BlackRock Confirms Plan for Ethereum-based ETF Amid Rising Crypto Interest on Wall Street
Summary:
BlackRock's plan to establish an Ethereum-based Exchange-Traded Fund (ETF) has been confirmed via a 19b-4 form filing to the U.S. Securities and Exchange Commission (SEC). Alongside BlackRock, other financial organizations including VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex have expressed interest in cryptocurrency-backed ETFs, indicating an increased interest in digital currencies on Wall Street.
Blackrock's intention to establish an Ether-based exchange-traded fund (ETF) is now confirmed, as indicated by a 19b-4 form filing to the United States Securities and Exchange Commission (SEC) on November 9. Nasdaq has submitted the 19b-4 form to the financial regulator on behalf of the asset management giant, proposing the ETF titled as the Shares Ethereum Trust. This action communicates BlackRock's broader interest in cryptocurrency beyond Bitcoin in their ETF ambitions. Earlier on the same day, initial speculations of an Ether-based ETF were fuelled when Blackrock created a business entity called the "iShares Ethereum Trust" in Delaware.
In recent months, Blackrock and other finance companies have shown a fervent interest in establishing ETFs endorsed by cryptocurrencies. James Seyffart, an ETF analyst at Bloomberg, highlighted that at least five contenders are vying for the SEC's approval for a spot Ethereum ETF. In addition to BlackRock, notable contenders are VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex.
Magazine: Bitcoin ETF: Crypto’s New Avenue on Wall Street.
Published At
11/9/2023 10:36:51 PM
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