BlackRock files S-1 form for spot Ether ETF with SEC

BlackRock, the worlds biggest possession supervisor, formally applied for a spot Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on Nov. 15. The Ether (ETH) ETF, dubbed the iShares Ethereum Trust, aims to “reflect usually the performance of the rate of Ether,” read the S-1 submitted with the SEC. The iShares brand is associated with BlackRocks ETF products, with its Bitcoin (BTC) ETF called the iShares Bitcoin Trust. The trust selects Coinbase as the custodian for the underlying ETH.The move by BlackRock comes almost a week after it registered the iShares Ethereum Trust with Delawares Division of Corporations and almost 6 months after it filed its area Bitcoin ETF application.BlackRock spot Ether ETF Form S-1 filing. Source: SECBlackRock started the area Bitcoin ETF rush earlier in 2023, showing the growing interest of institutions in the crypto market. Within six months, it now signs up with the growing list of organizations filing for an area ETH ETF.Filing for a spot ETF is a two-step process where the ETF issuer need to get SEC approval from the Trading and Markets division on its 19b-4 filing and the Corporate Finance division on its S-1 filing or prospectus.The area Ethereum ETF enter 2023 started in early November when the SEC acknowledged Grayscale Investments application to transform its Ethereum trust into an ETF. Many institutional giants submitted for crypto area ETFs during the last bull cycle also, just to face rejection from the SEC, which declared the size of the crypto market was not huge enough for an area crypto ETF.Related: Spot Bitcoin ETF buzz reignited enthusiasm for blockchain games: Yat SiuMarket experts and ETF experts have forecasted that the possibilities of approval for a spot Bitcoin ETF by early 2024 are as high as 90%, while approval for the spot ETH ETF might follow that.The institutional rush into cryptocurrency-based spot ETFs comes as the crypto market remains in a healing phase, having actually gained a considerable piece of lost ground from the last bear market.Magazine: How to protect your crypto in an unpredictable market– Bitcoin OGs and professionals weigh in