While BlackRock, the world's largest asset management company, is waiting for its spot Bitcoin ETF application to be approved, it has now applied for Ethereum (ETH).
Accordingly, BlackRock filed an S-1 application for the spot Ethereum ETF.
ETF S-1 filings with the SEC include information such as investment strategy and risk factors regarding the relevant ETF product. The purpose of submitting detailed information about ETFs to the SEC is to provide transparency to investors.
In the filing with the SEC, “iShares Ethereum Trust is a Delaware statutory trust that issues shares representing partial undivided beneficial interests in its net assets. The Trust's assets consist primarily of ether held by a custodian on behalf of the Trust. The Trust intends to generally reflect the performance of the Ethereum price .” statements were included.
If S-1 applications are approved, it means the ETF is accepted and the ETF subject to the application is launched.
BlackRock also stated in its filing that it chose Coinbase to hold ETH in its spot Ethereum ETF.
Following the news, ETH price increased by nearly 2% and rose to $2,074.
*This is not investment advice.