BlackRock Joins the Party with Ethereum Spot ETF Filing
Well, well, well. Look who decided to jump on the bandwagon! BlackRock, a big shot in the investment world, has officially thrown its hat into the ring by filing for an Ethereum Spot Exchange Traded Fund (ETF) with none other than the United States Securities and Exchange Commission (SEC). It seems like everyone and their grandma is trying to get in on this action!
The asset management company submitted their application on November 15th but claims they had everything set up as early as November 9th. Talk about eager beavers! According to BlackRock, their iShares Ethereum Trust will allow investors to own a piece of that sweet Ether pie through shares issued by the trust. I mean, who wouldn’t want a slice of that digital currency goodness?
But hold your horses there, cowboy! The US SEC hasn’t given any thumbs up yet for either Ethereum or Bitcoin Spot ETFs. In fact, they’ve been dragging their feet so much that they’ve delayed reviewing applications until January 2024. Looks like someone at the SEC needs a new calendar because we’re still stuck in good ol’ 2023!
Ethereum Price Goes Bonkers
Now here’s where things start getting interesting – or should I say “cryptic” – if you catch my drift. Following BlackRock’s little announcement about their ETF filing, the price of Ethereum went absolutely bananas! It shot up almost 2% and hit $2,080 at one point.
This sudden surge has got all those crypto enthusiasts rubbing their hands together in anticipation of what could potentially be a bull run if Uncle Sam gives his official nod for these ETFs.
ETH price falls to $1,945 | Source: ETHUSD on Tradingview.com
Featured image from Bitcoin News; chart from Tradingview.com