BlackRock, the world’s leading asset manager, has filed a formal application with the United States Securities and Exchange Commission (SEC) for a spot Ethereum exchange-traded fund (ETF). Here are the details…
Ethereum step from BlackRock: Application arrived
BlackRock has made a significant move in the cryptocurrency space for the leading altcoin Ethereum. Because it came to the agenda with an application to the SEC. The ETF, called iShares Ethereum Trust, aims to track the performance of the price of ETH, according to a Form S-1 recently filed by iShares, a brand associated with BlackRock’s exchange-traded fund products. The move comes after BlackRock registered its iShares Ethereum Trust with the Delaware State Division of Corporations a week ago. Nasdaq’s subsequent filing for the proposed ETF further solidifies BlackRock’s commitment to offering a spot ether ETF.
It was noteworthy that BlackRock applied for the iShares Bitcoin Trust earlier this year in June. This development had a significant impact on the markets. The SEC is currently reviewing several spot Bitcoin ETF applications, including one from BlackRock. The asset manager’s Bitcoin ETF ticker, IBTC, has been listed on Depository Trust & Clearing Corp’s website since August and only came into the spotlight last month.
Crypto interest has skyrocketed
The crypto community is closely monitoring developments as the potential approval of a spot Bitcoin ETF could be a catalyst for further market growth. Major trading firms such as Jane Street, Virtu Financial and Jump Trading are reportedly in talks to provide liquidity for BlackRock’s proposed spot Bitcoin ETF and are awaiting regulatory approval.
Anticipation of spot Bitcoin ETF approval has already impacted Bitcoin’s price, and it has experienced a rally over the past month. BlackRock CEO Larry Fink highlighted the market’s interest in the cryptocurrency, citing the recent rally triggered by a false news report claiming that its spot ETF had been approved. Fink stated that this incident is an example of “pent-up interest in crypto.”
Cryptocurrencies stand out in traditional finance
As BlackRock continues to navigate the regulatory landscape, filings for both Ethereum and Bitcoin ETFs underscore the growing institutional interest and acceptance of cryptocurrencies in traditional finance. The outcome of these filings could potentially shape the future landscape of crypto investment products. Investors and enthusiasts are eagerly awaiting updates from the SEC and BlackRock regarding the fate of these innovative investment vehicles.
Targets Have Been Set for These 4 Altcoins: They Are Ready to Explode!At the time of writing, ETH is changing hands at $2,070, an increase of 2.9 percent. So the cryptocurrency has gained a slight momentum with the BlackRock news.
