The official confirmation of BlackRock’s intention to launch a spot Ethereum exchange-traded fund (ETF) was disclosed via a 19b-4 form submission to the United States Securities and Exchange Commission (SEC) on November 9.
Nasdaq, on behalf of the $9 trillion asset management giant, submitted the filing, detailing the proposed “iShares Ethereum Trust” and indicating BlackRock’s strategic expansion from Bitcoin into the Ethereum market. This development follows the recent establishment of the corporate entity “iShares Ethereum Trust” in Delaware, suggesting the imminent submission of a spot Ethereum ETF application.
BlackRock enters a competitive arena where various financial firms, including VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex, are pursuing SEC approval for spot Ethereum ETFs.
The announcement triggered an 11% surge in Ethereum’s value, reaching $2,123 within the last 24 hours. This surge has played a role in Ethereum regaining market dominance, currently standing at 18.1%.
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