BlackRock has registered an Ethereum trust in the American state of Delaware, which is possibly a first step toward a spot Ether (ETH) exchange-traded fund (ETF).
— Eric Balchunas (@EricBalchunas) November 9, 2023
The entity has been registered by the state’s Division of Corporations with a formation date of Nov. 9. The agent registered is Daniel Schweiger at the address of BlackRock in Wilmington, DE. According to LinkedIn, Schweiger is a managing director at BlackRock. The entity is called iShares Ethereum Trust — iShares is a BlackRock brand name.
There have been several previous SEC applications for spot ETH ETFs, although none have been approved yet. The SEC delayed decisions on applications from ARK 21Shares and VanEck on Sept. 27. Those decisions are due on Dec. 25 or 26. Invesco and Galaxy Digital applied for spot ETH ETFs shortly afterward. Grayscale applied to covert its Grayscale Ethereum Trust to a spot ETF in October.
Also on Nov. 9, ARK Invest and 21Shares announced the launch of a new suite of digital asset ETFs that will invest in long-term BTC and ETH futures contracts.
BlackRock is the world’s largest asset manager with around $9 trillion in assets under management. Its spot BTC ETF is among those currently being considered by the SEC.
ETH has risen 6.98% on the news and continues to climb. It has crossed the psychologically significant $2,000 mark, reaching its highest price since April. This boost counters the coin’s recent sluggish performance.
BlackRock declined to comment in response to Cointelegraph inquiries.