Blackrock Files Application for Ethereum Spot ETF
Date: 2023-11-18 Author: Dima Zakharov Categories: BUSINESS
Blackrock's Move into Ethereum
BlackRock has submitted an application, known as "S-1," to register an Ethereum spot ETF with the U.S. Securities and Exchange Commission (SEC) on behalf of iShares.
Association with iShares
The iShares brand is affiliated with BlackRock's exchange-traded products. The S-1 filing emerged a week after BlackRock registered the iShares Ethereum Trust entity with the Delaware Department of Corporations.
Parallel with Bitcoin Initiatives
Earlier in June, BlackRock also applied to participate in the iShares Bitcoin Trust. Presently, the SEC is reviewing multiple spot ETF applications related to Bitcoin, including BlackRock's. The asset manager's Bitcoin-ETF ticker, IBTC, appeared on the Depository Trust & Clearing Corp website in August but gained attention only last month.
Negotiations and Bitcoin's Impact
Major trading firms like Jane Street, Virtu Financial, and Jump Trading are in talks to provide liquidity to the proposed BlackRock spot Bitcoin ETF if regulatory approval is granted.
Bitcoin's price surge over the past month has been fueled by the anticipation of a spot Bitcoin ETF approval. Earlier this month, BlackRock CEO Larry Fink highlighted the Bitcoin price surge, stemming from false news suggesting the approval of their spot ETF, as an example of strong cryptocurrency interest.
