BlackRock has recently applied to the U.S. Securities and Exchange Commission (SEC) for an Ethereum exchange-traded fund (ETF). This move signifies BlackRock’s intention to expand its asset offerings strategically.
The proposed ETF, called the iShares Ethereum Trust, seeks to replicate the price movement of ether as stated in Form S 1 submitted to the SEC.
The SEC is reviewing several spot bitcoin ETF applications, including BlackRock’s. The proposed bitcoin ETF, under the ticker IBTC, has been listed on the Depository Trust & Clearing Corp’s website since August, attracting attention in the investment community.
BlackRock’s move into Ethereum could have significant implications for the broader crypto market. Major trading firms, such as Jane Street, Virtu Financial, and Jump Trading, have reportedly started discussions to provide liquidity for BlackRock’s anticipated spot bitcoin ETF.
This development underlines the growing recognition of digital assets as a legitimate and valuable component of diverse investment portfolios.