BlackRock, the world’s largest asset manager, has officially lodged an Ethereum exchange-traded fund (ETF) application with the United States Securities and Exchange Commission (SEC). This notable step marks BlackRock’s deeper foray into the burgeoning digital asset market.

The proposed ‘iShares Ethereum Trust’ is structured to closely track the price performance of Ethereum (ETH), the second leading cryptocurrency, minus the Trust’s operational expenses and liabilities.

This development from BlackRock, a firm commanding over a trillion dollars in assets, has sent positive ripples through the crypto market. The announcement further underscores BlackRock’s commitment to expanding its portfolio offerings in the digital assets domain and reflects the growing institutional interest in cryptocurrencies.

Details Of The Proposed Ethereum ETF

The recent submission of a Form S-1 Registration Statement to the SEC details the operational framework of the iShares Ethereum Trust. For context, a ‘Form S-1 Registration’ is a document filed with the US SEC used by companies planning to go public or register new securities for sale.

BlackRock’s decision to create the Trust comes from their previous action of registering the corporate name “iShares Ethereum Trust” in Delaware.

The iShares Ethereum Trust has just been registered in Delaware.

For context, BlackRock’s iShares Bitcoin Trust was registered in a similar manner 7 days before they filed the ETF application with the SEC. Details below.

[announcement: I’m moving to @SynopticCom soon] pic.twitter.com/IYafIaxMzA

— Summers (@SummersThings) November 9, 2023

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Author: Samuel Edyme

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