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BlackRock files for a spot Ethereum ETF with SEC

BlackRock files for a spot Ethereum ETF with SEC

BlackRock Inc. (NYSE: BLK), the world’s largest asset manager, has formally submitted an Ethereum (ETH) exchange-traded fund (ETF) application to the United States Securities and Exchange Commission (SEC).

The ETF, named iShares Ethereum Trust, aims to “generally reflect the performance of the price of ether,” as stated in the Form S-1 filed with the SEC by iShares on Wednesday, November 15. The iShares brand is affiliated with BlackRock’s suite of ETF products.

This filing follows BlackRock’s registration of the iShares Ethereum Trust entity with the Delaware Department of State Division of Corporations a week prior, for which there was a dispute on social media about whether it was real or fake, which led to a brief surge in XRP’s price. Shortly after Nasdaq submitted the proposed ETF, it confirmed that BlackRock is actively developing a spot ether ETF.

Previous ETF developments 

In June of this year, BlackRock applied to the iShares Bitcoin (BTC) Trust, significantly influencing market dynamics. The SEC is actively reviewing various applications for spot ETFs of this crypto, including one from BlackRock. While the asset manager’s BTC ETF ticker, IBTC, has been listed on the Depository Trust & Clearing Corp’s website since August, it gained notice only in the latter part of last month.

Major trading firms, including Jane Street, Virtu Financial, and Jump Trading, are reportedly engaged in discussions to offer liquidity for BlackRock’s proposed spot should it receive regulatory approval. The anticipation of approval for a spot in Bitcoin ETF has contributed to a recent surge in Bitcoin’s price. 

The company’s move into Ethereum indicates a growing interest in digital assets beyond BTC. Throughout history, ETFs have consistently drawn significant investments, offering a convenient entry point and streamlining asset acquisition for institutional players instead of their holdings’ self-custody.

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