[NEWS] BlackRock files for Ethereum spot ETF, driving price rise

It has been revealed that BlackRock, the world's largest asset management company, is in the process of applying for an Ethereum spot ETF. This was revealed on the 9th when Nasdaq submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC).

BlackRock is the largest financial company managing assets of approximately $9 trillion (approximately 1,362 trillion yen).

On the 9th, BlackRock registered the Ethereum spot ETF "iShares Ethereum Trust" as a Delaware court trust. On the same day, Nasdaq also submitted a proposal to list and trade the trust shares.

The Delaware Department of Corporations website showed that iShares Ethereum Trust was registered on the 9th. According to the application, the ticker for iShares Ethereum Trust will be traded under "ETH" and will closely track the price of the ETH held by the trust. It will be managed by BlackRock's subsidiary iShares.

It is not clear when BlackRock will officially apply to the SEC for approval of an Ethereum spot ETF.

The SEC approved the start of trading of an Ethereum futures ETF on the 2nd of last month. The ETFs that have started trading are managed by Proshares, VanEck, and Bitwise.

Grayscale has submitted an application to the SEC to convert its current Ethereum mutual fund into an Ethereum spot ETF.

Apart from BlackRock, Ark, Invesco, and HashdeX are also applying for Ethereum spot ETFs.

ETH price returns to the $2,000 range for the first time since July.

Following this move, the price of Ethereum (ETH) has risen by more than 10%. It has returned to the $2,000 range for the first time since July, and is currently trading at around $2,120 (approximately JPY 320,000). ETH has risen by more than 30% over the month, and is up 85% compared to a year ago.

Bitcoin (BTC) has also risen by about 3%, affected by the ETH price movement. It is currently trading at around $36,639 (approximately JPY 5.56 million).

Expectations for approval of Bitcoin spot ETF are growing

BlackRock applied for the first Bitcoin spot ETF listing in June this year, and is currently undergoing SEC review.

The SEC has not yet approved a Bitcoin spot ETF, but following the ruling on the reexamination order for Grayscale's application, it has become more open to cryptocurrency spot ETFs. SEC Chairman Gary Gensler has revealed that a specialized team is reviewing the Bitcoin spot ETF.

Bloomberg analyst James Seyffart also commented on the 9th that the 12 Bitcoin spot ETFs currently being applied for "could be approved between November 8th and November 17th."

Reference:Nasdaq "Form 19b-4",Delaware Department of Corporations
Image: Shutterstock

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