New York City, New York – November 10, 2023: Asset management giant BlackRock has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Ethereum exchange-traded fund (ETF). 1
If approved, the ETF could launch in early 2024. This would be the first spot Ethereum ETF to be approved in the United States.
A spot ETF is a type of ETF that tracks the spot price of an asset, such as a cryptocurrency. This is in contrast to a futures ETF, which tracks the price of a futures contract on an asset.
The BlackRock Ethereum Spot ETF would be a major milestone for the cryptocurrency industry if approved. It would provide investors with a convenient and regulated way to gain exposure to Ethereum.
The news of BlackRock’s filing has sent the price of Ethereum soaring. The cryptocurrency is currently trading at over $1,500, up over 10% in the past 24 hours. BlackRock’s filing comes at a time when the SEC is under increasing pressure to approve spot cryptocurrency ETFs.2
The agency has previously rejected several applications for spot Bitcoin ETFs, but it has signaled that it is more open to approving spot Ethereum ETFs. The SEC is expected to make a decision on BlackRock’s filing within the next few months.
- Bloomberg: https://www.bloomberg.com/news/articles/2023-11-09/blackrock-blk-filing-spurs-ether-eth-rally-as-etf-bets-fire-up-crypto[↩]
- Capital: https://capital.com/eth-ethereum-price-rallies-post-merge[↩]
