It has been revealed that BlackRock, the world's largest asset management company, has officially filed an Ethereum spot ETF with the SEC (U.S. Securities and Exchange Commission). On the 15th, the SEC released the application, Form S-1.
Form S-1 is a registration certificate used by companies seeking permission from the SEC to register securities. It provides the SEC with the information required before a company can conduct a public sale.
The ETF, called iShares ETHEREUM TRUST, was filed with the SEC on the 15th. According to the S-1, it aims to "reflect the general price performance of Ethereum." The name iShares is a reference to BlackRock's ETF product.
The S-1 will be issued one week after BlackRock registers iShares Ethereum Trust with the Delaware Department of State Corporations.
BlackRock has appointed Coinbase Custody Trust Company, a subsidiary of cryptocurrency exchange Coinbase, as the custodian for the Ethereum spot ETF. In addition, the company will use the CME CF Ether-Dollar Reference Rate, a subsidiary of cryptocurrency exchange Kraken, as the index. These are the same as the Bitcoin spot ETF that has already been applied for.
BlackRock applied for iShares Bitcoin Trust in June of this year. It has been attracting attention as the favorite to have a Bitcoin spot ETF approved. Last month, cryptocurrency prices, including Bitcoin (BTC), rose in anticipation of approval, and it can be said that this is the catalyst for BlackRock to break out of the so-called "winter era" of cryptocurrency.
Meanwhile, there have been a series of false reports about Bitcoin spot ETFs and other cryptocurrency ETFs.
Last month, US cryptocurrency media Cointelegraph reported that BlackRock's Bitcoin spot ETF had been approved. Bitcoin prices soared after the news was released, but then fluctuated wildly after it was revealed to be false.
Last month, BlackRock CEO Larry Fink said that the sudden rise in prices due to the false report that a Bitcoin spot ETF had been approved "showed pent-up interest in crypto assets."
Also, on the 14th, someone registered "iShares XRP Trust" as a spot ETF for the cryptocurrency XRP, claiming that it was applied for by BlackRock. This was also false, and BlackRock has completely denied it. XRP rose to a high price as a result.
The SEC has revealed that it is currently examining the applications of several Bitcoin spot ETFs, including BlackRock's. The ticker for BlackRock's Bitcoin spot ETF, "IBTC," is also listed on the Depository Trust & Clearing Corp website.
BlackRock is also in talks with trading giants Jane Street and Virtu Financial to become market makers that will provide liquidity for a Bitcoin spot ETF.
BlackRock is expected to continue preparing steadily for a swift launch while waiting for approval.
Reference:Announcement
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XRP price soars due to fake news surrounding BlackRock's ETF application
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