The world’s largest investment firm is filing an application for a spot market Ethereum (ETH) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) months after filing for a spot market Bitcoin (BTC) ETF.
In a new submitBlackRock – which has more than $8 trillion in assets under management – is seeking approval of the iShares Ethereum Trust, which would offer retail investors exposure to the second-largest crypto asset by market capitalization through traditional exchanges.
“The Trust generally seeks to reflect the performance of Ether’s price. The Trust aims to reflect such performance before paying the Trust’s expenses and obligations. The Shares are intended to provide a simple way to make an investment similar to an investment in Ether, rather than by acquiring Ether directly on a peer-to-peer or other basis or through a digital asset exchange. to hold and trade.
The Shares are designed to remove the obstacles posed by the complexity and operational burdens associated with a direct investment in ether, while at the same time having an intrinsic value that reflects the investment exposure to the price of ether at any time. by the Trust at that time, less the costs and liabilities of the Trust.”
Last week, the investment giant registered an Ethereum Trust in Delaware, a move similar to the one the company made when it first registered its BTC trust.
In July, BlackRock submitted its bid to create a spot market BTC ETF. At the time of filing, the SEC had already rejected numerous attempts by other companies to create Bitcoin ETFs. However, the regulatory body was known to approve futures BTC ETFs.
In August, digital asset manager Grayscale won a lawsuit against the SEC when a federal judge ruled that the regulatory agency must reconsider its position on approving Grayscale’s BTC ETF to remain consistent.
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Featured image: Shutterstock/JLStock/Nikelser Kate
