Cryptocurrency News

The SEC receives Blackrock’s application for a spot Ethereum (ETH) ETF.

  • With an S1 filing, Blackrock’s spot Ethereum ETF proposal is moving forward.
  • For its spot ETF ETF, the company has selected Coinbase Custody as the custodian.

The spot Ethereum ETF application from the massive investment management company Blackrock reaches the SEC’s desk. On November 15, 2023, the company formally filed its S-1 application for the spot Ethereum ETF.

The action was taken a few days after the company disclosed in a Nasdaq filing its ambitious plans for Ethereum. A “registration statement filed by a company with the SEC and is an important step in the listing process” is what Colin Wu refers to as an S1 filing.


 What is the current value of 1,10,100 Ethereum?


Bitcoin’s grand scheme by Blackrock

It’s interesting to note that Ethereum (ETH) has not significantly changed in value despite the anticipated development. At the time of writing, ETH’s market value was over $248 billion, and its trading price was $2069.45, according to CoinMarketCap. The 7-day chart revealed a massive increase of over 8 percent, while the hourly chart indicated gains of just over 1 percent.

Notably, last week saw the release of the investing behemoth’s strategy for the second-largest cryptocurrency. It submitted an application to the Delaware Department of State Division of Corporations for a spot Ethereum ETF called “iShares Ethereum Trust.” When Nasdaq submitted a proposal to list and trade the shares of the spot Ethereum ETF, the initiative gained traction. As soon as the news was released, ETH’s price shot through the roof, breaking above $2100.

The custodian for the spot ETH ETF will be Coinbase Custody Trust, per the SEC filing. Additionally, the CME CF Ether-Dollar Reference Rate will be attached to the shares that will be listed on Nasdaq.

The impact of Blackrock on the cryptocurrency market

Notably, Blackrock is recognised for having revived interest in the market for spot ETFs. The massive investment management company filed for a spot Bitcoin ETF early this year. The action was swiftly followed by a number of other prominent competitors in the ETF space.

Furthermore, Blackrock’s entry into the market has raised the likelihood that the market will see a Bitcoin ETF approved for trading. The price of the king coin has also been significantly impacted by the filing’s news and developments over the previous few months.

Furthermore, the market’s reaction to the appearance of a phoney spot XRP ETF registration demonstrated Blackrock’s continued control over cryptocurrency prices. The fictitious application, filed with the Delaware Department of State Division of Corporations, caused the coin to rise from 65 cents to 73 cents in a short period of time. It also resulted in the liquidation of futures holdings worth more than $7 million.

Although Blackrock’s intentions regarding altcoins are yet unknown, the company’s impact is obvious. Furthermore, the US Securities and Exchange Commission (SEC) has the last say over whether or not this will continue.

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