BlackRock Seeks Spot Ethereum ETF Approval From SEC
The world’s largest investment firm, BlackRock, is requesting approval for a spot market Ethereum (ETH) exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC), following a previous application for a spot Bitcoin (BTC) ETF.
In the new filing, BlackRock, with over $8 trillion in assets under management, is seeking approval for the iShares Ethereum Trust to provide retail investors with exposure to the second-largest crypto asset by market cap through traditional stock exchanges.
The trust aims to mirror Ether’s price performance and provide a simple means of investing in Ether without directly acquiring, holding, or trading the digital asset. The move follows BlackRock’s registration of an Ethereum Trust in Delaware last week, similar to its BTC trust registration.
In July, BlackRock filed for a spot market BTC ETF while the SEC had rejected multiple attempts by other firms to create Bitcoin ETFs. However, the regulatory agency had approved futures BTC ETFs. In August, Grayscale won a lawsuit against the SEC, compelling it to reconsider its stance on approving Grayscale’s BTC ETF.
Hot Take: BlackRock Seeks SEC Approval For New ETH Product
BlackRock’s move to file for a spot market Ethereum ETF signals growing interest in cryptocurrency from major investment firms. If approved, this would provide retail investors with easier access to Ethereum, further solidifying its position as a mainstream investment asset. The regulatory landscape for crypto investments continues to evolve as traditional financial institutions seek to expand their offerings into digital assets.
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