BlackRock, the world’s largest asset manager, officially enters the competition for spot Ethereum ETFs after filing a Form S-1 with the U.S. Securities and Exchange Commission (SEC).
BlackRock enters the race for spot Ethereum ETFs
The world’s largest asset manager, none other than BlackRock, has just filed a Form S-1 with the U.S. Securities and Exchanges Commission (SEC) regarding its application to offer a spot Ethereum ETF.
The Ether price climbed 2.6% following the announcement, although it has since fallen back. However, the Ethereum blockchain cryptocurrency is still trading above the symbolic $2,000 threshold.
Ether price evolution
This SEC filing signifies official entry into the Ethereum spot ETF race for BlackRock, 7 days after the company filed its initial application with the US state of Delaware. The document betrayed the management fund’s future plans with the appearance of an entity named “iShares Ethereum Trust”, iShares being BlackRock’s division dedicated to the ETF market.
As with its Bitcoin cash ETF application, BlackRock has appointed Coinbase as custodian via its subsidiary Coinbase Custody Trust Company. Kraken is also contributing via CF Benchmarks, its subsidiary providing price feeds for cryptocurrencies, which will serve as a reference for the ETF.
A further 5 applications for spot Ethereum ETFs have been filed at the time of writing. These requests have been made by VanEck, Ark Invest & 21Shares, Hashdex, Invesco & Galaxy, and finally Grayscale, which wishes to convert its Grayscale Ethereum Trust (ETHE) fund into a Spot ETF.
