Bitcoin ETF

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Global asset management behemoth BlackRock has signaled interest in expanding its cryptocurrency fund offerings with a recent filing that indicates a possible proposal for an Ethereum-based ETF.
<a href="https://crypto.news/tag/blackrock/" data-type="link" data-id="https://crypto.news/tag/blackrock/" rel="noopener noreferrer nofollow">BlackRock</a>, the world’s largest asset manager, is laying the groundwork for a potential spot Ethereum exchange-traded fund (ETF). The evidence pointing to this development is a filing for an iShares Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) Trust that was recently posted on the Delaware Department of State’s website.
This action suggests that BlackRock, which oversees approximately $9 trillion in assets, is considering proposing an Ethereum ETF to the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" data-type="link" data-id="https://crypto.news/tag/sec/" rel="noopener noreferrer nofollow">SEC</a>). However, as of now there has been no formal proposal submitted to the SEC.
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 BlackRock has made first step towards filing for a spot Ether ETF. I just confirmed on the website myself. Nice catch by <a href="https://twitter.com/SummersThings?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@SummersThings</a> <a href="https://t.co/mLKIhKdiI6" target="_blank" rel="noopener noreferrer nofollow">https://t.co/mLKIhKdiI6</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1722632267032613146?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 9, 2023</a>
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This filing follows in the footsteps of BlackRock’s previous venture into the cryptocurrency ETF space. The asset manager <a href="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/" data-type="link" data-id="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/" rel="noopener noreferrer nofollow">filed</a> with the SEC to launch a spot Bitcoin ETF on June 15, with an initial disclosure for the iShares Bitcoin Trust appearing on Delaware’s website a week earlier.
You might also like: <a href="https://crypto.news/sec-nears-approval-of-ether-futures-based-etf/" rel="noopener noreferrer nofollow"> SEC nears approval of ether futures-based ETF </a>
The timing of BlackRock’s potential move into Ethereum-based products coincides with a <a href="https://crypto.news/tag/ethereum/" data-type="link" data-id="https://crypto.news/tag/ethereum/" rel="noopener noreferrer nofollow">surge</a> in Ether’s price, which stood at around $2,030, up by over 8% in the last 24 hours as of the morning of the filing.
If BlackRock moves forward with a spot Ethereum ETF, it will join the ranks of several other financial institutions that have embarked on similar endeavors. Firms like Ark Invest, 21Shares and VanEck have also been <a href="https://crypto.news/ark-invest-and-21shares-join-forces-for-crypto-etfs/" data-type="link" data-id="https://crypto.news/ark-invest-and-21shares-join-forces-for-crypto-etfs/" rel="noopener noreferrer nofollow">seeking</a> to offer ETFs that directly hold Ether.
Grayscale Investments has also been proactive in this area, having already <a href="https://crypto.news/grayscale-files-to-convert-5b-ethereum-fund-into-spot-ether-etf/" data-type="link" data-id="https://crypto.news/grayscale-files-to-convert-5b-ethereum-fund-into-spot-ether-etf/" rel="noopener noreferrer nofollow">initiated</a> a process on Oct. 2 to transform its Ethereum Trust into a spot Ether fund. Other companies such as Hashdex and Invesco have also placed filings with the SEC to launch their own spot Ether products.
Read more: <a href="https://crypto.news/coinbase-proceeds-with-us-bitcoin-and-ether-futures/" rel="noopener noreferrer nofollow"> Coinbase proceeds with US bitcoin and ether futures </a>

BlackRock prepares to file spot Ether ETF

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