BlackRock has officially registered the iShares Ethereum Trust in Delaware in a strategic move mirroring their previous Bitcoin venture. It is a signal of the initial steps towards filing a spot Ether ETF.
This is exactly the way iShares Bitcoin Trust was registered a week before Blackrock filed for the spot-Bitcoin ETF.
Blackrock’s ETF trend
With this news the crypto market is anticipating various asset management firms walk on BlackRock’s path. Invesco, VanEck, Wisdomtree, Fidelity, and ARK Invest have all thrown their hats into the ETF ring. They submitted spot ETF applications to the SEC. They hopeto capitalize on the success witnessed after the announcement of BlackRock’s Bitcoin ETF.
After BlackRock’s Bitcoin ETF announcement triggered significant movements in the Bitcoin market, attracting a wave of investors and whales.
This momentum has spilled over into the Ethereum space, with several entities now vying for SEC approval for Ethereum (ETH) futures-based ETFs. The pack is lead by Volatility Shares. They made the first move by filing on for an Ethereum ETF on July 28.
The race intensified within 24 hours. Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF all entering the competitive landscape.
SEC is delaying approval of the ETFs
Despite numerous calls to approve the ETF:, the SEC has yet to greenlight any applications. Ethereum futures contracts, add an extra layer of uncertainty to the this drama.
Industry experts speculate on the potential impact of SEC approvals foreseeing a seismic shift in both the Bitcoin and Ethereum landscapes. In fact, recently when a rumour broke out regarding Blackrock’s ETF being approved, Bitcoin’s price quickly reacted with a $1000 up move from $27,944 to a high of $29,397.