Institutional Adoption
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Renowned financial giant BlackRock, boasting trillions of USD in assets under management, has taken a significant stride into the cryptocurrency realm.
As per WuBlockchain's tweet, BlackRock has officially lodged an application with the U.S. Securities and Exchange Commission (SEC) for an Ethereum spot exchange-traded fund (ETF).
The filing, documented as an S-1 submission on November 15, marks a pivotal move by BlackRock, following a prior application made a week ago through the Nasdaq exchange.
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The mere announcement of BlackRock's initial filing had catalyzed a surge in ETH, propelling the second-largest cryptocurrency above the $2,100 mark.
The latest revelation of BlackRock's direct submission to the SEC has reignited market optimism, prompting an immediate uptick in Ethereum's value.
Notably, the ETH/USD chart witnessed a notable surge, with a prominent green hourly candle indicating increased buying momentum. At the time of reporting, Ethereum stands at $2,079, showcasing positive momentum following the news of BlackRock's direct engagement with the SEC.
This development underlines BlackRock's growing interest in the crypto landscape, signaling a potential foray into offering mainstream investors exposure to Ethereum through an ETF.
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