ETH Soars to $2K as BlackRock Signals Possible Ethereum ETF Filing

BlackRock may be preparing to launch an ethereum (eth) spot ETF amid strong confidence that its bitcoin (btc) spot ETF application is all but certain, a new company filing suggests.

eth price has soared 8% on the day to $2,020.

• As shown Per @SummersThings on Twitter, BlackRock registered a corporation called “iShares ethereum Trust” in Delaware on Thursday.
• The name sounds similar to its iShares bitcoin Trust, a spot bitcoin ETF product currently under review by regulators.
• The latter was registered in Delaware just a week before BlackRock officially filed its bitcoin ETF in June, meaning its latest ethereum Trust filing may be followed by the same.
• The June filing sent bitcoin‘s price soaring to $30,000 at the time, and inspired about a dozen rival asset managers to try their hand at similar apps, including Fidelity and Franklin Templeton.
• However, BlackRock is not the first in the ethereum ETF race: so far, names like VanEck, Ark/21Shares and Galaxy/Invesco have already filed for the same product. Similarly, Grayscale is now attempting to convert its ethereum Trust, which holds over $5 billion in eth, into a spot ETF.
• ethereum futures ETFs first hit the US market in early October, although their trading volume proved lackluster.
• Although the SEC has not approved any spot crypto ETFs to date, Bloomberg ETF analysts James Seyffart and Eric Balchunas predict that there is a 90% chance that a spot bitcoin ETF will be approved in early January .
• Balchunas noted that the price of eth skyrocketed on Thursday before news of BlackRock’s new registration became public.

• “Someone heard this news early and made quite a bit of money.” He suggested Seyffart.

• The price of btc also rose to an 18-month high of nearly $38,000 on Thursday.

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