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BlackRock, the world’s largest asset manager, has recently submitted a filing for an Ethereum Exchange-Traded Fund (ETF) with the US Securities and Exchange Commission (SEC). This marks the company’s second foray into the crypto ETF space, following its Bitcoin ETF application in June.
The proposed iShares Ethereum Trust is designed to mirror the performance of Ethereum, the second-largest cryptocurrency by market capitalization. It’s worth mentioning that BlackRock has chosen Coinbase as the custodian for the underlying ETH, emphasizing the trust’s commitment to secure and reliable management.
Meanwhile, the S-1 prospectus doesn’t explicitly detail whether the trust will stake ETH and distribute dividends from yields.
BlackRock’s strategic move unfolds against a backdrop of escalating demand for crypto exposure among institutional and retail investors. Competitors like VanEck, WisdomTree, and Grayscale have also thrown their hats into the ring, filing applications for spot or futures-based crypto ETFs in the US.
Despite the surge in interest, the SEC remains cautious, citing concerns over market manipulation, volatility, and investor protection as primary hurdles. Nevertheless, optimistic analysts anticipate regulatory approval for a crypto ETF, speculating it could materialize by the end of this year or early next year.
Initial Ethereum ETF Move By BlackRock Triggered Price Spike
The initial announcement of BlackRock’s Ethereum ETF plans had an immediate impact on ETH’s price on November 9, catapulting it over $200 to a seven-month peak of $2,131. However, the cryptocurrency has since experienced a correction, currently trading at $2,000 at the time of writing.
Addressing speculations, BlackRock has refuted rumors about plans for a Ripple (XRP) ETF, following reports of an XRP Trust registration in Delaware. The case has been referred to local authorities for further investigation.
As BlackRock boldly navigates the evolving crypto landscape, industry watchers eagerly await regulatory developments that could pave the way for broader institutional participation in the burgeoning digital asset space.
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