BlackRock (NYSE:BLK), the world's largest asset manager, has registered the iShares Ethereum Trust in Delaware on Thursday, mirroring its earlier registration of the iShares Bitcoin Trust. This move comes as the industry anticipates the approval of a Bitcoin ETF, potentially positioning Ethereum as an institutional investment asset.
Today's registration sparked a 6% surge in Ethereum's price to $2,010. This is reminiscent of BlackRock's previous Bitcoin Trust registration that led to a significant increase in Bitcoin's price to $30,000 and inspired similar moves from Fidelity and Franklin Templeton.
The Securities and Exchange Commission's (SEC) history of delaying Bitcoin ETFs adds an element of uncertainty to Ethereum's future. Despite this, BlackRock's entry into the market and Grayscale’s recent court victory are significant events that could pave the way for Ethereum ETFs.
Competition in the crypto space is heating up with entities such as VanEck, Ark/ 21Shares, Galaxy/ Invesco, and Grayscale's $5 billion Ethereum Trust also pursuing Ethereum ETFs. Despite no spot crypto ETFs being approved yet and the lukewarm performance of Ethereum futures ETFs, Bloomberg analysts Eric Balchunas and James Seyffart predict a Bitcoin ETF approval by January.
The crypto community is now eagerly awaiting the SEC's decision on pending rule changes and BlackRock's Ethereum Trust approval. Amid these developments, Ethereum's price surge beyond $2k underscores the growing integration of traditional finance and digital assets.
An early news leak regarding BlackRock's registration may have influenced this price surge. As these events unfold, they mark a pivotal moment in the fusion of conventional financial systems with digital assets.
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