Blackrock’s plans for a spot Ether (ETH) exchange-traded fund (ETF) have now been confirmed, per a 19b-4 form filing submitted to the United States Securities and Exchange Commission on Nov. 9.
Nasdaq filed the 19b-4 form with the securities regulator on behalf of the $9-trillion asset management firm for a proposed ETF called the “iShares Ethereum Trust.”
The move signals BlackRock’s intention to expand beyond Bitcoin (BTC) with its ETF aspirations.
Earlier on Nov. 9, it emerged that BlackRock registered the corporate entity iShares Ethereum Trust in Delaware, the first hint that a spot Ether ETF filing could be imminent.
BlackRock and other financial firms have expressed interest in cryptocurrency-backed ETFs over the last few months.
Bloomberg ETF analyst James Seyffart noted that there are at least five firms in the running to win the SEC’s approval for a spot Ether ETF.
Among them are VanEck, ARK 21Shares, Invesco, Grayscale and Hashdex.
ETH spiked 8.9% to $2,080 on the news that BlackRock was moving forward its plans for an iShares Ethereum Trust and is up 10.1% over the last 24 hours, according to CoinGecko.
The price surge has helped ETH claw back some market dominance against 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.