Crypto Updates

BlackRock Files Prospectus with SEC for Spot Ether ETF


BlackRock has filed a prospectus with the US
Securities and Exchange Commission (SEC) for a spot ether exchange-traded fund
(ETF). The filing followed the registration of the name of the new offering and
the application for the filing of an application by Nasdaq seeking approval of
the spot ETF.

According to a report by Coindesk, the price of
ether (ETH) surged 2% to $2,080 following the filing of the S-1 form by the
asset management firm. This reaction underscores the market’s heightened
sensitivity to ETF-related updates, echoing the recent trend where court
rulings against SEC rejections of spot crypto ETF applications have kindled
optimism for future approvals.

BlackRock‘s foray into the cryptocurrency realm
extends beyond Ethereum, with the company currently awaiting the approval of
the SEC regarding the potential listing of a spot Bitcoin ETF.

In June, BlackRock filed for iShares Bitcoin Trust exchange-traded fund (ETF) with the SEC. This step followed earlier rejections
of spot Bitcoin ETF applications by the regulators. While launching its bid,
BlackRock emphasized its commitment to democratizing investments in Bitcoin for
institutional and retail investors.

Notably, BlackRock’s proposed ETF aims to leverage
custodian services from Coinbase to safeguard Bitcoin assets held by the Trust.
Besides that, the company intends to utilize the CME CF Bitcoin Reference Rate
to track Bitcoin

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