Kenne Michael 
BlackRock Inc., an asset manager, has once more incited a euphoric market sentiment with a filing that potentially portends an official application to introduce its inaugural Ethereum spot Exchange Traded Fund (ETF) product.
BlackRock Ethereum ETF
The most recent registration called the iShares Ethereum Trust, was filed with the Division of Corporations of the Delaware Department of State.
Although this still needs to be filed as an active ETF, analysts anticipate that it will eventually compel the firm to file an official application with the Securities and Exchange Commission of the United States in the coming days.
BlackRock, which has more than $10 trillion in Assets Under Management (AUM), filed to establish the iShares Bitcoin Trust earlier this year, thereby intensifying its foray into cryptocurrencies.
The firm’s current action regarding its iShares Ethereum Trust occurred before this filing at the time.
Significantly, BlackRock is a prominent entity in the financial sector, and its adoption of the Bitcoin spot ETF incited a deluge of applications from other firms, including VanEck and Fidelity Investments.
A comparable pattern could manifest itself in the context of this Ethereum ETF.
BlackRock has made progress in establishing a Bitcoin spot ETF by iteratively refiling the application to incorporate the SEC’s feedback.
Prior to this month’s report, the asset manager reportedly even seeded the product.
Despite the absence of official approval for any Bitcoin ETF product, BlackRock’s participation in the race has increased optimism that approval is imminent rather than speculative.
Ethereum Price Leaps Expectedly
The registration of the BlackRock Ethereum ETF has caused significant market repercussions, with Ethereum reaching new heights.
As of the time of writing, the value of the digital currency has increased by 6.05%, with ETH for the first time since mid-July surpassing the $2,000 resistance level.
Ethereum is now on par with Bitcoin as an asset that institutional investors can readily adopt in the long run, should the official ETF be authorized, which bodes well for the cryptocurrency’s future prospects in the ETF craze.
BlackRock will not be the first major player to approach the SEC regarding the exchange of its Ethereum Trust for a spot Ethereum ETF product; Grayscale Investments and other major players have already done so.