BlackRock, the world’s leading asset manager, has taken a significant step in the cryptocurrency arena by filing for a spot Ether (ETH) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
This move, highlighting the growing interest in digital assets among major financial players, sparked a notable surge in ETH’ price, which climbed nearly 2% to reach $2,080 shortly after the announcement.
The initiative was further evidenced by the recent registration of “iShares Ethereum Trust” in Delaware, a clear nod to BlackRock’s plans given its ETF division operates under the iShares brand.
This development comes amidst a broader context where cryptocurrency prices have been particularly sensitive to ETF-related news. Recent court decisions favoring the crypto industry against the SEC’s previous rejections of spot crypto ETF applications have fueled market optimism for potential approvals.
Moreover, BlackRock’s engagement in the cryptocurrency sector is not limited to ether. The asset management giant has also been actively pursuing the listing of a bitcoin ETF. Such a move could significantly broaden the accessibility of cryptocurrencies to average investors, marking a substantial shift in the investment landscape.
The firm’s growing involvement in the crypto space reflects a dramatic change in stance from its CEO, Larry Fink. Once a skeptic of digital currencies, Fink has recently expressed a newfound support for the sector, aligning with the company’s expanding focus on these emerging asset classes.
