BlackRock Files Application to Launch a Spot Ethereum ETF
BlackRock has applied to the Securities and Exchange Commission (SEC) on Form S-1 to register the iShares Ethereum Trust, a spot exchange-traded fund (ETF) based on Ethereum.
Coinbase Custody Trust Company will serve as the custodian for the investment product. The purpose of the iShares Ethereum Trust is to accurately reflect the fluctuations in the price of ETH.
BlackRock has chosen CME CF Bitcoin Reference Rate (BRR) from CF Benchmarks, a subsidiary of Kraken, as the benchmark for this ETF. This is similar to the asset manager’s decision for a future bitcoin-based spot ETF.
The announcement of BlackRock’s plans to launch an ETH-based ETF was first made public a week earlier when the proposal appeared on the website of the Delaware Department of Corporations.
This was later confirmed by the Nasdaq stock exchange when the registration of iShares Ethereum Trust was announced.
BlackRock had also previously filed to launch a Bitcoin ETF in June, with the information appearing on the SEC website seven days after registration in the state of Delaware.
