BlackRock Files for Ether Exchange-Traded Fund (ETF) with SEC
BlackRock, the world’s largest asset manager, has officially filed for an Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on November 15th. The ETF, named iShares Ethereum Trust, aims to reflect the performance of the price of Ether, according to the S-1 filing with the SEC. BlackRock’s iShares brand is well-known for its ETF products, including the iShares Bitcoin Trust.
The iShares Ethereum Trust has appointed Coinbase as the custodian for the underlying ETH. This move by BlackRock comes after registering the iShares Ethereum Trust with Delaware’s Division of Corporations a week prior and filing for its spot Bitcoin ETF application six months ago.
BlackRock initiated the spot Bitcoin ETF rush in 2023, demonstrating the growing interest of institutions in the crypto market. Now, it joins the list of institutions filing for a spot ETH ETF.
The Spot Ethereum ETF Rush in 2023
The rush for spot Ethereum ETFs began in early November when the SEC acknowledged Grayscale Investment’s application to convert its Ethereum trust into an ETF. Several institutional giants also filed for crypto spot ETFs during the last bull cycle, only to face rejection from the SEC, which claimed that the size of the crypto market was not big enough for a spot crypto ETF.
Market pundits and ETF analysts predict that the chances of approval for a spot Bitcoin ETF by early 2024 are as high as 90%, while approval for the spot ETH ETF might come after that.
Institutional Rush into Crypto Spot ETFs
The rush of institutions into cryptocurrency-based spot ETFs comes as the crypto market is in a recovery phase, having regained a significant chunk of lost ground from the last bear market.
As the market continues to evolve, it is crucial for investors to understand how to protect their crypto assets in a volatile market. Bitcoin OGs and experts weigh in on strategies to safeguard investments.