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BlackRock Files Spot Ether ETF Application

A 2% increase

BlackRock, by submitting an S-1 form to the United States Securities and Exchange Commission (SEC), has named its exchange-traded fund iShares Ethereum Trust. iShares serves as the standard designation for the asset manager’s division dedicated to exchange-traded funds.

The filing details, “The Shares have been designed to eliminate the challenges posed by the complexities and operational burdens associated with a direct investment in ether, while concurrently possessing an intrinsic value that mirrors, at any given moment, the investment exposure to the price of ether held by the Trust at that time, minus the Trust’s expenses and liabilities.” It further explains that, while the Shares aren’t an exact equivalent to a direct investment in ether, they offer investors an alternative means of gaining investment exposure to the price of ether through the securities market, a realm potentially more familiar to them.

Upon news of the filing, the value of ether promptly rose by 2% to $2,080 before stabilizing back to its customary price level.

Excitement for ETFs

Earlier this week, there was widespread circulation on social media about a purported XRP exchange-traded fund (ETF) application from BlackRock, leading to a 10% surge in XRP’s price. However, on Monday, November 13th, a spokesperson for BlackRock officially refuted the rumored application, and the Delaware Department of Justice is presently conducting an investigation into the matter.

BlackRock’s recent application for a spot ETF coincides with the company’s filing of the iShares Ethereum Trust with the Delaware Department of State Division of Corporations. Nasdaq has also submitted a filing seeking regulatory approval for the entity, with Coinbase Custody Trust Company designated as the custodian for the ETF.

Simultaneously, BlackRock is actively pursuing a spot Bitcoin ETF, submitting an application alongside twelve other entities, including Grayscale Investments, VanEck Bitcoin Trust, Wise Origin Bitcoin Trust, and Invesco Gallery Bitcoin ETF, among others.

What to expect going forward

Bloomberg ETF research analysts, Eric Balchunas and James Seyffart, had earlier shared data indicating an eight-day timeframe during which the SEC might approve several spot Bitcoin ETF applications. However, as the window approaches its closing on Friday, November 17th, the likelihood of approval seems slim.

Balchunas and Seyffart project a 90% chance for the approval of spot Bitcoin ETFs by January 10th, 2024.

The potential approval of BlackRock’s spot Ethereum ETF could serve as a signal for increased interest from traditional financial firms looking to establish a presence in the cryptocurrency space. This move would mark a significant step in the integration of crypto assets into the offerings of more established financial institutions.

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