BlackRock Inc, the world’s largest asset management firm has officially applied to list an Ethereum spot Exchange Traded Fund (ETF).
According to a Form S-1 filing lodged with the Securities and Exchange Commission (SEC), BlackRock filed the Ethereum spot ETF dubbed “iShares Ethereum Trust” on November 15. As highlighted, the company said iShares Delaware Trust Sponsor LLC is sponsoring the Ethereum spot ETF product.
BlackRock’s Ethereum ETF Push No Longer a Myth
For the better part of this month, conversations about BlackRock’s Ethereum ETF remained at the forefront of discussions on crypto X. The firm first showed its interest as early as November 10 with the filing of the form 19b-4 with the SEC.
The firm’s registration of the ETF with the Delaware Department of State Division of Corporations preceded this official filing with the SEC. The official filing from BlackRock finally proves the Ethereum spot ETF push is not a myth.
The proposed iShares Ethereum Trust will track the price of Ethereum and if approved, the plan is to get it listed on the Nasdaq Stock Market. The asset manager labeled Coinbase Custody Trust Company as its trusted partner to safeguard the Ethereum holdings.
This responsibility builds on the relationship between BlackRock and Coinbase which dates back to August 2022. At the time, BlackRock unveiled plans to help its institutional clients gain exposure to Bitcoin (BTC) through Coinbase.
Moreover, BlackRock named CF Benchmarks, a Kraken outfit as the reference provider for the Ethereum spot ETF.
BlackRock and its Eclectic ETF Journey
BlackRock first surprised the world when it announced it applied for the iShares Bitcoin Trust, its flagship Bitcoin spot ETF product. This unprecedented move by BlackRock inspired other asset managers to file their applications for the product.
Today, about 12 Bitcoin spot ETF applications from BlackRock, Fidelity Investments, VanEck, and Bitwise are awaiting feedback from the SEC. Beyond the Bitcoin and Ethereum spot ETF, the crypto ecosystem went on a rampage when a hoax XRP spot ETF filing, fraudulently linked to BlackRock, made the news.
With authorities currently investigating the filing, the market has recovered from the rout the controversy stirred. The Ethereum filing confirmation has seen the crypto jump 0.56% to $2,028.60 with trading volume up 2.3% to $13,890,646,881. ETH now aims to recover the $2,100 price territory.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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