BlackRock, the world’s largest asset manager, has taken the first steps toward launching an exchange-traded fund (ETF) based on the cryptocurrency ether. The company’s iShares division registered the iShares Ethereum Trust with the state of Delaware on Thursday, November 9, 2023.

This move is seen as a positive sign for the cryptocurrency industry, as it signals that BlackRock is taking the asset class seriously. BlackRock has previously been reluctant to embrace cryptocurrencies, but its recent moves suggest that the company is seeing the potential of the asset class.

The registration of the iShares Ethereum Trust is the first step in the process of launching an ether ETF. BlackRock will now need to file an application with the Securities and Exchange Commission (SEC) for approval. The SEC has not yet approved any spot ether ETFs, but it is expected to do so in the near future.

If the SEC approves BlackRock’s ETF, it would be the first spot ether ETF to launch in the United States. This would make it easier for investors to gain exposure to ether without having to purchase the asset directly.

The price of ether jumped 7% on Thursday, following news of BlackRock’s ETF filing. This suggests that investors are excited about the prospect of a spot ether ETF being launched in the United States.