BlackRock registers iShares Ethereum Trust for potential ETF approval

Asset management giant BlackRock has registered the iShares Ethereum Trust as a Delaware statutory trust, signalling a potential move towards seeking approval for an Ethereum-linked exchange-traded fund (ETF). Nasdaq has concurrently proposed to list and trade shares of the iShares Ethereum Trust.

The Asian trading session saw a surge in Ethereum prices, reaching $2,139, its highest since April. In contrast, Bitcoin, the leading cryptocurrency, maintained stability at $36,898, close to an 18-month high following a recent peak at $38,000.

This development mirrors BlackRock’s earlier registration of a Bitcoin trust, followed by an application for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). BlackRock has refrained from commenting on the iShares Ethereum Trust’s creation or potential ETF plans.

The cryptocurrency market has seen increased interest from ETF providers, contributing to the recent rally. However, the SEC, led by Chair Gary Gensler, has yet to approve spot Bitcoin ETFs, citing concerns about fraud and manipulation.

Prominent ETF providers, including Ark Investment Management, Invesco, and VanEck, have sought SEC approval for spot Ethereum ETFs, aligning with the industry’s push to diversify cryptocurrency investment options.