Connect with us

Hi, what are you looking for?


BlackRock Files Spot Ether ETF Application

The world’s largest asset manager, BlackRock, formally filed an application for a spot Ethereum exchange-traded fund on Wednesday, November 15th.

A 2% increase

Filing an S-1 form with the United States Securities and Exchange Commission (SEC), BlackRock has labeled the exchange-traded fund iShares Ethereum Trust. iShares is the standard name for the asset manager’s exchange-traded fund division.

“The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in ether, while at the same time having an intrinsic value that reflects, at any given time, the investment exposure to the price of ether owned by the Trust at such time, less the Trust’s expenses and liabilities,” the filing states. “Although the Shares are not the exact equivalent of a direct investment in ether, they provide investors with an alternative method of achieving investment exposure to the price of ether through the securities market, which may be more familiar to them.”

News of the filing prompted the price of ether to swiftly increase by 2% to $2,080 before re-stabilizing at its normal price point.

Excitement for ETFs

Earlier this week, an XRP exchange-traded fund application seemingly made by BlackRock made the rounds on social media, spiking XRP’s price by 10%. However, a spokesperson for BlackRock formally denied the rumored application on Monday, November 13th, and the Delaware Department of Justice is currently investigating the matter.

BlackRock’s spot exchange-traded fund application comes shortly after the asset management company filed the iShares Ethereum Trust with the Delaware Department of State Division of Corporations and a filing by Nasdaq for the entity to receive regulatory approval. Coinbase Custody Trust Company has been selected to serve as custodian for the ETF.

Meanwhile, BlackRock is simultaneously pursuing a spot Bitcoin ETF alongside twelve other applicants 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, previously released data showing an eight-day window wherein the SEC could approve a number of spot Bitcoin ETF applicants. However, with the window slated to close on Friday, November 17th, it looks unlikely.

Balchunas and Seyffart estimate a 90% chance that spot Bitcoin applicants’ ETF will be approved by January 10th, 2024.

If BlackRock’s spot Ethereum ETF is approved, it could signal a broader interest from more traditional financial firms to position themselves in the crypto space.

The post BlackRock Files Spot Ether ETF Application appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...


    Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...


    The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...


    NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.

    Copyright © 2023