BlackRock has officially submitted an application for an Ethereum spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This is the second filing presented by BlackRock to the financial regulatory agency as it filed for a spot Bitcoin ETF back in June this year. The information was published by iShares in an S-1 form filed with the SEC.
BlackRock Submits Spot Ethereum ETF Application with the SEC
The cryptocurrency market has received very positive news linked to Ethereum. BlackRock has presented its official submission for a spot Ethereum ETF. The ETF is called iShares Ethereum Trust and its main goal is to reflect the performance of the price of ETH.
It is worth taking into consideration that Ethereum experienced a strong price increase just a week ago when BlackRock registered the iShares Ethereum Trust in Delaware. At UeTheBitcoin, we reported that ETH broke above $2,000 when that happened.
For the spot ether ETF, Coinbase Custody Trust Company would be working as the main custodian. That means that BlackRock decided to work with one of the largest and most renowned in the industry.
At the time of writing this article, Ethereum is being traded just below $2,000 at close to $1,985 per coin, according to data shared by CoinGecko. Furthermore, its market capitalization is currently at $240 billion, allowing it to be the second-largest and most valuable virtual currency in the market after Bitcoin (BTC).