Asset management firm BlackRock has filed its Ether ETF prospectus with the US SEC.
This comes after the asset management giant registered the iShares Ethereum Trust a week ago.
BlackRock Proceeds With Its Ether ETF Filing
BlackRock, the world’s largest asset manager, has filed an S-1 form with the United States Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot ether exchange-traded fund (ETF).
This latest development means that the asset manager is looking to launch a spot Ether ETF. It also comes a week after the corporate registration of that name and Nasdaq's filing of a 19b-4 with the SEC seeking approval for the spot ETF.
The filing didn’t positively affect Ether’s price as it is currently down by more than 3% in the last 24 hours. At press time, the price of ETH stands at $1,984. Bitcoin and the broader cryptocurrency market have been responding to ETF-related updates in recent weeks.
Market participants and experts remain optimistic that the SEC will approve at least one spot Bitcoin ETF application in 2024. BlackRock is now taking a step further by filing for a spot Ether ETF.
Earlier this week, a fake iShares ETF registration referencing XRP saw the token rally by 10% before BlackRock clarified that the filing was fake, resulting in the token losing its gains.
The SEC has delayed its decision on numerous spot Bitcoin ETF applications and will most likely decide on their fate in 2024. Approving a spot Bitcoin ETF could be a massive moment for the cryptocurrency market as it would allow more institutional funds to enter the market. BlackRock’s CEO Larry Fink, is now a believer in the crypto market after attacking Bitcoin and other digital assets in the past.