BlackRock, the global asset management giant, has officially applied for a spot Ethereum exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). The iShares Ethereum Trust, as outlined in the submitted Form S-1 filing, aims to closely track Ethereum’s performance. BlackRock’s move signals a continued interest in bringing ETF products to U.S. investors, following a similar trend seen with Bitcoin ETFs.

The iShares Ethereum Trust entity, associated with BlackRock, was previously registered with the Delaware Department of State Division of Corporations, fueling speculation. Coinbase Custody Trust Company has been chosen as the custodian for the proposed spot Ether ETF, and the CME CF Bitcoin Reference Rate from CF Benchmarks will serve as the benchmark, mirroring the choices made for BlackRock’s proposed spot Bitcoin ETF.

The announcement saw Ethereum’s price surge by nearly 2%, reaching $2,080. Crypto markets have been particularly responsive to ETF-related developments, especially after recent court rulings challenging the SEC’s rejection of spot cryptocurrency ETF applications. These rulings have generated optimism in the market, heightening expectations for potential ETF approvals.

A notable incident occurred earlier when a fake registration for an iShares ETF linked to XRP caused a 10% surge in the cryptocurrency’s price. Despite initial speculations connecting it to BlackRock, the entity “iShares XRP Trust” was disclaimed by BlackRock, leading to an investigation by the Delaware Department of Justice.

As the SEC actively reviews various applications for spot Bitcoin ETFs, including one from BlackRock, the anticipation of approval has influenced the recent surge in Bitcoin’s price. BlackRock’s CEO, Larry Fink, highlighted the impact of false news regarding the spot ETF’s approval on Bitcoin prices, underscoring the growing interest in cryptocurrencies.