BlackRock’s iShares Ethereum Trust (ETHA) has shattered expectations once again, rocketing past $10 billion in assets under management in a mere 72 days since its explosive relaunch phase in late August 2025. This blistering pace not only underscores Ethereum’s surging appeal to institutional investors but also cements BlackRock’s dominance in the crypto ETF arena, where traditional finance meets blockchain at warp speed.
Launched amid the 2024 spot Ethereum ETF frenzy, ETHA quickly became a go-to vehicle for Wall Street whales seeking regulated exposure to ETH without the headaches of direct custody. But this latest milestone—achieved on November 11, 2025—marks a new chapter. From zero to $10 billion in under three months? That’s not just growth; it’s a gravitational pull. Bloomberg ETF analyst Eric Balchunas hailed it as “the fastest Ethereum ETF ramp-up yet,” noting that ETHA doubled its prior $5 billion AUM in just 10 days during the initial surge, only to accelerate further as ETH prices climbed 27 percent to hover near $4,000.
What fueled this velocity? A perfect storm of regulatory tailwinds, market momentum, and BlackRock’s unmatched distribution muscle. The U.S. Securities and Exchange Commission (SEC) greenlit staking for Ethereum ETFs in early September, allowing funds like ETHA to generate yields of 3-5 percent annually by locking up holdings. BlackRock wasted no time filing amendments, turning ETHA into a passive income powerhouse that rivals high-yield bonds. “This isn’t speculation anymore—it’s infrastructure,” said Nate Geraci, ETF Store president, in a recent X thread. “Institutions see Ethereum as the settlement layer for tokenized assets, and ETHA is the on-ramp.”
Inflows tell the tale. Spot Ethereum ETFs collectively pulled in $8.7 billion in their first year post-launch, with ETHA commanding over 40 percent of that pie—nearly $4.3 billion alone. July 2025 saw a 120 percent month-over-month jump to $9.3 billion across the sector, but November’s numbers eclipse it: 14 straight days of positive flows totaling $2.1 billion, per CoinDesk data. BlackRock’s edge? Its $12.5 trillion total AUM empire funnels billions from pension funds, endowments, and family offices wary of crypto’s wild west. ETHA now holds over 2.5 million ETH, making it the second-largest ETH treasury behind only Grayscale’s converted trust.
This isn’t happening in a vacuum. Ethereum’s ecosystem is firing on all cylinders: Layer-2 scaling solutions like Optimism and Arbitrum have slashed transaction fees by 90 percent, while tokenized real-world assets (RWAs) on ETH—think BlackRock’s own $500 million fund—top $10 billion in value locked. ETH’s price breakout eyes $4,500 by year-end, analysts predict, buoyed by these ETF inflows outpacing even Bitcoin’s in Q3. BlackRock’s Bitcoin sibling, iShares Bitcoin Trust (IBIT), nears $100 billion AUM after 435 days, but ETHA’s 72-day sprint to $10 billion flips the script: Ethereum is no longer BTC’s shadow—it’s the contender.
Challenges linger, of course. Grayscale’s Ethereum Trust (ETHE) continues bleeding outflows, down $1.2 billion year-to-date as investors rotate into lower-fee spot funds like ETHA (0.25 percent expense ratio). Macro headwinds—stubborn inflation at 0.9 percent PPI and delayed Fed cuts—could cool the rally. Yet BlackRock’s filings for ETHA staking enhancements and potential options trading signal bigger bets ahead. CEO Larry Fink, once crypto-skeptical, now calls blockchain “the next generation of infrastructure” in earnings calls.
For retail and institutional players alike, ETHA’s milestone is a clarion call: Ethereum isn’t just surviving the bear—it’s thriving. As tokenized securities explode and DeFi matures, this $10 billion benchmark feels like a launchpad, not a peak. BlackRock isn’t just managing assets; it’s architecting the bridge from TradFi to crypto’s multi-trillion-dollar future. Strap in—ETH’s ascent has only just begun.
