Coinbase and Staking Tokens Rally as BlackRock Eyes ETH ETF

Thursday marked the official registration of the iShares Ethereum Trust as a corporate entity in Delaware, leading to a substantial upswing in the values of ether (ETH) on liquid staking platforms and a surge in Coinbase shares. This surge was propelled by widespread anticipation that BlackRock (BLK), the prominent asset management giant, might be gearing up to file for a spot ether exchange-traded fund (ETF).

Executed by BlackRock Advisors in Delaware, the registration of the iShares Ethereum Trust triggered a significant spike in ether's price, soaring to $2,100 – its highest level since the Shanghai upgrade in April. Although it later retraced to $2,006, it still reflected a notable 6% gain for the session.

Coinbase (COIN), a major player in the cryptocurrency exchange realm with a substantial market share in ETH depositors for staking, witnessed an 8% increase at the time of reporting. It's worth highlighting that Coinbase imposes a 25% commission on user rewards derived from staking activities.

Additionally, the governance tokens of Lido Finance (LDO) and RocketPool (RPL) experienced positive movements, recording increases of 7% and 8%, respectively, over the past 24 hours. This across-the-board surge in various crypto assets underlines the prevailing optimism surrounding the potential introduction of a spot ether ETF by BlackRock.

Read More: Unraveling the Hype: Joe Kernen's Bitcoin Halving Warning Amidst BlackRock ETF Buzz