Ethereum Price Skyrockets on BlackRock ETF Filing
The Ethereum price has surged past $2,000 after the news of BlackRock’s filing for a spot Ethereum exchange-traded fund (ETF) on Nasdaq. The world’s largest fund manager, with assets under management of about $9.1 trillion, plans to list the Ethereum product on Nasdaq.
US-based crypto exchange Coinbase will be the custodian for the ETH held by the product. BlackRock also named Coinbase as its custodian in its application for its spot Bitcoin ETF.
BlackRock Registers iShares Ethereum Trust Corporate Entity
On November 9, BlackRock registered the iShares Ethereum Trust corporate entity in Delaware, hinting at an Ethereum ETF application. Several other companies have also submitted similar filings and are awaiting approval from the US Securities and Exchange Commission (SEC).
Addressing Possible SEC Objections
The filing appears to address possible objections from the SEC by noting that the prices of ETH futures listed on CME Group correspond to Ether’s spot price. This could put pressure on the SEC to approve a spot crypto ETF.
Pressure Intensifies For SEC Approval
The SEC is under pressure to approve a spot crypto ETF as several companies have filed applications awaiting approval. The US securities regulator also faces scrutiny from US legislators accusing it of overreach and calling for a comprehensive crypto regulatory framework.
Hot Take: What BlackRock’s Move Means for Crypto Investors
BlackRock’s move to file for a spot Ethereum ETF signals growing interest in crypto investment products from traditional financial institutions. If approved, this could open up new avenues for investors to gain exposure to cryptocurrencies through regulated investment vehicles, potentially driving further adoption and mainstream acceptance of digital assets.
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