ETH crosses $2K as BlackRock’s Ethereum Trust filing surfaces

BlackRock has taken the initial step toward filing for a spot Ether ETF, with the iShares Ethereum Trust recently registered in Delaware.

This move is reminiscent of BlackRock’s iShares Bitcoin Trust, which was registered in a similar fashion seven days before the ETF application was filed with the U.S. Securities and Exchange Commission (SEC). In the context of an industry bristling with anticipation for the approval of a spot Bitcoin ETF, BlackRock’s move potentially signals a pivotal moment for Ethereum, shedding light on its status as a prospective asset class in institutional investment portfolios.

Despite the positive indications, it’s important to recall the precedent set by the SEC’s handling of Bitcoin ETFs. As reported by CryptoSlate in October 2023 Source, despite rumors indicating otherwise, the SEC had not approved the iShares Bitcoin ETF. The regulator had delayed its verdict on several proposed rule changes, which included applications from leading firms such as Fidelity (Wise Origin), VanEck, WisdomTree, and Invesco.

In light of this, BlackRock’s iShares Ethereum Trust registration, while a significant development, leads us into a territory of considerable uncertainty. The SEC’s previous hesitance to approve Bitcoin ETFs might cast a long shadow over BlackRock’s budding Ethereum trust, potentially heralding a new cycle of applications, approvals, delays, and rejections.

As the crypto community watches these developments with bated breath, two things have been game-changers for the industry: Grayscale’s court victory and BlackRock’s entry into the market. Ethereum ETFs, in this context, may just be the next frontier. However, for now, all eyes are trained on the SEC as the crypto industry awaits its verdict on the pending rule changes and the potential approval of BlackRock’s iShares Ethereum Trust.

While Ethereum’s recent price surge beyond the $2k mark is indeed a cause for celebration, BlackRock’s Ethereum Trust filing…