BlackRock Applies for Ethereum ETF
BlackRock has submitted an application to the US Securities and Exchange Commission (SEC) to establish a spot Ethereum ETF. The iShares Ethereum Trust aims to mirror the price performance of Ethereum, as outlined in the Form S-1 filed with the SEC. This move comes after BlackRock registered iShares Ethereum Trust with the Delaware Division of Corporations Division and Nasdaq exchange applied to register the proposed exchange-traded fund.
The news of BlackRock’s application caused a 1.4% increase in the price of Ethereum (ETH), which is currently trading near $2,038. Additionally, there was speculation about an iShares XRP trust, but BlackRock denied this. The SEC also delayed the decision on other crypto-related applications, including Hashdex’s Bitcoin futures ETF and Grayscale’s Ethereum futures ETF.
Hot Take: BlackRock’s Entry into Crypto ETFs Signals Growing Interest in Digital Assets
BlackRock’s move to apply for an Ethereum ETF underscores the increasing interest in digital assets among institutional investors. As more traditional financial institutions explore crypto investment opportunities, it indicates a potential shift in mainstream acceptance of cryptocurrencies. This development could pave the way for greater adoption and integration of digital assets into traditional investment portfolios, potentially impacting the overall crypto market positively.
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