BlackRock, the world’s largest asset manager, has officially submitted a filing for a spot Ethereum exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). The proposed ETF, named iShares Ethereum Trust, aims to mirror the performance of the Ethereum price, according to the Form S-1 filed by iShares, BlackRock’s ETF arm, late Wednesday. This development follows BlackRock’s recent registration of the iShares Ethereum Trust entity with the Delaware Department of State Division of Corporations.
iShares Ethereum Trust Details
The iShares Ethereum Trust filing with the SEC comes just a week after its registration with the Delaware Department of State. The ETF aims to provide investors with exposure to the price movements of Ethereum, similar to its counterpart for Bitcoin. BlackRock has chosen Coinbase Custody Trust Company as the custodian for the proposed spot Ether ETF, aligning with the selections made for its Bitcoin ETF. The CME CF Bitcoin Reference Rate from CF Benchmarks, a Kraken subsidiary, has been designated as the benchmark for the proposed ETF.
BlackRock’s Ongoing Bitcoin ETF Pursuit
BlackRock’s foray into the cryptocurrency ETF space extends beyond Ethereum, with the asset manager having filed for the iShares Bitcoin Trust earlier this year. While awaiting SEC approval, the proposed Bitcoin ETF, with the ticker IBTC, has generated market attention. Several major trading firms, including Jane Street, Virtu Financial, and Jump Trading, are reportedly in discussions to provide liquidity for BlackRock’s potential spot Bitcoin ETF if it receives regulatory approval.
As BlackRock files for a spot Ethereum ETF, the asset manager continues to position itself at the forefront of the evolving cryptocurrency investment landscape. The move follows its Bitcoin ETF filing and signals a broader institutional embrace of digital assets. With regulatory approval pending, the success of BlackRock’s cryptocurrency ETF endeavors could have a profound impact on the market, providing investors with new avenues for exposure to leading cryptocurrencies.