ETH Breaks Above $2k as BlackRock Files for Spot Ethereum ETF

• According to CoinMarketCap, ETH is trading at $2023, up 6.93% as of this writing.
• The filing (iShares Ethereum Trust) was submitted at the Delaware Department of State.

BlackRock Inc., a trillion dollar asset manager, has once again prompted widespread market optimism with a filing that may be a prelude to the company’s first Ethereum spot Exchange Traded Fund (ETF) product’s formal application to debut.

The newest filing, known as the iShares Ethereum Trust, was submitted to the Division of Corporations at the Delaware Department of State. Experts believe that this may prompt the company to submit a formal application to the U.S SEC in the coming days, despite the fact that it is not an active ETF filing.

All Eyes on U.S SEC

With the filing to form the iShares Bitcoin Trust earlier this year, BlackRock increased its commitment to the cryptocurrency market. The company’s current action for its iShares Ethereum Trust follows this filing at the moment.

BlackRock is a major player in the financial sector, and its filing of the Bitcoin spot ETF sparked a wave of similar applications from other companies including Fidelity Investments and VanEck. With this Ethereum ETF, a similar pattern of behavior is possible.

BlackRock has progressed in its pursuit of a Bitcoin spot ETF, having resubmitted its proposal many times to include SEC objections. The financial giant’s entry into the Bitcoin ETF market has bolstered the expectation that the product would eventually be approved, even though no such permission has yet been granted.

BlackRock’s registration of an Ethereum exchange-traded fund (ETF) has sent shockwaves across the market at large and propelled Ethereum to unprecedented heights. According to CoinMarketCap, ETH is trading at $2023, up 6.93% as of this writing, with price breaking above the $2,000 barrier for the first time since mid-July. Moreover, the trading volume is up 180.77%.

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