BlackRock files S-1 form for spot Ether ETF with SEC
BlackRock filed a Form S-1 with the U.S. SEC a week after registering its iShares Ethereum Trust with Delaware’s Division of Corporations.
BlackRock, the world's largest asset manager, officially filed for a spot Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on November 15. The ETF, known as the iShares Ethereum Trust, is designed to "reflect generally the performance of the price of Ether," according to the S-1 filing. BlackRock's move into the spot Ether ETF space comes nearly a week after registering the iShares Ethereum Trust with Delaware’s Division of Corporations and approximately six months after filing its application for a spot Bitcoin ETF.
BlackRock spot Ether ETF Form S-1 filing. Source: SEC
BlackRock, which initiated the spot Bitcoin ETF rush earlier in 2023, is joining the growing list of institutions filing for a spot Ether ETF, indicating increasing institutional interest in the cryptocurrency market. The filing for a spot ETF involves a two-step process, requiring SEC approval for both the Trading and Markets division on the 19b-4 filing and the Corporate Finance division on the S-1 filing or prospectus. The rush for spot Ethereum ETFs gained momentum in early November when the SEC acknowledged Grayscale Investment’s application to convert its Ethereum trust into an ETF.
During the last bull cycle, several institutional giants filed for crypto spot ETFs, only to face rejections from the SEC, citing concerns about the size of the crypto market. Market analysts predict a high likelihood of approval for a spot Bitcoin ETF by early 2024, with approval for the spot Ether ETF possibly following later. This institutional interest in cryptocurrency-based spot ETFs coincides with the recovery phase of the crypto market, regaining a significant portion of the lost ground from the previous bear market.