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BlackRock, the world’s largest asset manager, has filed an S-1 prospectus for its spot Ethereum ETF with the US Securities and Exchange Commission (SEC). The filing made late Wednesday follows the asset manager giant’s registration of the iShares Ethereum Trust in Delaware last week.

Ethereum price saw a muted reaction to the news compared to broader rally that followed the initial registration.

While a Nasdaq filing last week had indicated BlackRock was on the verge of filing a proposal for a spot Ethereum ETF, the company’s S-1 application confirms the plans.

According to the document filed with the SEC, the iShares Ethereum Trust is a spot ETF that will seek to “reflect generally the performance of the price of ether.” Coinbase is the ETF’s appointed custodian.

BlackRock’s filing adds to the firm’s spot Bitcoin ETF application that’s awaiting the SEC’s decision. The regulator has so far rejected or delayed every spot Bitcoin ETF application before it, the latest just this week. However, with the market anticipating an eventual approval, the optimism for a spot Ethereum ETF is high.

Grayscale, which seeks to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF, has also filed to have its Ethereum Trust (ETHE) to a spot ETF. The SEC delayed the company’s 19b-4 application for an Ethereum Futures ETF on Wednesday.

James Seyffart, a senior ETF analyst at Bloomberg, commented on what Grayscale might be after with the 19b-4 application given the US already has ETH futures ETFs. After securing victory against the SEC in the GBTC case, Grayscale could be looking at a similar battle for its ETHE.

I was initially unsure why they would even file for this. But my thoughts have evolved over the last few weeks and they are basically this:
Grayscale is playing Chess, not checkers here. They're likely hoping to force the SEC into issuing a 19b-4 decision on an ETH futures ETF.…

News of the pending ETF application last week had triggered massive buying pressure for Ether price.

As noted, the value of the world’s second largest cryptocurrency by market cap shot past $2,100 – its highest price level since April, while altcoins such as Ethereum Classic (ETC) and RocketPool (RPL) soared.

Today ETH/USD saw marginal gains, with the muted reaction likely a result of the market having already priced in this event. Ether was trading around $2,055 at the time of writing, up roughly 2% in the past 24 hours and 8% this past week.

The post BlackRock files S-1 application for its spot Ethereum ETF appeared first on Invezz

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