It has been just revealed the fact that BlackRock filed for a spot ETH ETF with the SEC. Check out the latest reports about the matter below.
BlackRock files for spot ETH ETF
The world’s largest investment firm, BlackRock, has filed for a spot market Ethereum (ETH) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
This comes months after the firm applied for a spot Bitcoin (BTC) ETF. BlackRock, which manages assets worth over $8 trillion, aims to get approval for the iShares Ethereum Trust.
This would allow retail investors to gain exposure to the second-largest cryptocurrency by market cap through traditional stock exchanges.
“The Trust seeks to reflect generally the performance of the price of Ether. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Shares are intended to constitute a simple means of making an investment similar to an investment in ether rather than by acquiring, holding and trading ether directly on a peer-to-peer or other basis or via a digital asset exchange.”
The notes continued and revealed the following according to the reports coming from the online publication the Daily Hodl.
The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in ether, while at the same time having an intrinsic value that reflects, at any given time, the investment exposure to the price of ether owned by the Trust at such time, less the Trust’s expenses and liabilities.”
BlackRock, the investment giant, has recently registered an Ethereum Trust in Delaware, in a move similar to its registration of a Bitcoin trust.
The firm has also filed a request to create a spot market Bitcoin ETF in July, despite the SEC’s repeated rejection of other firms’ similar attempts.
However, the regulatory agency has already approved futures Bitcoin ETFs.
Grayscale has won a lawsuit against the SEC, with a federal judge ruling that the regulatory body must reconsider its stance on approving Grayscale’s Bitcoin ETF, to remain consistent.