BlackRock filing spurs Ether rally as ETF bets fire up crypto
BlackRock Inc. is looking to launch an exchange-traded fund that would be centered on Ether, helping to spur a rally in the second-largest cryptocurrency.
Nasdaq, the exchange that BlackRock is working with on the ETF, on Thursday submitted what’s known as a 19b-4 form, marking the next step in the process to get such a fund launched. The Wall Street behemoth had earlier registered paperwork in Delaware for the fund, according to documents posted to the Delaware Department of State Division of Corporations website.
The move marks BlackRock’s second major foray into crypto-centric ETFs after it filed for a Bitcoin spot fund in June. That application helped spur a rally for digital assets and lured other issuers into getting into the race.
The price of Ether rose as much as 11% on Thursday, crossing above $2,000 and hitting the highest level since April, data compiled by Bloomberg show. VanEck, Invesco, 21Shares and others have filings for spot-Ether ETFs as well.
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View Details»“This was fully expected in my eyes and was just a matter of when, not if,” said Bloomberg Intelligence analyst James Seyffart. “But BlackRock’s name is obviously huge and just seeing this registration in Delaware sent Ether prices skyrocketing.”
BlackRock declined to comment.
There is currently no trading in US ETFs that directly hold Bitcoin or Ether, though a number of companies are attempting to get them off the ground. For the crypto
