After weeks of speculation, BlackRock has officially filed the S-1 prospectus for the iShares Ethereum Trust with the SEC. This marks the company’s second cryptocurrency-related exchange-traded fund following its spot Bitcoin ETF application.
Registration and Filing
Last week, BlackRock registered the “iShares Ethereum Trust” in Delaware, signaling its intention to file for a spot ETF tracking the performance of the second-largest cryptocurrency. Today, the financial giant officially filed the S-1 prospectus with the United States’ securities regulator. Similar to its Bitcoin application, BlackRock has named Coinbase as the Custodian for the underlying ETH.
Trust Details and Impact on ETH Price
The filing does not specify whether the Trust will actively stake ETH and distribute dividends to shareholders from the yield. The registration of iShares Ethereum Trust had an instant impact on ETH’s price, causing it to surge by $200 in hours. However, currently, the largest altcoin sits quietly at under $2,100 after a market-wide recovery within the past 24 hours.
Rumors and Refutation
While BlackRock filed for spot ETFs tracking BTC and ETH, it refuted recent rumors about intentions for a spot Ripple (XRP) ETF. Reports emerged that BlackRock had registered an XRP Trust in Delaware, but this case was handed over to local authorities.
Hot Take: BlackRock’s Continued Expansion into Cryptocurrency ETFs
BlackRock’s filing of the S-1 prospectus for the iShares Ethereum Trust demonstrates its continued expansion into cryptocurrency-related exchange-traded funds. The company’s move further solidifies its commitment to providing more investment opportunities in digital assets within traditional financial markets.
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