Asset manager BlackRock has filed an S-1 for a spot Ethereum Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). The S-1 filing is a registration statement filed by an entity with the commission. The BlackRock Ethereum ETF, named the iShares Ethereum Trust, is designed to “reflect generally the performance of the price of Ether,” according to the S-1 filed with the SEC.
Prior to submitting the S-1 application, BlackRock registered iShares Ethereum Trust as a corporate entity in Delaware. The filing process for the Spot ETF involves two steps: obtaining SEC approval from the Trading and Markets division for its 19b-4 filing to the ETF issuer and seeking approval from the Corporate Finance division for its S-1 filing.
Further, the firm had filed for a spot Bitcoin ETF about six months before its recent move. Additionally, Nasdaq submitted BlackRock’s proposed Ethereum spot ETF application to the SEC before the S-1 form application. Waiting in line to provide liquidity for BlackRock’s spot bitcoin exchange-traded fund pending regulatory approval, including Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading.
Notably, the BlackRock iShares brand covers the firm’s ETF products; iShares Bitcoin Trust and iShares Ethereum Trust for Bitcoin (BTC) Trust and Ether (ETH) Trust respectively.
The recent ETF move highlights the increasing interest of institutions in the crypto market, which in turn boosts positive sentiments among the crypto audience. The announcement of the ETF had a significant impact on the market, resulting in a 2% surge in Ether (ETH) as soon as the application became public.
Notably, BlackRock and other institutions such as Grayscale have been actively advocating for an ETF. Although some institutions have faced rejections from the SEC, entities like BlackRock are determined to push forward with their ETF initiative.
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