BlackRock, the world’s largest asset manager, has officially filed for an Ether exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF, called the iShares Ethereum Trust, aims to track the performance of the price of Ether. BlackRock previously registered the iShares Ethereum Trust with Delaware’s Division of Corporations. Coinbase will serve as the custodian for the underlying ETH. This filing comes after BlackRock initiated the spot Bitcoin ETF rush earlier this year. The SEC has recently acknowledged Grayscale Investment’s application to convert its Ethereum trust into an ETF. Approval for a spot Bitcoin ETF is predicted to be as high as 90% by early 2024. The institutional interest in cryptocurrency-based spot ETFs coincides with the recovery of the crypto market.
