BlackRock Ethereum ETF Plan Confirmed
10 Nov, 2023 ● Coin news
According to a 19b-4 form filing submitted to the United States Securities and Exchange Commission (SEC) on Nov. 9, Blackrock's plans for a spot Ethereum exchange-traded fund (ETF) have now been confirmed.
Nasdaq submitted the 19b-4 form to the SEC on behalf of the $9 trillion asset management firm for an ETF referred to as the "iShares Ethereum Trust."
The move signals BlackRock's intention to expand its ETF ambitions beyond Bitcoin.
On Nov. 9, it was revealed that BlackRock had registered corporate entity iShares Ethereum Trust in Delaware, the first indication that a spot Ethereum ETF filing was imminent.
Over the last few months, BlackRock and other financial firms have expressed interest in cryptocurrency-backed ETFs.
According to Bloomberg ETF analyst James Seyffart, at least five companies are vying for the SEC's approval for a spot Ethereum ETF.
VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex are among them.
According to CoinGecko, ETH is up 10.1% in the last 24 hours after rising 8.9% to $2080 on news that BlackRock is moving forward with plans for an iShares Ethereum Trust.