2023-11-10 09:03:36 ET
%BlackRock (NYSE: BLK), the world's largest money manager, is reportedly planning to apply with U.S. regulators to launch an %Ethereum () exchange-traded fund (ETF).
BlackRock (NYSE: ) has registered an Ethereum Trust with regulators, a similar step to one the company took before applying to launch a %BitcoinETF earlier this year.
The investment company is the world leader in ETFs with more than $2.3 trillion U.S. in assets under management.
The U.S. Securities and Exchange Commission (SEC) is currently considering BlackRock’s Bitcoin ETF application, along with 11 others it has received from investment firms ranging from Fidelity to Grayscale.
The SEC is expected to decide on whether to approve Bitcoin ETFs shortly. Analysts speculate that if the SEC does allow Bitcoin ETFs, then Ethereum funds would likely follow.
Ethereum is the second largest cryptocurrency by market capitalization.
News that BlackRock is preparing to apply for an Ethereum ETF sent the cryptocurrency’s price up 7%, pushing it above $2,000 U.S. for the first time since April of this year.
Ethereum’s price has now risen 74% on the year.