BlackRock files S-1 form for spot Ether ETF with SEC
BlackRock filed a Form S-1 with the U.S. SEC a week after registering its iShares Ethereum Trust with Delaware’s Division of Corporations.
BlackRock, the world’s largest asset manager, officially filed for a spot Ether Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC) on Nov. 15.
The Ether ETF, dubbed iShares Ethereum Trust, aims to “reflect generally the performance of the price of Ether,” read the S-1 form fled with the SEC. The iShares brand is associated with BlackRock’s exchange-traded fund products as it’s Bitcoin ETF is called iSharw
The move by BlackRock comes nearly a week after it registered the iShares Ethereum Trust with the Delaware Department of State Division of Corporations and nearly six months after it filed for its spot Bitcoin ETF application.
The world’s largest asset manager started the spot Bitcoin ETF rush earlier this year, showing growing interest of institutions in the crypto market, and within six months, it has joined the growing list of institutions filing for a spot ETH ETF.
The spot ETF is a two step process where the issuer of the ETF must get SEC approval from the Trading and Markets division on its 19b-4 filing and the Corporate Finance division on the S-1 filing or prospectus.
The spot Ethereum ETF rush in 2023 began with the start of November when the SEC acknowledged Grayscale Investment’s application to convert its Ethereum trust into an exchange-traded fund (ETF).
Many instiutional giants filed for Crypto spot ETFs during the last bull cycle as well only to face rejection from the SEC, who said at that time the size of Crypto market was not big enough for a spot crypto ETF.
Related: Spot Bitcoin ETF hype reignited zest for blockchain games: Yat Siu
Market pundits and ETF analysts have predicted that the chances of approval for a spot Bitcoin ETF by early 2024 is as high as 90% while
The institutional rush into cryptocurrency based spot ETFs comes at a time when the crypto market is in the recovery phase, having gained a significant chunk of lost ground from the last bear market.
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