Summary:
- BlackRock’s direct filing for an Ethereum spot ETF with the SEC has initiated a surge in Ethereum’s market value, following a previous spike in response to the Nasdaq application.
- While the SEC reviews multiple Bitcoin ETF applications, including BlackRock’s previous submission, market analysts expect potential approvals for these funds by early 2024.
Amidst the flurry of crypto developments, BlackRock, a financial behemoth managing trillions in assets, has recently filed for an Ethereum spot exchange-traded fund (ETF) directly with the U.S. Securities and Exchange Commission (SEC). This move has swiftly set Ethereum (ETH) on an upward trajectory in the financial markets.
BlackRock’s S-1 Filing for Ethereum ETF Stirs Market Action
Reports surfaced when prominent Chinese crypto journalist Colin Wu revealed through Twitter that BlackRock had formally submitted an S-1 filing to the SEC for the introduction of an Ethereum spot ETF. This significant step arrived after the asset management giant initiated a similar application through the Nasdaq exchange just a week earlier. The news of the previous application saw Ethereum spike past the $2,100 mark.
Market Reaction Fuels ETH Surge as BlackRock Seeks Direct SEC Approval
Following BlackRock’s direct filing to the SEC, Ethereum’s market value has continued its ascent, as evidenced by a notable surge on the ETH/USD chart. Presently, Ethereum is trading at approximately $2,079, marking a considerable increase amid the news of BlackRock’s Ethereum ETF application.
Insights into BlackRock’s Previous Moves and SEC’s Bitcoin ETF Review
Earlier this year, BlackRock made a similar stride by submitting an application to launch a spot Bitcoin ETF to the SEC. Currently, the SEC is scrutinizing nearly a dozen requests for spot Bitcoin ETFs, deferring decisions on three of them, with BlackRock not being among the delayed applications. Despite the delays, market experts anticipate potential approval for these Bitcoin funds by early January 2024.