BlackRock Pursues Ethereum ETF with SEC, Mirroring Previous Bitcoin Product Application
BlackRock, the world’s largest investment firm with over $8 trillion in assets under management, is making a move to file for a spot market Ethereum (ETH) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), months after initiating a similar filing for a spot Bitcoin (BTC) ETF.
The newly proposed iShares Ethereum Trust aims to provide retail investors exposure to the second-largest cryptocurrency by market capitalization through traditional stock exchanges. The trust seeks to mirror Ether’s price performance before covering expenses and liabilities, offering a simplified means for investors to access Ethereum without the complexities of direct investment. BlackRock’s recent registration of an Ethereum Trust in Delaware mirrors its previous strategy for Bitcoin.
In July, the firm filed for a spot market BTC ETF, navigating regulatory nuances after the SEC had previously rejected various attempts by other companies to establish Bitcoin ETFs. Notably, Grayscale, a digital assets manager, recently secured a legal victory against the SEC, prompting a reconsideration of its stance on approving Grayscale’s BTC ETF for consistency.
Clever Robot News Desk 18th November 2023
Related Article
