Simple Money Goal
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
No Result
View All Result
Simple Money Goal
No Result
View All Result
Home Investing

BlackRock Files Spot Ether ETF Application

by
November 16, 2023
in Investing
0
BlackRock Files Spot Ether ETF Application

The world’s largest asset manager, BlackRock, formally filed an application for a spot Ethereum exchange-traded fund on Wednesday, November 15th.

A 2% increase


Filing an S-1 form with the United States Securities and Exchange Commission (SEC), BlackRock has labeled the exchange-traded fund iShares Ethereum Trust. iShares is the standard name for the asset manager’s exchange-traded fund division.

“The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in ether, while at the same time having an intrinsic value that reflects, at any given time, the investment exposure to the price of ether owned by the Trust at such time, less the Trust’s expenses and liabilities,” the filing states. “Although the Shares are not the exact equivalent of a direct investment in ether, they provide investors with an alternative method of achieving investment exposure to the price of ether through the securities market, which may be more familiar to them.”

News of the filing prompted the price of ether to swiftly increase by 2% to $2,080 before re-stabilizing at its normal price point. 

Excitement for ETFs


Earlier this week, an XRP exchange-traded fund application seemingly made by BlackRock made the rounds on social media, spiking XRP’s price by 10%. However, a spokesperson for BlackRock formally denied the rumored application on Monday, November 13th, and the Delaware Department of Justice is currently investigating the matter.

BlackRock’s spot exchange-traded fund application comes shortly after the asset management company filed the iShares Ethereum Trust with the Delaware Department of State Division of Corporations and a filing by Nasdaq for the entity to receive regulatory approval. Coinbase Custody Trust Company has been selected to serve as custodian for the ETF. 

Meanwhile, BlackRock is simultaneously pursuing a spot Bitcoin ETF alongside twelve other applicants including Grayscale Investments, VanEck Bitcoin Trust, Wise Origin Bitcoin Trust, and Invesco Gallery Bitcoin ETF, among others. 

What to expect going forward


Bloomberg ETF research analysts, Eric Balchunas and James Seyffart, previously released data showing an eight-day window wherein the SEC could approve a number of spot Bitcoin ETF applicants. However, with the window slated to close on Friday, November 17th, it looks unlikely. 

Balchunas and Seyffart estimate a 90% chance that spot Bitcoin applicants’ ETF will be approved by January 10th, 2024.

If BlackRock’s spot Ethereum ETF is approved, it could signal a broader interest from more traditional financial firms to position themselves in the crypto space.

The post BlackRock Files Spot Ether ETF Application appeared first on Cryptonews.

Previous Post

Market Analysts Are Backing This AI Crypto Platform – Here’s What You Need to Know

Next Post

Casino utan Svensk Licens 2023

Next Post
Casino utan Svensk Licens 2023

Casino utan Svensk Licens 2023

Subscribe to Simplemoneygoal.com

    Britain sets out plan to toughen rules on migration, as Starmer combats surge in support for populists
    Economy

    Britain sets out plan to toughen rules on migration, as Starmer combats surge in support for populists

    May 12, 2025
    Hamas hands Edan Alexander, last known living American hostage in Gaza, to Red Cross ahead of release
    Economy

    Hamas hands Edan Alexander, last known living American hostage in Gaza, to Red Cross ahead of release

    May 12, 2025
    Trump’s Middle East trip leaves Netanyahu watching from the sidelines again
    Economy

    Trump’s Middle East trip leaves Netanyahu watching from the sidelines again

    May 12, 2025
    Europe and US briefly upped the pressure on Russia over Ukraine. Trump upended that
    Economy

    Europe and US briefly upped the pressure on Russia over Ukraine. Trump upended that

    May 12, 2025
    • About us
    • Contacts
    • Email Whitelisting
    • Privacy Policy
    • Terms and Conditions

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.

    No Result
    View All Result
    • Economy
    • Editor’s Pick
    • Investing
    • Politics
    • Stock
    • Top News

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.