March 27, 2024
BlackRock's Ether ETF Potential
Latest Cryptocurrency News

Lido Finance and RocketPool Governance Tokens Surge Amid BlackRock’s Ether ETF Speculation

Ether (ETH) saw a significant surge on Thursday, fueled by anticipation surrounding the potential entry of asset management giant BlackRock (BLK) into the market with an Ether exchange-traded fund (ETF). The surge in both Ethereum-based staking tokens and Coinbase shares was notable.

BlackRock Advisors registered the iShares Ethereum Trust as a corporate entity in Delaware. Reports of this filing on Thursday morning caused Ether’s value to skyrocket, reaching as high as $2,100—a level it hasn’t seen since the April Shanghai upgrade. Although it has slightly receded to $2,006, it still maintains a 6% gain for the session.

Coinbase, a prominent crypto exchange and a significant platform for ETH staking, experienced an 8% increase in its stock value at the time of reporting. Notably, Coinbase charges a 25% commission on user rewards obtained through staking.

In the wake of this news, governance tokens associated with staking platforms like Lido Finance (LDO) and RocketPool (RPL) observed a considerable upsurge, rising by 7% and 8%, respectively, in the past 24 hours, according to the data. This surge showcases the market’s response to the potential for BlackRock’s Ether ETF and the associated impacts on the crypto ecosystem.

Image by pixabay

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