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Spot Ethereum ETF will become more than $2000 following the growth of the Ethereum price. This decision was announced after BlackRock filed a 19b-4 with the US Securities and Exchange Commission (SEC) and pre-registered iShares Ethereum Trust.
Referring to the report of IntoTheBlock and CoinDesk, the request to create an ETF named “iShares Ethereum Trust” Submitted by Blackrock to the Exchange Commission, Coinbase Custody Trust Company is to be used as the custodian and the CME CF Ether-Dollar New York Variant reference rate will be used for pricing. The ETF will also promote shared monitoring through a partnership with the Coinbase exchange.
With this move, BlackRock hopes to avoid SEC objections and get approval for its Ethereum spot ETF by providing shared oversight and compliance with the CME Group’s ether market prices. Also, other companies have made similar requests to create Ethereum spot ETFs. But the decision may take time and depend on the outcome of the Bitcoin spot ETF requests.
After the announcement of this news, the price of Ethereum increased to 2132 dollars, and Blackrock Company, as one of the leaders in the field of digital assets, will play an important role in the digital capital market.
In this scenario, BlackRock Inc. due to its strong interest in digital currencies. It is waiting for the decision of the exchange commission to launch its spot bitcoin ETF. This move shows Blackrock’s attention to the prosperity and development of the digital currency market and may play an important role in changing the attitude of organizations and investors towards Ethereum as an asset class.
These developments may have a direct impact on the digital capital market and the price of Ethereum. Asset management firms such as Grayscale, ArkInvest, ProShares and Valkyrie have also moved to develop the spot Ethereum ETF market by submitting similar requests.
BlackRock hopes to offer an Ethereum spot ETF structure tailored to regulatory standards and market demand. to have more influence in its approval process. All in all, these developments are indicative of the crypto industry’s compliance with financial regulations and standards. And it can be an important step towards strengthening the credibility and transparency of digital markets.
