BlackRock Ethereum ETF Application
BlackRock, the world’s largest asset manager, has filed Form S-1 for its iShares Ethereum Trust, an exchange-traded fund (ETF) of spot ethereum. The application is now awaiting approval from the US Securities and Exchange Commission (SEC).
Nasdaq is working with BlackRock and will be responsible for marketing the ETF shares on its Stock Market LLC. Nasdaq filed a statement with the SEC, stating that approval of an ETF on spot ETH would be “a major victory for US investor protection” in the crypto sector.
Spot Ethereum ETF Progress
Despite the news of BlackRock’s efforts towards the spot ethereum ETF, the price of ETH does not seem to be reacting significantly. At the time of writing, ETH is worth $1,977, down -5% from a week ago. The highest price for Ethereum in 2023 was $2,132 on November 10th.
Denial on XRP-linked Exchange-Traded Funds
In addition to filing for an Ethereum ETF, BlackRock also had to deny rumors circulating on social media about issuing exchange-traded funds linked to XRP. A spokesperson clarified that a regulatory filing was misinterpreted as a step toward the XRP ETF, stating that such an interpretation is false.
Hot Take
The application for BlackRock’s Ethereum Spot ETF marks a significant step towards mainstream acceptance of cryptocurrencies. While ETH’s price has not reacted significantly to this news, it remains an important development in the crypto market. The denial of XRP-linked ETFs shows that misinformation can still impact cryptocurrency prices despite being untrue.