BlackRock Submits S-1 Form to SEC for Ether ETF

On November 15, the globe’s largest asset manager, BlackRock, formally submitted an application for an Ether exchange-traded fund (ETF) directly linked to the market with the United States Securities and Exchange Commission (SEC).

The iShares Ethereum Trust ETF aims to “reflect generally the performance of the price of Ether,” as stated in the S-1 Form submitted by iShares, a brand linked to BlackRock’s ETF offerings. This filing follows BlackRock’s establishment of the iShares Ethereum Trust entity in Delaware a week earlier. Shortly after Nasdaq’s submission for the ETF, confirming BlackRock’s pursuit of a spot ether ETF, this S-1 Form was made public.

BlackRock has appointed Coinbase Custody Trust Company as the custodian for its intended spot Ether ETF. Furthermore, for the proposed ETF’s benchmark, they’ve opted for the CME CF Bitcoin Reference Rate administered by CF Benchmarks, a subsidiary of Kraken. These choices mirror the selections made for its planned spot Bitcoin ETF.

BlackRock spearheaded the surge for a spot Bitcoin ETF in 2023, highlighting institutional interest in the crypto market. Within six months, it joins the expanding roster of institutions seeking approval for a spot ETH ETF.

Applying for a spot ETF involves a two-stage process. The ETF issuer needs SEC approval from the Trading and Markets division for its 19b-4 filing and from the Corporate Finance division for its S-1 filing or prospectus.

The race for a spot Ethereum ETF in 2023 commenced in early November when the SEC recognised Grayscale Investment’s bid to transform its Ethereum trust into an ETF.

ETH is up 28% in the last month.