BlackRock Boosts Digital Asset ETFs as Spot Ethereum Funds Prepare to Launch

Spot Ethereum exchange-traded funds (ETFs) will debut on July 23, 2024, following SEC approval. Blackrock’s Ishares Ethereum Trust ETF (ETHA) will begin trading on Nasdaq with a one-year fee waiver of 0.12% for the first $2.5 billion in assets. 

The launch will also see nine other spot Ethereum ETFs from firms like Grayscale, Franklin Templeton, Vaneck, Bitwise, 21shares, Invesco, and Fidelity.

Bloomberg ETF analyst Eric Balchunas confirmed the SEC’s green light for the ETFs, and Blackrock’s Jay Jacobs highlighted rising investor interest in digital asset ETFs for their liquidity and transparency. Grayscale’s ETHE, previously an OTC product, is now trading at a discount to its NAV, a trend seen with other ETFs transitioning from OTC. The debut of these ETFs is a significant step in integrating cryptocurrencies into mainstream finance, though Ethereum’s price saw a slight decline recently.

Clever Robot News Desk 24^th July 2024