BlackRock updates its Spot Ethereum ETF application with the SEC, signaling potential approval.
The largest asset manager in the world, BlackRock, has amended its 19b-4 form and submitted it to the US Securities and Exchange Commission (SEC) for its Spot Ethereum ETF application. This update indicates a possible move in the direction of approval and is in response to the SEC’s request for information.
BlackRock has successfully applied for SEC clearance of ETFs in the past, with just one denial in the last ten years. The company further strengthened its stellar track record earlier this year when it released spot Bitcoin ETFs.
BlackRock is currently one of many companies requesting clearance for Ethereum ETFs called Spot. The latest position taken by the SEC has raised the clearance odds from 25% to 75%, a notable rise that has prompted companies such as BlackRock to amend their filings.
The SEC’s reassessment of Ethereum ETF applications points to a possible shift in regulatory strategy. BlackRock responded proactively to these developments, as seen by its amended 19b-4 filing. If authorized, BlackRock’s Spot Ethereum ETF might strengthen its position in the market and help Ethereum gain traction as a viable investment option.
The approval of Spot Ethereum ETFs is anticipated to greatly impact Ethereum’s market value. According to asset management Bernstein, these approvals can push Ethereum to a new peak of $6,600. This predicted boom highlights the significance of regulatory actions in influencing the bitcoin industry.
Nine companies are requesting SEC clearance for Spot Ethereum ETFs: BlackRock, VanEck, ARK 21Shares, Hashdex, Grayscale, Invesco Galaxy, Fidelity, and Franklin.
These significant asset managers’ cooperative effort suggests great faith in Ethereum’s potential. The market is eagerly watching the SEC’s rulings as these applications move forward because they may establish a precedent for Bitcoin investments in the future.
Parallel to this, the Bitwise Ethereum Exchange Traded Fund (ETF) has received a revised update from the New York Stock Exchange (NYSE) via the 19B-4 form.
Assuming regulatory approval, this ETF is expected to be launched on the NYSE. Bitwise’s move to list its Ethereum ETF is part of a larger movement on major exchanges to increase the selection of cryptocurrencies.
The NYSE listing of the Bitwise Ethereum ETF would provide investors with an additional option for investing in Ethereum without actually holding the asset.
This action is in line with the growing need in the bitcoin industry for various investment choices. Still, there are many moving parts in the approval process, and the final result is not yet known.
