BlackRock had filed for the iShares Bitcoin Trust, a spot Bitcoin ETF that is still awaiting SEC approval.
Ethereum price approached $2.100
Following BlackRock's presentation, the price of Ethereum soared on the market, reaching a value of $2.090, according to data consulted on CoinMarketcap.
Ethereum's rally represented an increase of almost 5% on Thursday. However, at the time of writing, the markets have adjusted and Ethereum is trading close to $2.000 per unit, registering a slight correction of 1%.
Source: CoinMarketCap
Since last week, He met that BlackRock was preparing to create a spot Ethereum ETF, registering the iShares Ethereum Trust with the Delaware Department of State's Division of Corporations and submitting a filing on behalf of Nasdaq to the SEC, in which it expressed its interest in officially creating this Ethereum investment vehicle.
BlackRock’s proposed Ethereum spot ETF also includes a co-custody partner for the fund’s ether holdings, which aligns with the asset manager’s goals outlined in its Bitcoin exchange-traded investment product.
With this filing, BlackRock is kickstarting a new movement for other players to enter the burgeoning Ethereum and cryptocurrency market. When the asset manager officially filed for a Bitcoin spot ETF with the SEC in June, it prompted other firms to file their respective applications to also create a Bitcoin ETF.
Continue reading: Everything you need to know about the BlackRock Bitcoin ETF
