BlackRock Applies for Spot Ethereum ETF with US SEC

The world-leading asset management firm BlackRock submitted its official application seeking approval from the US Securities and Exchange Commission (SEC) for a spot Ethereum exchange-traded fund (ETF). Larry Fink’s BlackRock is replicating its mid-2023 move to file for the elusive spot Bitcoin ETF pending before SEC among the dozen applications pending before the Gary Gensler-led Commission.

Fink’s Asset Management Firm Applies for Spot Ethereum ETF

The Wednesday, November 15 Form S-1 filing with the commission identifies BlackRock’s applications for the ETF as iShares Ethereum Trust on behalf of iShares Delaware Trust Sponsor LLC. The filing indicates the spot Ethereum ETF will track ether’s price. Market observers identified the iShares brand’s application with BlackRock’s exchange-traded fund products.

The Form S-1 comes seven days following BlackRock registering iShares Ethereum Trust with the Delaware Department’s State Division of Corporations. In hours, Fink’s asset management giant would submit a Nasdaq filing for the looming ETF that market observers quickly linked with BlackRock’s background activities linked to spot ether ETF.

The Wednesday filing for the spot Ethereum ETF portrays growing institutional interest and confidence in crypto markets. In particular, the interest portrayed by asset management and hedge funds began when BlackRock sought iShares Bitcoin Trust approval.

BlackRock Sustains the Hype Surrounding ETF Approval

Due to Fink’s record of securing approval in previous applications, BlackRock’s application fueled an unprecedented rally in the crypto markets. However, the application still pends on the SEC alongside similar bids from VanEck, Wisdom Tree, Invesco, Ark Invest, Fidelity, Bitwise, and Valkyrie.

The hype surrounding pending applications for spot Bitcoin ETF is fueling the crypto market rally with market observers, and analysts will help optimize the untapped investment potential of tracking the token’s price. The filing for spot Ethereum ETF would likely replicate the recent preparedness portrayed by BlackRock. Such involves its bitcoin ETF ticker, IBTC, inclusion on the Depository Trust & Clearing Corp website since it first appeared in August – though only noticed in late October.

The filing for the spot Ethereum ETF with the securities watchdog is heating activities as leading trading firms are rumored to participate in talks to offer liquidity. In particular, Jump Trading is set to rival Virtu Financial and Jane Street in the ongoing talks to provide liquidity for Fink’s Bitcoin ETF upon securing the approval.

The prospect of the SEC approving the pending spot Bitcoin ETF applications triggered the Bitcoin price rally witnessed for the past 30-day run. Earlier in November, BlackRock’s chief Larry Fink termed the Bitcoin price uptick following false reporting by crypto news platform Cointelegraph of spot ETF approval affirmed the pent-up interest in digital assets. 

Justice Department Investigating Bogus iShares XRP Trust 

Earlier in the week, Ripple’s native token XRP realized a thirty-minute rally following news of an entity named iShares XRP Trust registered in Delaware and linked to BlackRock. The XRP price movement cooled off following a statement by BlackRock distancing itself from the filing.

Monday, November 14, the application captured BlackRock iShares XRP Trust in its Delaware filing. If genuine, it suggested BlackRoc’s XRP ETF was forthcoming, similar to the previous week’s $8.5 trillion asset manager submission for Ethereum. 

Meanwhile, the Delaware Department of Justice announced placing the filing of iShares XRP Trust under investigation. A Tuesday, November 14 publication by Bloomberg captured the Delaware Office of the Secretary of State’s directive to the state Department of Justice to investigate the bogus filing.

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