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You are here: Home / News / Altcoin News / Ethereum Hits 7-Month High After BlackRock’s ETF Filing
Ethereum

Ethereum Hits 7-Month High After BlackRock’s ETF Filing

November 11, 2023 by Lipika Deka

BlackRock, renowned for its groundbreaking Bitcoin ETF, has extended its foray into the cryptocurrency market by filing for the iShares Ethereum Spot ETF. The global asset management giant formally submitted the iShares Ethereum Trust as a Delaware statutory trust with Nasdaq. Although BlackRock refrained from providing explicit details or commentary on the trust, this move is seen as a potential initial step towards seeking regulatory approval for an exchange-traded fund linked to ether, the second-largest digital token.

Ethereum
Image Credit: James Seyffart

Despite BlackRock’s silence on further plans regarding the ETF filing, the cryptocurrency market responded notably. Following this development, Ethereum [ETH] experienced a surge of approximately 11%, surpassing the $2,120 mark in the daily index. This surge marked the highest level since April 2024, reflecting a noteworthy seven-month ascent. At the time of this report, ETH is maintaining a position of around $2,123, while Bitcoin is valued at $36,705, indicating a 7% increase over the past week.

This move by BlackRock follows its decision in early June to make headlines with the launch of a spot-based Bitcoin ETF in the United States. This decision gains significance within the current cryptocurrency landscape in the United States, where regulators have yet to approve a spot Bitcoin ETF despite numerous applications.

Furthermore, BlackRock’s influence extends beyond the cryptocurrency market, as the financial giant is recognized as one of the leading fintech firms that have made substantial investments in MicroStrategy [MSTR] stocks. MicroStrategy holds the distinction of being the largest institutional holder of Bitcoin. As of the latest reports, BlackRock’s assets under management [AUM] have reached an impressive $9.5 trillion, surpassing Apple’s market capitalization of approximately $2.5 trillion.

The Race For US’ First Spot Ethereum ETF

The third quarter of the fiscal year saw BlackRock’s AUM at $9.10 trillion, a notable increase from $7.96 trillion a year earlier. The firm reported $80 billion in net inflows during the second quarter of 2023.

In the race to introduce the first-ever Ethereum ETF in the United States, BlackRock faces competition from Cathie Wood’s Ark Invest. The prominent asset management firm has filed a 19b-4 application with the Securities and Exchange Commission [SEC] for the “ARK 21Shares Ethereum ETF.” Pending SEC authorization, this innovative fund is set to trade on the Cboe BZX Exchange.

Filed Under: Altcoin News, News Tagged With: blackrock, Ethereum (ETH)

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