BSC News

Update: ETH Surges as BlackRock's Ethereum ETF Takes Center Stage with Nasdaq Filing

The filing, confirmed after BlackRock registered the iShares Ethereum Trust in Delaware, has influenced the Ether (ETH) market price, pushing it beyond the psychological $2000 mark.


  • BlackRock has filed for the creation of an Ethereum Exchange-Traded Fund (ETF) named "iShares Ethereum Trust," following its ongoing efforts with a Bitcoin ETF.
  • The filing, confirmed after BlackRock registered the iShares Ethereum Trust in Delaware, has had a significant impact on Ether (ETH) market prices, driving it above $2,100.

In a strategic move affirming its dedication to the crypto industry, BlackRock has set its sights on launching an Exchange-Traded Fund (ETF) that holds Ethereum (ether), according to a Nasdaq filing. This follows BlackRock's ongoing efforts to launch a bitcoin ETF, a development that has set the stage for Bitcoin’s (BTC) price surge in recent weeks. 

The new plan, as disclosed by Nasdaq, involves the creation of the "iShares Ethereum Trust," BlackRock's ETF division. The filing indicates that crypto exchange Coinbase, will act as the custodian for the ether held within the proposed ETF. Notably, an unidentified third party is expected to oversee the management of cash associated with the fund.

Prior to the filing, BlackRock’s iShares Ethereum Trust was confirmed registered in Delaware, in what would be a first step. 

ETH Price Reacts

The news significantly impacted ETH's market value, driving its price beyond $2,100. This represents a surge of over 10% from yesterday's low of $1,882. At present, Ether (ETH), the second-largest cryptocurrency by market capitalization, is being traded at a price of $2,099.

The ETF's listing on Nasdaq is subject to regulatory approval.

BlackRock appears well-prepared for potential regulatory scrutiny, having established a market-surveillance pact with Coinbase. This collaboration aligns with the growing importance of surveillance-sharing agreements in gaining approval from the U.S. Securities and Exchange Commission (SEC) for crypto-related ETFs.

Addressing potential objections, the filing stressed BlackRock's confidence in the effectiveness of surveillance, citing the correlation between CME Group's ether futures prices and spot ETH prices. The document underscored that the SEC's approval of ETH futures ETFs, based on surveillance capabilities, implies a similar nod for spot ETH ETPs.

Related News