Ethereum
BlackRock Modifies Spot Ethereum ETF Proposal With SEC, Possible Launch End of June
BlackRock Modifies Spot Ethereum ETF Proposal With SEC, Possible Launch End of June
BlackRock updated its filing with the Securities and Exchange Commission (SEC) for the proposed spot Ethereum exchange-traded fund (ETF). May 29 amendment Joining the iShares Ethereum Trust marks a crucial step toward making an ETH-based ETF available to the market, following last week’s surprising approval of a similar financial product.
Eric Balchunas, a Bloomberg analyst, suggested that other candidates would likely follow BlackRock’s lead. He added that if the SEC quickly provides another round of detailed comments, Ethereum spot ETFs could potentially launch as soon as next month. “At the end of June, launch a legitimate possibility, [although] keeping my plus/minus date as July 4th,” Balchunas posted.
BlackRock’s proposed ETF, which will trade under the symbol ETHA, has clarified that it will not engage in Ethereum staking. This means that the ETF’s returns will be different from those that would be achieved by purchasing and holding Ethereum directly.
This week has been monumental for the cryptocurrency industry. In Washington, DC, a rare instance of bipartisan support emerged for a crypto regulation bill, culminating in the SEC’s unexpected approval of Ethereum spot ETFs. Joe Lubin, co-founder of Ethereum and CEO of Consensys, sees these developments as a crucial change in the regulatory landscape for cryptocurrencies in the United States.
BlackRock initially filed a Form S-1 for its Ethereum spot ETF with the SEC in November, joining other heavyweights like ARK Invest, Fidelity and VanEck. Crypto custodian Grayscale is also in the race, looking to convert its Grayscale Ethereum Trust (ETHE) into a Spot Ethereum ETF, a move similar to that which paved the way for spot Bitcoin ETFs.