The price of Ether (ETH), the cryptocurrency fueling the Ethereum blockchain, is experiencing a notable surge on Thursday following the announcement that BlackRock, the U.S.-based asset management giant, has registered the iShares Ethereum Trust in Delaware.
As the world’s largest asset manager, overseeing over $8.5 trillion in investor funds, BlackRock’s move is reminiscent of its strategy with Bitcoin. The company registered its iShares Bitcoin Trust seven days before applying for its spot Bitcoin ETF in June.
Analysts are now speculating that BlackRock might be gearing up to file a new spot Ether ETF application, potentially triggering a wave of similar applications from other major asset managers. This development reflects a growing interest from institutional investors in expanding their offerings to include Ethereum-related investment products.
As of the latest update, Ether (ETH) is trading around $2,040, marking its highest level since April. Concurrently, Bitcoin has reached its highest levels of the year, nearing $38,000 on Thursday. Bitcoin has witnessed a remarkable 50% increase since mid-October, largely fueled by optimism regarding the potential approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).
While Ether has experienced a more modest 33% increase from its mid-October lows and is still below its earlier yearly highs, there is potential for it to play catch-up to Bitcoin. Analysts suggest that Ether could surpass its earlier yearly highs, which were just under $2,150, as it continues to demonstrate strength in its recent upward movement.