Asset management giant Blackrock (NYSE:BLK) has registered to create an Ethereum trust, a possible first step toward asking regulators to approve an exchange-traded fund tied to ether, the second-largest digital token.
BlackRock registered the iShares Ethereum Trust as a Delaware statutory trust on Thursday. Nasdaq also filed a proposal Thursday to list and trade shares of the trust.
The price of ethereum was last up 9.18% at around $2,062.8, its highest level since April. Bitcoin, the largest cryptocurrency, was up 2.56% at $36,553, hovering near an 18-month high.
Earlier this year, BlackRock registered a bitcoin trust in the same way, and a week later filed with the SEC to launch a spot bitcoin ETF. BlackRock declined to comment on the creation of the trust or any plans for an ETF filing.
So far, about a dozen ETF providers have filed to create spot bitcoin ETFs or convert existing products into spot ETFs, helping fuel the cryptocurrency’s recent rally.
The U.S. Securities and Exchange Commission has so far only approved ETFs tied to futures contracts, with SEC Chairman Gary Gensler arguing that the spot bitcoin market is prone to fraud and manipulation.
Several other ETF providers that have filed for spot bitcoin ETFs have also sought SEC approval for spot ether ETFs, including Ark Investment Management, Invesco and VanEck.
