BlackRock Takes The Ethereum Spot ETF Leap
BlackRock made a significant move by submitting an application for an Ethereum Spot Exchange Traded Fund (ETF) to the United States Securities and Exchange Commission (SEC), following its Spot Bitcoin ETF filing. The application, dated November 15, is awaiting the SEC’s approval, and BlackRock officially formed the Trust on November 9. The iShares Ethereum Trust is designed to facilitate the ownership of Ether through shares’ issuance, enabling investors to own fractional undivided interests in the Trust’s net assets.
As of now, the US SEC has not approved any Ethereum Spot ETF filing, and several related applications’ review has been delayed. However, there’s an anticipation within the crypto community that the regulatory agency might eventually approve pending ETF applications. This comes as good news as it could significantly drive the growth and development of the crypto ecosystem and the cryptocurrencies involved.
Ethereum Price Reacts To Blackrock’s Move
Following BlackRock’s Ethereum ETF filing, the price of Ethereum surged nearly 2%, reaching $2,080 at one point after the announcement. Investors are gearing up for a potential bull run in the event that the US SEC grants official authorization for Ethereum Spot ETFs. Meanwhile, Bitcoin’s price is on a steady rise as new companies apply for Spot Bitcoin ETFs. Currently, Bitcoin is trading at $36,408, while ETH has eased from its initial surge and is trading at $1,952.
Crypto enthusiasts are keeping a close eye on the US SEC’s ETF filing approvals and the consequent price fluctuations.
Hot Take: BlackRock Makes a Bold Move
BlackRock’s move to apply for an Ethereum Spot ETF filing is another significant step towards mainstream adoption of cryptocurrencies. if the US SEC grants approval, it’s expected to induce a boost in the price of Ethereum. This application is another indicator of the growing interest of mainstream financial institutions in the crypto market.
Source: Bitcoinist, Tradingview
By
By
By
By