BlackRock has updated its filing with the Securities and Exchange Commission (SEC) for its proposed spot Ethereum exchange-traded fund (ETF).
BlackRock has updated its filing with the Securities and Exchange Commission (SEC) for its proposed spot Ethereum exchange-traded fund (ETF). The May 29 amendment to the iShares Ethereum Trust marks a crucial step toward making an ETH-based ETF available to the market, following last week's surprising approval of a similar financial product.
Eric Balchunas, a Bloomberg analyst, suggested that other applicants are likely to follow BlackRock's lead. He added that if the SEC provides another round of detailed feedback swiftly, spot Ethereum ETFs could potentially launch as early as next month. “End of June launch a legit possibility, [although] keeping my over/under date as July 4,” Balchunas posted.
BlackRock's proposed ETF, which will trade under the ticker symbol ETHA, clarified that it will not engage in Ethereum staking. This means the returns from the ETF will differ from those that would be obtained by directly purchasing and holding Ethereum.
This week has been monumental for the cryptocurrency sector. In Washington, D.C., a rare instance of bipartisan support emerged for a crypto regulation bill, culminating in the SEC’s unexpected approval of spot Ethereum ETFs. Joe Lubin, Ethereum co-founder and CEO of Consensys, views these developments as a pivotal shift in the regulatory landscape for cryptocurrencies in the United States.
BlackRock initially filed an S-1 form for its spot Ethereum ETF with the SEC in November, joining other heavyweights like ARK Invest, Fidelity, and VanEck. Crypto custodian Grayscale is also in the race, seeking to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF, a move similar to the one that paved the way for spot Bitcoin ETFs.
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