Giant fund manager already planned to launch Ethereum spot ETF in the near future, despite its Bitcoin spot ETF being in the queue to get legal approval from the American regulators.
BlackRock is American multinational investment company based in New York City. This financial company was founded in 1998 and currently, this company is a top fund manager with over $9.42 trillion in assets under management as of Q2 of this year.
In the latest filing by the Nasdaq, BlackRock’s Ethereum spot ETF product plan was revealed. The company mentioned that BlackRock seeks to launch an Ethereum investment vehicle.
On 9 Nov 2023, The crypto community came to know about BlackRock’s “iShares Ethereum Trust” product that had been registered in the state of Delaware; iShares is the name of BlackRock’s ETF division.
Following this news, the trade price of Ethereum (ETH) coin surged by nearly 7% within 1 hour on the same day. The current trade price is 9.6% higher over the last 24 hours trade price.
BlackRock’s Bitcoin spot ETF
In the mid of this year, BlackRock grabbed huge attention in the crypto sector because of its Bitcoin spot ETF application with the United States Securities and Exchange Commission (SEC).
So far to date, BlackRock’s Bitcoin spot ETF product is in the queue to get regulatory approval from the SEC body, along with other 11 similar applications by other firms.
As per an analysis by the ETF experts, the SEC body will green signal the Bitcoin spoETF applications in the next 3 months.
However, Bitcoin halving is the biggest factor for Bitcoin to show a big rally in 2024 but this year credit for the pump in the trade price of Bitcoin goes to BlackRock.
Some Bitcoin proponents believe that the approval of Bitcoin ETF will only prohibit the price increment of Bitcoin inorganically and people will not see big really, just like the growth happening with Gold and silver like assets investment.
Read also: Grayscale is in talks with the SEC for Bitcoin spot ETF approval