Image of BlackRock filing S-1 form for spot Ether ETF with SEC, a web 3.0 application.
BlackRock files S-1 form for spot Ether ETF with SEC

BlackRock’s Ethereum ETF

On Nov. 15, the world’s largest asset manager, BlackRock, officially filed for an Ether exchange-traded fund (ETF), the iShares Ethereum Trust, with the United States Securities and Exchange Commission (SEC). The trust aims to “reflect generally the performance of the price of Ether” and has appointed Coinbase as the custodian for the underlying ETH.

This iShares Ethereum Trust filing comes nearly a week after the iShares Bitcoin Trust registration with Delaware’s Division of Corporations and almost six months after the filing of the iShares Bitcoin Trust application. BlackRock’s move to file for a spot ETH ETF demonstrates the growing interest of institutions in the web 3.0 coinbase and other web 3.0 tools.

The architecture of a web 3.0 application and how to get web 3.0 have become increasingly popular topics as institutions look to capitalize on the advantages of the web 3.0 browser list and list of web 3.0 websites. Although it is still unclear when the SEC will approve BlackRock’s application, it is clear that the web 3.0 application development and web 3.0 has started.

Filing for a Spot ETF

Obtaining SEC approval for a spot ETF is a two-step process. The ETF issuer must submit a 19b-4 filing to the Trading and Markets division and an S-1 filing or prospectus to the Corporate Finance division.

The rush to file for a spot Ethereum ETF began in early November of 2023, when the SEC acknowledged Grayscale Investment’s application to convert its Ethereum trust into an ETF.

In the last bull cycle, many institutional giants also filed for crypto spot ETFs, yet they were met with rejection from the SEC, citing that the crypto market was not large enough for a spot crypto ETF.

Market experts and ETF analysts have predicted that the chances of approval for a spot Bitcoin ETF by early 2024 are as high as 90%, whereas a spot ETH ETF might be approved afterwards.

As the crypto market has regained a significant part of its value since the last bear market, there has been a flurry of activity in the institutional space related to cryptocurrency-based spot ETFs.

The adoption of web 3.0 applications and tools has already started, and a list of web 3.0 websites, browsers, and coins can be found on Coinbase. Developers are also exploring how to get web 3.0 and the architecture of web 3.0 applications.

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