Nasdaq Filing Confirms BlackRock’s Spot Ethereum ETF Push

Confirmation has surfaced regarding BlackRock’s strategic initiative to introduce a Spot Ethereum (ETH) Exchange Traded Fund (ETF). This development came to light through the submission of a 19b-4 form to the United States Securities and Exchange Commission (SEC).

Nasdaq, acting on behalf of BlackRock, filed the 19b-4 form, outlining the proposed “iShares Ethereum Trust”. The filing signifies the global asset management giant’s clear intent to diversify its ETF offerings beyond Bitcoin (BTC). 

BlackRock with up to $9.5 trillion in assets under management (AUM) is set to engage Coinbase Custody for the ETF while also using the crypto exchange’s spot market data for pricing.

BlackRock Extends its ETF Offerings to Include Ethereum

In this move, BlackRock is navigating the regulatory landscape to establish an ETF specifically focused on Ethereum. Ethereum, renowned for its smart contract capabilities and decentralized applications, has captured considerable attention within the blockchain and financial sectors. Hence, BlackRock’s pursuit of an ETH-centric ETF is a strategic response to the growing demand for investment products tied to this second-largest cryptocurrency.

Meanwhile, the 19b-4 form submission to the SEC is a critical step in the regulatory approval process for the proposed ETF. It outlines the details and structure of the iShares Ethereum Trust, emphasizing transparency and adherence to regulatory standards. Additionally, the filing serves as a formal declaration of BlackRock’s intentions, aligning with the broader trend of financial institutions embracing digital assets as viable investment options.

Ethereum Price Experience a Surge

By expanding its ETF portfolio to include Ethereum, BlackRock is positioning itself at the forefront of the evolving cryptocurrency market. While Bitcoin has traditionally dominated the cryptocurrency investment landscape, the inclusion of ETH in an ETF format broadens the range of options available to investors, catering to those seeking exposure to specific digital assets.

Recent data from CoinGecko revealed that the price of Ethereum experienced a sudden surge of over 10% yesterday, following Nasdaq’s filing. This sharp price increase emphasizes the crypto market’s sensitivity to regulatory developments and institutional adoption.

BlackRock Applies for Spot Bitcoin ETF

Recall that the highly regarded and influential financial institution has shown a strong interest in the cryptocurrency ecosystem by applying for a Bitcoin ETF in partnership with the American cryptocurrency exchange Coinbase. Notably, BlackRock’s submission of the Bitcoin ETF application has infused a sense of optimism into the ecosystem.

Meanwhile, a report revealed that the iShares Bitcoin Trust has made an appearance on the Depository Trust and Clearing Corporation’s list, carrying the ticker symbol IBTC.