A US Securities and Exchange Commission (SEC) document pertaining to BlackRock’s iShares Ethereum Trust, an Ethereum Spot ETF, has been submitted.
Form S-1 has been submitted by the biggest asset management in the world, BlackRock, for its iShares Ethereum Trust, an ETF that tracks the price of ethereum on the market.
Whether that application is approved now depends on the US Securities and Exchange Commission (SEC). Along with the asset behemoth, Nasdaq is also involved; the latter will oversee the day-to-day marketing of the ETF shares via its Stock Market LLC.
The Nasdaq has just informed the SEC in a statement that the crypto industry would be celebrating “a major victory for US investor protection” if an exchange-traded fund (ETF) based on spot Ethereum were to be approved.
Investors’ money are put at great danger since Nasdaq allegedly told the SEC that without this derivative product, they would have to look for alternative exposures with riskier goods.
Coincident with the current news that confirms the asset giant’s work toward the spot ethereum ETF, there doesn’t seem to be much of a reaction from the price of ETH.
Truthfully, the value of ETH is $1,977 right now, a 5% decrease from a week ago. Ethereum hit a new all-time high of $2,132 on November 10th, a day that was characterized by the bull run in the cryptocurrency market.
That price is still more than Ethereum’s all-time high in 2023, which was $2,120 in April of last year. In addition to the happenings in the crypto ETF industry this week, BlackRock had to go on the defensive to refute claims that were going around online.
These concerned the potential issuance of XRP-linked exchange-traded funds by the biggest asset management in the world.
It all came down to a few ETF observers spreading a bogus filing by BlackRock earlier this week, which had to do with its need for Ripple ETFs.
Interestingly, a representative from the asset giant has since stated that the regulatory file in question was really never intended to pave the way for the XRP ETF, proving that the rumor was completely unfounded.
But unlike what’s occurring with ETH right now, the false information on BlackRock’s Ripple ETF nevertheless contributed to XRP’s price pumping by 10%.
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