BlackRock, the world’s largest asset manager, has reportedly filed for a spot Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), today, November 16, 2023.
This application comes exactly a week after it submitted the 19b-4 filings for the same spot ETF contract, named iShares Ethereum Trust ETF. These 19b-4 filings, providing specific details about the proposed ETF, are currently under review by the SEC’s Division of Trading and Markets.
If approved for both applications, BlackRock’s spot Ethereum ETF would offer a streamlined avenue for U.S. investors to access Ether without the need for cryptocurrency-specific infrastructure like digital wallets.
One notable aspect of the filing is BlackRock’s choice of Coinbase as the custodian for the Ether underlying the proposed ETF trust. This decision aligns with a strategic partnership formed between BlackRock and Coinbase in August 2022. The collaboration involves Coinbase Prime connecting to BlackRock’s Aladdin investment management platform, facilitating cryptocurrency trading and custody.
It’s worth noting that Coinbase already serves as the custodian for BlackRock’s pending spot Bitcoin ETF application, which remains under SEC review.
Beyond BlackRock, several other financial firms, including VanEck, ARK Invest, Hashdex, Bitwise, and Galaxy Digital, have filed for spot Ethereum ETFs. Additionally, Grayscale aims to convert its Ethereum investment trust into an ETF structure.
However, Bitwise recently made a surprising move by withdrawing its applications for Bitcoin and Ethereum exchange-traded funds (ETFs) with the SEC without providing a specific reason. The timing of this withdrawal is noteworthy, especially in light of Grayscale’s legal victory and efforts to convince the SEC to reconsider its ETF application.
Meanwhile, the SEC has once again announced a delay in its decision on pending applications for spot Bitcoin exchange-traded funds (ETFs). In an official statement published today, the regulator disclosed that it is delaying the decision on Hasdex’s application; it cited ample time to consider comprehensive assessments of the proposed rule changes and the associated issues they raise. The regulator had previously deferred its decision on six pending applications in August 2023.
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