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Fund management titan BlackRock officially filed for a spot Ethereum ETF (exchange-traded fund) as the race to launch crypto ETF products gathers momentum.

The $9 trillion asset manager filed for a spot Ethereum ETF after registering the iShares Ethereum Trust last week. If approved, the spot ETH ETF will list on NASDAQ.

BlackRock Driving Expectations Of Spot Crypto ETF Breakthrough

BlackRock filed for a spot Bitcoin ETF back in June, a move that fanned market expectations of an eventual breakthrough for spot crypto ETF products.

BlackRock’s interest in spot crypto ETFs has helped trigger a bull run in the crypto markets with Bitcoin and Ether up 28% and 24%, respectively, over the past month.

Bloomberg ETF analysts say there’s a 90% chance that spot Bitcoin ETF will be approved by early January, with spot ETH ETFs likely sometime after that.

Research firm Bernstein says approval of spot crypto ETFs will help crypto assets under management surge as much as 13-fold in the next five years to $650 billion.

The crypto fund management industry is on the cusp of a transformation from a “cottage industry’’ into a sector with $50 billion in revenues over the period, it says.

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