BlackRock has officially submitted the prospectus for its iShares Ethereum Trust to the US Securities and Exchange Commission (SEC).
The iShares Ethereum Trust, an Ethereum Spot ETF offered by BlackRock, had its prospectus submitted to the US Securities and Exchange Commission (SEC).
Application submitted by BlackRock to launch Ethereum Spot ETF
For its iShares Ethereum Trust, an exchange-traded fund (ETF) of spot ethereum, BlackRock, the largest asset manager in the world, has submitted Form S-1.
The US Securities and Exchange Commission (SEC) will now have the authority to approve or disapprove that application.
Furthermore, Nasdaq, which will be in charge of operationally marketing the ETF shares on its Stock Market LLC, is collaborating with the asset behemoth.
Actually, Nasdaq sent a letter to the SEC a few days ago stating that the establishment of an ETF based on spot Ethereum would be “a major victory for US investor protection” in the cryptocurrency space.
In fact, Nasdaq is said to have told the SEC that the absence of such a derivative product puts investors’ funds at serious danger since they would have to look for other exposures through riskier products.
BlackRock advances with a spot Ethereum ETF: How is the price of ETH doing so far?
The current announcement, which validates the asset giant’s work towards the spot Ethereum ETF, is making the rounds on the internet, but the price of ETH does not appear to be responding with much fanfare.
As of the now, the value of ETH is actually $1,977, which is 5% less than it was a week ago.
ETH hit a high of $2,132 on November 10 during the bull run in the cryptocurrency market that concluded this past month.
That price is still the highest for Ethereum in 2023; it even surpassed the peak it reached in April of last year, when ETH reached $2,120.
Reject on Exchange-Traded Funds Associated with XRP
This week has been quite busy for the cryptocurrency ETF industry, and BlackRock was forced to address certain rumours that were making the rounds on social media.
These concerned the potential issuance of exchange-traded funds connected to XRP by the biggest asset management in the world.
Essentially, a bogus file by BlackRock regarding its desire for Ripple ETFs was disseminated earlier this week with the assistance of several ETF observers.
Interestingly enough, a representative for the massive asset company emphasised that the regulatory filing in question was mistakenly seen as a move towards the XRP ETF, and that this interpretation is untrue.
However, in contrast to what is currently occurring with ETH, the false information on BlackRock’s Ripple ETF contributed to XRP’s 10% price increase.
