BlackRock, the world’s largest asset manager, has taken a significant step by officially submitting a filing with the SEC for a spot Ethereum exchange-traded fund (ETF). The ETF, named iShares Ethereum Trust, aims to mirror the overall performance of the Ether price, as outlined in the recently filed Form S-1 by iShares, a brand affiliated with BlackRock’s ETF products.
This move follows the recent registration of the iShares Ethereum Trust entity with the Delaware Department of State Division of Corporations, and the subsequent filing by Nasdaq for the proposed ETF, confirming BlackRock’s involvement in developing a spot Ether ETF. Coinbase Custody Trust Company has been selected as the custodian for the proposed ETF, aligning with BlackRock’s choices for its spot Bitcoin ETF. The benchmark for the ETF will be the CME CF Bitcoin Reference Rate from CF Benchmarks, a Kraken subsidiary.
BlackRock, which stirred the market in June by filing for the iShares Bitcoin Trust, is currently awaiting SEC review for multiple spot Bitcoin ETF applications. Notably, trading firms such as Jane Street, Virtu Financial, and Jump Trading are reportedly in discussions to provide liquidity if BlackRock’s proposed spot Bitcoin ETF gains regulatory approval. The anticipation of a spot bitcoin ETF approval has influenced Bitcoin’s recent price rally. Last month, BlackRock CEO Larry Fink highlighted the incident where a false news report triggered a bitcoin price surge, underscoring the strong interest in crypto.
Additionally, the recent registration of “iShares XRP Trust” in Delaware, initially attributed to BlackRock, is under investigation by the Delaware Department of Justice, with BlackRock asserting no connection to the filing.