BlackRock, the world’s leading asset management firm, has filed for a spot Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The proposed ETF, named the iShares Ethereum Trust, aims to mirror the performance of Ethereum’s price, as stated in the Form S-1 filed by iShares, a division known for its ETF products under BlackRock.
This move comes shortly after BlackRock established the iShares Ethereum Trust entity in Delaware and subsequent to Nasdaq’s filing for the anticipated ETF. These developments indicate BlackRock’s active pursuit of a spot ether ETF. BlackRock has also recently filed for a spot Bitcoin ETF, further underscoring its growing focus on cryptocurrency.
Read more: BlackRock CEO Larry Fink Calls Bitcoin an ‘International Asset’ that Could ‘Revolutionize Finance’
BlackRock has chosen Coinbase Custody Trust Company as the custodian for the proposed ether ETF. Furthermore, the ETF will use the CME CF Bitcoin Reference Rate, managed by CF Benchmarks (a Kraken subsidiary), as its benchmark. This decision parallels the choices made for BlackRock’s proposed spot Bitcoin ETF.
Following the announcement, the value of ether saw an approximate 2% increase, reaching a high of $2,079 at the time of writing. This price movement reflects the market’s positive response to BlackRock’s cryptocurrency initiatives. Notably, BlackRock’s Bitcoin ETF proposal is still under SEC review, along with applications from other firms.
Read more: BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks
Still, some people on social media expected a higher increase in the price of ETH, which leads to the question of whether the BlackRock application was already priced in.
Blackrock files for $ETH ETF and this is the ETH pump that we get…?
Pack it in boys, it’s over
— Bobby Apelrod / / nicefeet.sol (@tofushit888) November 16, 2023