BlackRock Files Application for a Spot Ethereum ETF
BlackRock, the largest asset management company in the world, has filed an S-1 form with the US Securities and Exchange Commission (SEC) for its iShares Ethereum Trust.
This is an exchange-traded fund (ETF) focused on spot ether, the second largest cryptocurrency by market capitalization.
This decision comes after BlackRock registered the name for its Ethereum ETF last week, and Nasdaq filed a 19b-4 with the SEC seeking approval for the spot ETF. In response to the S-1 filing, the price of ether (ETH) briefly increased by nearly 2% to reach $2,080.
However, the price has since returned to its previous level.
The crypto market has been closely following updates related to ETFs, especially after recent court rulings that improved the chances of approval for spot crypto ETF applications.
A false iShares ETF registration supposedly including XRP caused the token to surge by 10%, but BlackRock later confirmed that it was not legit.
Along with other asset managers, BlackRock is currently waiting for a decision from the SEC on a spot Bitcoin ETF.