BlackRock has joined the Ethereum Spot ETF race as the asset management company has officially filed an application with the US SEC and is currently awaiting approval.
BlackRock files for Ethereum Spot ETF
Following his One-time Bitcoin ETF depositBlackRock, an American investment company, took a proactive step by filing Ethereum Spot Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC).
According to BlackRock, the iShares Ethereum Trust would be used to facilitate ownership of Ether through the issuance of shares, allowing investors to hold a fractional undivided beneficial interest in the net assets of the Trust.
“The Trust was established as a Delaware statutory trust on November 9, 2023. The purpose of the Trust is to own ether transferred to the Trust in exchange for shares issued by the Trust. Each share represents a fraction of an undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of ether held by the Ether Custodian on behalf of the Trust,” BlackRock said in its filing.
The crypto community remained excited that the regulatory agency would eventually approve the pending ETF requestsas this could significantly boost the growth and development of the crypto ecosystem as well as the cryptocurrencies involved.
Ethereum Price Rises
THE Ethereum price is rising following the filing of BlackRock’s Ethereum ETF. The price of the cryptocurrency climbed almost 2%, rising to $2,080 at one point after the filing was announced.
This strong reaction has caused a stir in the cryptocurrency community, as investors prepare for a possible bull run if the US SEC gives official approval to Ethereum Spot ETFs.
THE Bitcoin price has also seen steady growth as new companies apply for Spot Bitcoin ETFs. Currently, Bitcoin price is trading at $36,408, while ETH is down from its initial rise and is trading at $1,952.
The crypto ecosystem is currently closely watching more updates on ETF filing approvals from the US SEC and the price changes that follow them.
ETH price falls to $1,945 | Source: ETHUSD on Tradingview.com
Featured image from Bitcoin News, chart from Tradingview.com