Blackrock Has Submitted A New Ethereum Etf Application.

BlackRock has submitted an S-1 application for a new Ethereum ETF.

The world's largest asset manager, BlackRock, officially filed for a spot Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on November 15.

In BlackRock's S-1 application submitted to the SEC, it was disclosed that the iShares Ethereum Trust, an Ether ETF, aims to "reflect the price performance of Ether." BlackRock's iShares brand also encompasses the iShares Bitcoin Trust, a Bitcoin ETF, with Coinbase chosen as the preferred platform to securely store associated ETH assets.

This initiative comes about a week after BlackRock registered the iShares Ethereum Trust with the Delaware Division of Corporations. Furthermore, it follows almost six months after the submission of the application for a spot Bitcoin ETF. BlackRock's Ether ETF application is considered a significant step during a period of increasing institutional interest in cryptocurrencies.

In early 2023, BlackRock initiated the trend of spot Bitcoin ETFs, highlighting institutional interest in the crypto market. Six months later, the institution joined others in applying for a spot ETH ETF.

The spot ETF requires approval from the SEC's Trading and Markets and Corporate Finance divisions through a 19b-4 filing and an S-1 application.

The surge in spot Ethereum ETFs began in 2023, particularly with the SEC accepting Grayscale Investment's application to convert Ethereum Trust to an ETF in early November.

Several institutional giants had applied for spot ETFs during the last bull market, but these were rejected by the SEC, claiming that the crypto market wasn't mature enough for spot crypto ETFs.

Market experts and ETF analysts estimate a 90% chance of approval for a spot Bitcoin ETF by early 2024, while the approval for a spot ETH ETF may come later.

Corporate interest in crypto-based spot ETFs is increasing during the recovery phase of the crypto market, as lost ground from the recent bear market begins to be reclaimed.