The world’s largest asset manager, BlackRock, has revealed its plans to launch a spot Ether exchange-traded fund (ETF) that will allow investors to gain exposure to ETH without managing their own private keys.
The move shows BlackRock’s growing interest in the digital currency space and helped the price of the second-largest cryptocurrency by market capitalization top $2,100. It was revealed in a filing by Nasdaq, the exchange where BlackRock is looking to list the spot Ether ETF.
The filing came shortly after news emerged that BlackRock recently registered an entity called iShares Ethereum Trust in Delaware. iShares is BlackRock’s ETF division, and made a similar registration for an iShares Bitcoin Trust before applying to list a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
Nasdaq-listed cryptocurrency exchange Coinbase would act as the custodian for the ETH in the ETF, while an undisclosed party would manage its cash holdings. Coinbase would also be its market surveillance partners, an agreement seen as critical for the SEC to potentially approve the ETF.
Ethereum futures ETFs have been traded in the US since last October, but their trading volume has been somewhat lackluster.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/nov/10/
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