BlackRock submits application for Ethereum Spot ETF

The world's largest asset manager has filed an Ethereum ETF. Now it's the turn of the U.S. Securities and Exchange Commission.

It's official: BlackRock, the world's largest asset manager, has filed an application for an Ethereum Spot ETF with the SEC. This is according to documents from the U.S. Securities and Exchange Commission. The news follows last week's announcement that BlackRock had submitted the application to the Delaware Department of State Division of Corporations. A short time later, Nasdaq confirmed the project. The ETF will be called "iShares Ethereum Trust" and is intended to "track the price movement of Ether," according to the documents.

As with the asset manager's planned Bitcoin ETF, crypto exchange Coinbase has been commissioned to manage the underlying coins. It is not yet clear whether the ether will also be used to pay dividends to ETF holders, for example.

BlackRock's application is likely to trigger a wave of further applications from asset managers such as Vanguard, Fidelity and Franklin Templeton, as has already happened with Bitcoin. The documents are currently under review by the SEC. Given the latest developments surrounding the Bitcoin ETF, the path to admission could potentially be faster.