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BlackRock’s ETF filing helped ETH prices soar past $2,000

Ethereum BlackRock Inc., is gearing up to make a significant splash in the cryptocurrency market with the imminent launch of an exchange-traded fund (ETF) centered around Ether, the second-largest cryptocurrency. Teaming up with Nasdaq for this pioneering ETF, BlackRock has moved forward by submitting a 19b-4 form—a pivotal step in the fund launch process.This strategic
BlackRock Inc., is gearing up to make a significant splash in the cryptocurrency market with the imminent launch of an exchange-traded fund (ETF) centered around Ether, the second-largest cryptocurrency. Teaming up with Nasdaq for this pioneering ETF, BlackRock has moved forward by submitting a 19b-4 form—a pivotal step in the fund launch process.

This strategic move comes on the heels of BlackRock’s previous filing for a Bitcoin spot fund in June, which not only triggered a substantial rally in digital assets but also catalyzed other financial players to enter the burgeoning market. Notably, the company had already laid the groundwork by registering essential paperwork for the Ether-focused fund in Delaware, a move unveiled through documents available on the Delaware Department of State Division of Corporations website.

ETH price chart. Source: TradingView

Thursday’s development sent shockwaves through the market, propelling Ether’s price to a remarkable 11% surge, breaching the $2,000 threshold and attaining its highest level since April, as corroborated by data from Trading View. This milestone coincides with similar efforts by major financial players such as VanEck, Invesco, and 21Shares, who have also filed for spot-Ether ETFs.

NFT Builds Web3 Analyst & Author Wasif Shakir expressed his anticipation, stating:

“Many professionals were expecting this, believing it was just a matter of when, not if. The strong reputation of BlackRock in finance, especially with ETFs, is seen as a big reason why Ether’s price could go up significantly. People are optimistic about BlackRock getting involved and think it could have a positive impact on Ether’s value in the crypto market.”

Currently, there is a notable absence of trading in US ETFs directly holding Bitcoin or Ether. However, the prospect of these funds becoming available in the US market represents a noteworthy triumph for the crypto community, opening doors for a more diverse array of investors. Additionally, the allure of ETFs is further heightened by their typically lower management fees, making them an attractive proposition for retail investors.

The quest for Bitcoin ETFs, which has spanned a decade with previous attempts yielding no success, is showing signs of a changing regulatory landscape. This year, the Securities and Exchange Commission faced a setback in a case against Grayscale Investments, an asset manager seeking to convert a Bitcoin trust into an ETF.

BlackRock’s stellar track record in successfully filing and launching ETFs has fueled optimism that regulatory approval for spot-crypto funds could be on the horizon. The company’s bold entry into the crypto ETF space adds considerable momentum to the ever-evolving landscape of digital asset investment opportunities, marking a pivotal moment in the integration of traditional finance and the crypto sphere.

Wasif Shakir

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