Big Moves in the Crypto World
In a surprising twist that could shake up the investment landscape, BlackRock, the financial behemoth with a jaw-dropping $9 trillion in assets under management, has registered an Ethereum trust in Delaware. This might just be the foot-in-the-door moment for a spot Ether (ETH) exchange-traded fund (ETF)—and let’s face it, everyone loves a good financial plot twist.
The History of BlackRock and Crypto
This latest endeavor comes hot on the heels of BlackRock’s registration of a Bitcoin (BTC) trust back in June, just before they made headlines with their ETF application for Bitcoin. It seems BlackRock is taking a page out of the “Who doesn’t love cryptos?” playbook and diving deeper into the Ethereum pool.
The Formalities of the New Trust
Registered under the name iShares Ethereum Trust, this entity is officially recognized by the Delaware Division of Corporations as of November 9. The man behind the curtain, Daniel Schweiger, a managing director at BlackRock, is the designated agent. We can only hope he’s got a good supply of coffee handy—because this ride is just getting started!
The SEC and Its Waiting Game
The road to a spot Ether ETF isn’t paved with rainbows and sunshine, though. Previous attempts have been met with the SEC’s tough love. Various applications—including those from ARK 21Shares and VanEck—are still awaiting approval, with decisions expected by Christmas. Talk about a holiday surprise!
Market Reactions: Ethereum Climbs
And what did the market think of BlackRock’s latest move? Well, Ether surged by an impressive 6.98% almost overnight, crossing the psychological threshold of $2,000, marking its highest price since April. In a world where crypto can be fickle, this robust leap is akin to finding a forgotten ten-dollar bill in your coat pocket—a delightful surprise indeed!
Final Thoughts
While BlackRock has chosen not to comment on the situation, this move hints at a broader acceptance of cryptocurrency among institutional investors. Will this be the beginning of a new wave of crypto ETFs? Only time will tell, but if BlackRock’s track record with Bitcoin is any indicator, things could get exciting!
