Breaking: BlackRock, Bitwise Updates Spot Ether ETF Application
Highlights
- BlackRock has filed an updated 19b-4 form for its Spot Ethereum ETF application with the SEC.
- The update comes in response to the SEC's request, indicating a potential shift towards approval.
- The New York Stock Exchange has submitted a revised update for the Bitwise Ethereum ETF.
BlackRock, the world’s largest asset manager, has filed an updated 19b-4 form for its Spot Ethereum ETF application with the US Securities and Exchange Commission (SEC). This revision comes in response to the SEC’s request for updates, indicating a potential shift toward approval.
BlackRock Files Updated Spot Ethereum ETF Application
BlackRock has a history of successful ETF approvals with the SEC, having faced only one denial in the past decade. Earlier this year, the firm issued spot Bitcoin ETFs, further solidifying its impressive track record. Now, BlackRock is among several firms seeking approval for Spot Ethereum ETFs. The SEC’s recent stance has increased approval odds from 25% to 75%, a significant jump that has encouraged firms like BlackRock to update their filings.
The SEC’s reconsideration of Ethereum ETF applications suggests a potential change in regulatory approach. BlackRock’s updated 19b-4 filing reflects its proactive response to these developments. If approved, BlackRock’s Spot Ethereum ETF could further enhance its position in the market and contribute to the growth of Ethereum as an investment asset.
Approval of Spot Ethereum ETFs is expected to significantly impact Ethereum’s market value. Asset manager Bernstein has predicted that such approvals could propel Ethereum to a new all-time high of $6,600. This anticipated surge underscores the importance of regulatory decisions in shaping the cryptocurrency market.
Nine firms, including BlackRock, VanEck, ARK 21Shares, Hashdex, Grayscale, Invesco Galaxy, Fidelity, and Franklin, are currently seeking SEC approval for Spot Ethereum ETFs. The collaborative effort by these major asset managers indicates a strong belief in Ethereum’s potential. As these applications progress, the market is closely monitoring the SEC’s decisions, which could set a precedent for future cryptocurrency investments.
NYSE Submits Update for Bitwise Ethereum ETF
In a parallel development, the New York Stock Exchange (NYSE) has submitted a revised update for the Bitwise Ethereum Exchange Traded Fund (ETF) under the 19B-4 form. This ETF is anticipated to be listed on the NYSE, pending regulatory approval. Bitwise’s efforts to list its Ethereum ETF reflect a broader trend of expanding cryptocurrency offerings on major exchanges.
The listing of the Bitwise Ethereum ETF on the NYSE would provide investors with a new way to invest in Ethereum without directly owning the asset. This move aligns with the increasing demand for diversified investment options in the cryptocurrency market. However, the approval process remains complex, and the outcome is still being determined.
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