Ethereum

Cryptocurrency

The world’s largest asset manager, BlackRock (BLK), has formally submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, signaling its intent to launch a spot ether exchange-traded fund (ETF). This action comes in the wake of last week’s corporate registration of the iShares Ethereum Trust and Nasdaq’s submission of a 19b-4 seeking SEC approval for the proposed spot ETF. 
Upon the news of the S-1 filing, the price of ether (ETH) experienced a brief uptick of nearly 2%, reaching $2,080. However, it has since retraced to approximately its pre-announcement value. 
Cryptocurrency prices have demonstrated heightened sensitivity to developments related to ETFs, particularly following recent court rulings that favored market expectations for the approval of spot crypto ETF applications, overturning previous SEC rejections. Notably, a fake iShares ETF registration referencing XRP led to a 10% surge in the token’s value before BlackRock clarified the deception. 
BlackRock, alongside other asset managers, is presently awaiting the SEC’s decision regarding the listing of a spot bitcoin ETF, which has the potential to significantly broaden average investor access to the crypto market. Notably, BlackRock’s CEO, Larry Fink, has notably shifted his stance on crypto, expressing recent support for the sector after previously holding a more cautious view.

The prospectus for the BlackRock Ether ETF has been submitted to the SEC.

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