BlackRock (BLK), the world’s largest asset manager, has submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) for the iShares Ethereum Trust, an exchange-traded fund (ETF) focused on spot ether.
This action follows the recent corporate registration of the same name and Nasdaq’s submission of a 19b-4 to the SEC, seeking approval for the spot ETF.
In response to the S-1 filing, the price of ether (ETH) experienced a brief surge of nearly 2%, reaching $2,080, although it has since stabilized around its pre-news level.
Cryptocurrency prices have shown quick reactions to updates related to ETFs, especially after recent court decisions challenging the SEC’s rejection of spot crypto ETF applications. These legal developments have raised market expectations for potential approval. Notably, a spoof iShares ETF registration linked to XRP triggered a 10% surge in the token’s value before BlackRock clarified that it was fraudulent.
BlackRock, alongside other asset managers, is presently awaiting a decision from the SEC regarding the listing of a spot bitcoin ETF. If approved, this could significantly broaden average investor access to the crypto market. BlackRock’s CEO, Larry Fink, has notably shifted his stance on cryptocurrencies, expressing recent support for the sector.
