The Nasdaq Filing Confirms BlackRock's Spot Ethereum ETF Plan

The first indication that a filing for a spot Ethereum ETF was about to happen was provided earlier in the day when BlackRock filed the corporate entity "iShares Ethereum Trust" in Delaware.

A 19b-4 form filing sent to the US Securities and Exchange Commission on November 9 confirms Blackrock's intentions to launch a spot Ethereum exchange-traded fund (ETF).

For the $9 trillion asset management company, Nasdaq submitted the 19b-4 form to the securities regulator in relation to a new ETF known as the "iShares Ethereum Trust."

With this step, BlackRock is indicating that it intends to pursue its ETF ambitions beyond Bitcoin.

On Nov. 9, it was revealed that BlackRock had filed corporate entity iShares Ethereum Trust in Delaware, the first indication that a spot Ethereum ETF registration was forthcoming.

Over the last several months, BlackRock and other financial giants have indicated interest in cryptocurrency-backed ETFs.

According to Bloomberg ETF expert James Seyffart, at least five companies are vying for the Securities and Exchange Commission's clearance for a spot in Ethereum ETF.

VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex are among them.

According to CoinGecko, ETH is up 10.1% in the last 24 hours after rising 8.9% to $2080 on reports that BlackRock is going forward with preparations for an iShares Ethereum Trust.

The price surge has helped ETH claw back some market dominance against Bitcoin (BTC), which has outperformed ETH in recent months.

ETH’s market dominance now sits at 17%, up 1.3% percentage points prior to the news.

Conclusion

BlackRock's filing for an Ethereum ETF on Nasdaq marks a significant moment for both the cryptocurrency and traditional investment spaces. If approved, the ETF would provide mainstream investors with a more accessible and regulated entry point into the world of Ethereum, potentially opening the floodgates for increased institutional participation in the cryptocurrency market.