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The Ethereum price soared past $2,000 after a Nasdaq filing revealed fund management titan BlackRock is seeking approval for a spot Ethereum exchange-traded fund (ETF).

The world’s largest fund manager, which has assets under management of about $9.1 trillion, plans to list the Ethereum product on Nasdaq, according to the filing.

US-based crypto exchange Coinbase will be the custodian for the ETH held by the product. BlackRock also named Coinbase as its custodian in its application for its spot Bitcoin ETF.

Ethereum is trading at $2,099 at 04:27 EST after surging almost 10% after the news.

On November 9, BlackRock registered the iShares Ethereum Trust corporate entity in Delaware, hinting at an Ethereum ETF application.

BlackRock’s Ethereum ETF filing is not the first. Ark 21Shares, Grayscale, Hashdex, Invesco, and VanEck have all submitted similar filings. They await approval from the US Securities and Exchange Commission (SEC).

BlackRock Counters Possible SEC Objection To Filing

The filing also appears to address possible objections the SEC might have. It noted that the prices of ETH futures listed on CME Group correspond to Ether’s spot price.

“Given that the Commission has approved ETFs that offer exposure to ETH futures, which themselves are priced based on the underlying spot ETH market, the Sponsor believes that the Commission must also approve ETPs that offer exposure to spot ETH, like the Trust,” the filing states, using the acronym for exchange-traded products..

Pressure Intensifies For SEC to Approve A Spot Crypto ETF

The SEC is under pressure to approve a spot crypto ETF. BlackRock has filed an application for a spot Bitcoin ETF that awaits approval, and that was listed on the Depository Trust & Clearing Corporation (DTCC) site in August.

Grayscale is also reportedly in talks with the SEC to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Grayscale sued the SEC and secured a landmark victory after the regulator turned down its application.

The US securities regulator also faces scrutiny from US legislators accusing it of overreach. Some legislators called for a comprehensive crypto regulatory framework after the commission lost its case against Grayscale.

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