In a filing through Nasdaq, the world’s largest asset manager revealed its plans to create an ETF that holds Ethereum’s ether token (ETH), bolstering its cryptocurrency strategy.
BlackRock has already created a corporate entity in keeping with the asset manager’s ETF division, titled ‘iShares Ethereum Trust,’ which is registered in Delaware.
In response to the news, ETH’s price jumped to its daily high of $2,100, reaching a six month high.
In June 2023, BlackRock applied to the SEC for permission to launch a spot Bitcoin ETF. To date, the regulator has yet to approve a spot ETF linked to a cryptocurrency. This is in keeping with its cautious approach to the crypto market. However, Coin Telegraph reports that the SEC could approve all 12 of the pending applications for spot Bitcoin ETFs in the next eight days.