Nasdaq and BlackRock are advancing plans to list and trade options for BlackRock’s spot Ethereum exchange-traded fund (ETF), according to a recent report by Reuters.
The asset manger reportedly submitted a proposal to the U.S. Securities and Exchange Commission (SEC) through the Nasdaq International Securities Exchange for rule change to allow this move.
BlackRock’s ETF, the iShares Ethereum Trust, exclusively holds Ethereum (ETH) with Coinbase as the custodian and Bank of New York Mellon managing the trust’s cash assets. Unlike other Ethereum-based financial products, the Fund does not participate in Ethereum staking as it focuses solely on holding ETH.
Financial analyst Virginia Bramlett also noted that BlackRock’s initiative to introduce options for its Ethereum ETF could significantly reshape investor engagement with cryptocurrencies. While regulatory approval is crucial, this move is seen as a strategic step toward increasing liquidity and attracting a wider range of investors, potentially benefiting the broader Ethereum market.
The SEC has 21 days to comment on the proposal, with a final decision expected around April 9, 2025. However, the approval process is not solely in the hands of the SEC; it also requires the green light from the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC).
Since its launch, BlackRock’s Ethereum ETF has seen significant growth, with its market share (ETHA) increasing from 3% to 9% of the total Ethereum ETF market. Despite this growth, Grayscale’s Ethereum Trust (ETHE) remains the dominant player, boasting $4.77 billion in assets under management (AUM).
This development follows the SEC’s approval of Ethereum ETFs earlier this year, as it paved the way for major asset managers like BlackRock, Grayscale, and ARK Investments/21Shares to list spot Ethereum ETFs for public trading in the United States.
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