After a sleepless night, many currencies soared and the cryptocurrency circle was boiling. The world's largest and most powerful asset management company BlackRock officially submitted its first spot Ethereum (ETH) ETF application, a key move that shocked the entire circle!

BlackRock has hinted at an upcoming Ethereum ETF. The newly registered product, called iShares Ethereum Trust, has been filed with the U.S. Department of State Corporations in Delaware. While this is not a formal ETF filing, experts predict that this could ultimately prompt the company to file a formal document with the U.S. Securities and Exchange Commission in the coming days.

As a financial giant with more than $10 trillion in global assets under management, BlackRock applied to launch the iShares Bitcoin Trust earlier this year, further deepening its layout in the cryptocurrency field. Prior to this, the company was taking the current step for its iShares Ethereum Trust.

BlackRock has a significant influence in the financial field, and its exploration of Bitcoin spot ETFs has attracted the attention of related industries, including companies such as Fidelity Investments and VanEck. A similar trend may be playing out for the Ethereum ETF.

BlackRock has made some progress in pushing for a Bitcoin spot ETF, resubmitting its application several times to ensure it reflects the SEC’s feedback. The asset manager even reportedly launched the product last month despite not having received official approval. However, BlackRock’s involvement has increased optimism about approval, viewing it as a matter of when rather than if.

The chess piece has been placed, and the sword has been drawn. Regarding the price of Ethereum, the news that BlackRock registered an Ethereum ETF had an impact on the market, pushing Ethereum to a new high again. As of the time of writing, the price of Ethereum has risen by 6.05%, breaking through the $2,000 resistance level for the first time since mid-July. The rumors of an ETF are a positive sign for Ethereum. If officially approved, Ethereum will go hand in hand with Bitcoin and become an asset that is more easily accepted by institutional investors.

It is important to note that BlackRock is not the first entrant into the Ethereum ETF race, as other major players including Grayscale Investments have formally contacted the U.S. Securities and Exchange Commission with plans to transform their Ethereum Trust into a physical Ethereum ETF product.