Blackrock, the world’s largest asset manager, is making significant strides in the cryptocurrency space, as evidenced by its recent registration of the Ishares Ethereum Trust with Delaware’s Division of Corporations. This move, dated November 9, 2023, is a strategic step that could potentially pave the way for Blackrock to launch a spot Ethereum exchange-traded fund (ETF) in the future.
The filing of the Ishares Ethereum Trust is a clear indicator of Blackrock’s growing interest in the cryptocurrency market. Blackrock Advisors, a part of Blackrock, is noted as the filing party in the document, which classifies the trust as statutory. This development has garnered attention in the financial and crypto communities, with Bloomberg ETF analyst James Seyffart confirming the legitimacy of the filing on social media. Seyffart noted, “Multiple people asking ‘is this real’ — yes, it’s real. An entity with this name was indeed registered in Delaware.”
The registration of the Ishares Ethereum Trust follows Blackrock’s application for a spot Bitcoin ETF submitted on June 15, 2023. While the firm awaits a decision from the U.S. Securities and Exchange Commission (SEC) on its bitcoin ETF application, this new step towards Ethereum suggests a broadening of its crypto-focused investment products.
Concurrently, Ethereum’s value experienced a significant boost, rising over 5% in just 24 hours and briefly surpassing the $2,000 mark. This increase in value was more pronounced following the spread of news regarding Blackrock’s Ethereum Trust across various social media platforms.
Blackrock’s foray into Ethereum, through the Ishares Ethereum Trust, indicates a significant institutional interest in not just Bitcoin but other major cryptocurrencies as well. While the exact intentions and future plans of Blackrock with regard to this Ethereum trust remain to be fully revealed, this move is a substantial indicator of the asset management giant’s increasing engagement with the cryptocurrency sector.
