- BlackRock’s plan for a Spot Ethereum ETF is confirmed with a 19b-4 form filing submitted to the SEC.
- ETH’s price surges by 10% following the news, hitting a 7-month high, while BTC also sees gains.
BlackRock, one of the world’s largest asset managers, has officially taken a significant step toward introducing a Spot Ethereum ETF. The company’s plan was unveiled through a filing with the Nasdaq exchange, where BlackRock aims to list its Ethereum-focused product.
🚀 #BlackRock's entry into the #EthereumETF arena is officially confirmed with their 'iShares #Ethereum Trust' filing on Nasdaq. With #ETH's recent surge, a $2,500 price target by the end of November is now on the horizon! 🌐
Learn more: https://t.co/i1i46higG2 pic.twitter.com/MwVZ0qH1Jd
— Collin Brown (@CollinBrownXRP) November 10, 2023
This development follows BlackRock’s earlier registration of the corporate entity “iShares Ethereum Trust” in Delaware, providing the first indication of an impending Ethereum ETF filing.
The journey towards a Spot Ethereum ETF is not unique to BlackRock, as several financial institutions have expressed interest in cryptocurrency-backed ETFs in recent months. Bloomberg ETF analyst James Seyffart has highlighted that at least five firms are vying for approval from the U.S. Securities and Exchange Commission (SEC) to launch a Spot Ethereum ETF. These firms include VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex.
UPDATE: BlackRock #Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq pic.twitter.com/pLhuhhK7jo
— James Seyffart (@JSeyff) November 9, 2023
BlackRock’s Ethereum ETF Plan Gets Green Light with Nasdaq Filing
The impact of BlackRock’s Nasdaq filing was immediately evident in the cryptocurrency market, with Ether (ETH) experiencing an 8.9% price surge to reach $2,080. Over the course of 24 hours, ETH witnessed a remarkable 10.1% increase in value, as reported by CoinGecko. This significant price surge has allowed ETH to regain market dominance against Bitcoin (BTC), which has outperformed ETH in recent months. ETH’s market dominance now stands at 17%, up by 1.3 percentage points prior to the news.
BlackRock’s commitment to the cryptocurrency market extends beyond Ethereum, as the asset management giant is also confident about securing SEC approval for its Spot Bitcoin ETF by January 2024. While the timeline for the review of a Spot Ethereum ETF remains uncertain, it represents a crucial step toward increasing access to cryptocurrencies for mainstream investors.
The surge in Ether’s price, outpacing Bitcoin, underscores the growing interest and anticipation surrounding the introduction of cryptocurrency-based ETFs. However, the SEC has been actively engaged in discussions and debates regarding the approval of such ETFs.
As the cryptocurrency market continues to evolve, the emergence of ETFs could mark a significant milestone in making digital assets more accessible to a broader range of investors. While regulatory hurdles remain, the interest and enthusiasm from institutional players like BlackRock indicate a continued maturation of the crypto ecosystem.
