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BlackRock submits S-1 form to SEC for spot Ether ETF

BlackRock submits S-1 form to SEC for spot Ether ETF

BlackRock, the behemoth of asset management, has made a bold move in the world of cryptocurrency. In a daring display of financial bravado, they have filed for an Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). This ETF, known as the iShares Ethereum Trust, aims to mirror the performance of the price of Ether, the digital currency of the Ethereum network.

This audacious move by BlackRock comes hot on the heels of their registration of the iShares Ethereum Trust with Delaware’s Division of Corporations. It seems that BlackRock is determined to make its mark in the world of cryptocurrency, following their previous filing for a Bitcoin ETF earlier this year.

The iShares brand, synonymous with BlackRock’s ETF products, has appointed Coinbase as the custodian for the underlying Ether. This strategic partnership further solidifies BlackRock’s commitment to the success of their Ether ETF.

It is worth noting that BlackRock is not alone in this venture. They join a growing list of institutional giants who have filed for spot ETFs in the crypto market. However, it is important to remember that previous attempts by these institutions have been met with rejection from the SEC, citing concerns about the size of the crypto market.

Despite these challenges, market pundits and ETF analysts are optimistic about the chances of approval for a spot Bitcoin ETF in early 2024, with approval for a spot Ether ETF potentially following suit. This optimism is fueled by the recovering state of the crypto market, which has regained significant ground since the last bear market.

In summary:

– BlackRock has filed for an Ether ETF with the SEC, known as the iShares Ethereum Trust.

– The trust aims to mirror the performance of the price of Ether.

– Coinbase has been appointed as the custodian for the underlying Ether.

– BlackRock’s move follows their previous filing for a Bitcoin ETF earlier this year.

– Other institutional giants have also filed for spot ETFs in the crypto market.

– Previous attempts have been rejected by the SEC, citing concerns about the size of the crypto market.

– Market pundits and ETF analysts are optimistic about the chances of approval for a spot Bitcoin ETF in early 2024, with approval for a spot Ether ETF potentially following suit.

– The recovering state of the crypto market has fueled this optimism.

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