BlackRock has joined the Ethereum Spot ETF race as the asset management company has officially applied to the US SEC and is currently waiting for approval.
Following its Spot Bitcoin ETF filing, BlackRock, an American investment company has taken the proactive step by filing an 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 the ownership of Ether through the issuance of shares, allowing investors to own a fractional undivided beneficial interest in the net assets of the Trust.
“The Trust was formed 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 fractional 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 has remained enthusiastic that the regulatory agency would eventually approve the pending ETF applications, as this could significantly push the growth and development of the crypto ecosystem as well as the cryptocurrencies involved.
The price of Ethereum is on the rise following BlackRock’s Ethereum ETF filing. The cryptocurrency’s price climbed almost 2% moving to $2,080 at some point following the announcement of the filing.
The sharp reaction has caused a stir in the cryptocurrency community, as investors gear up for a potential bull run if the US SEC gives its official authorization of Ethereum Spot ETFs.
The price of Bitcoin has also been growing steadily as new companies apply for Spot Bitcoin ETFs. Currently, Bitcoin’s price is trading at $36,408, while ETH is down from its initial surge and trading at $1,952.
The crypto ecosystem is presently watching closely for more updates on the US SEC’s ETF filing approvals and the price changes that follow them.
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