Ether has witnessed substantial gains over the past 24 hours following confirmation that BlackRock has applied for a spot Ethereum ETF on Nasdaq.
BlackRock, the world’s largest asset manager, has furthered its commitment to crypto this week by filing for an ETF that holds Ethereum.
A new filing reveals the asset manager plans to list the ETF on Nasdaq, if regulatory approval from the US Securities and Exchange Committee (SEC) is granted.
Similar to its proposed spot Bitcoin ETF, the Ethereum ETF is called the iShares Ethereum Trust.
Following the news, Ether has climbed by 10% and is now trading just shy of $2,100.
This represents a 17% gain from last week and 76% from last year.
The company has named crypto exchange Coinbase as its custodian, with which it shares a surveillance sharing agreement.
A surveillance sharing agreement (SSA) is a formal agreement between market participants which facilitates the sharing of relevant data and information. It’s designed to prevent potential market manipulation, detect illicit activities, and ensure compliance with regulatory requirements.
The presence of an SSA is thought to boost the odds of winning approval.
While Ethereum Futures ETF are already trading in the market, a spot ETF marks a huge step forward in terms of institutional adoption. Futures ETFs bet on the future price of Ether, while a spot ETF will directly invest in the crypto.
There are now a total of 12 spot Bitcoin-related ETF filings, four spot Ethereum ETF filings, and seven Ether futures-related ETFs on the SEC’s docket.
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