Financial giant BlackRock registered an Ethereum trust with Delaware, according to the latest reports that surfaced. This has sparked speculation about an impending SEC application for an ETH ETF.
Independent analysts revealed BlackRock’s registration of the iShares Ethereum Trust on X (formerly Twitter). Eric Balchunas, senior ETF analyst at Bloomberg, confirmed the news himself.
BlackRock following a similar Bitcoin trust setup
Analyst “Summers” noted that BlackRock’s bitcoin trust registration preceded their recent bitcoin ETF application by just one week. This timing suggests the Ethereum trust could likewise prelude an official ETH ETF proposal soon.
BlackRock joins major contenders like VanEck in vying to establish the inaugural US Ether ETF and reap the benefits.
Ether has solidified itself as the second-largest cryptocurrency, with a rising real-world role in powering decentralized apps and services. This growing utility is driving demand for ETH access among traditional investors.
Following the news, the price of ETH surged by over 5%, according to CoinMarketCap data. Ethereum has surpassed the $2,000 level. ETH is trading at $2040 at press time, with the price showing signs of volatility.
In other ETF updates, according to ETF analyst James Seyffart, bitcoin spot ETF approval odds will sit at 90% by January 2024. He believes the SEC could approve all bitcoin ETF applications simultaneously in a brief upcoming window.
The parallel Timing suggests both bitcoin and ether ETFs face increasingly favorable prospects, albeit with the SEC’s typical opacity around crypto. BlackRock’s Ethereum Trust registration places it at the front of the ether ETF pack when regulatory winds shift.