Yahoo Finance Ether spikes 10% to its highest level in 6 months as BlackRock files for a spot ETF backed by the crypto
Ether jumped 10% to a six-month high before paring some of those gains on Friday.
BlackRock, the $8.5 trillion asset manager, filed for a spot ether ETF on the Nasdaq exchange.
On Thursday, reports emerged BlackRock had registered the corporate entity "iShares Ethereum Trust."
Ether, the world's second largest cryptocurrency by market cap, surged as much as 10% to hit a six-month high before paring some of its gains Friday.
The ethereum-based token hovered at $2,076 around 9:00 a.m. in New York, up about 2.5%. Over the past five days, it has gained 10.5%, putting its monthly advance at 33.4%.
The latest price jump followed Thursday's development that BlackRock, a $8.5 trillion asset manager, had filed for a spot ether ETF with the Nasdaq exchange.
Reports emerged that BlackRock also registered a corporate entity in Delaware called "iShares Ethereum Trust," with iShares being the name of the company's ETF division.
Like bitcoin, ether has had a banner year in 2023, gaining 74%. Both tokens have skyrocketed on optimism over renewed institutional interest as players like Grayscale, Fidelity, BlackRock have already applied for a spot bitcoin ETF.
"If act one is a spot Bitcoin ETF, then act two is a spot Ethereum ETF," Diogo Mónica, co-founder of crypto firm Anchorage Digital, said in emailed comments. "A spot Ethereum ETF would have a similar impact as a Bitcoin counterpart, providing a regulated and accessible wrapper for institutions and consumers to participate in the ETH ecosystem. But Ethereum adds an extra layer of intrigue as a proof-of-stake asset, which means underlying ETH could also be staked for additional rewards."
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