Mentioned:
BlackRock made waves in the crypto space when they announced their plans for a Bitcoin ETF. And now they have big ambitions around another digital asset: Ethereum.
What’s happening:
- In a new filing with the NASDAQ, BlackRock has stated their plans to list a spot Ethereum ETF
- This follows BlackRock’s groundbreaking announcement to list a spot Bitcoin ETF earlier this year
Why it matters:
- Institutional capital is getting positioned to pour into crypto, which has long been seen as the most important catalyst for digital assets as a whole
- BlackRock signalling they want to have an Ethereum ETF is a huge sign of validation that large asset managers are looking at crypto as an opportunity that goes well beyond just Bitcoin
Going deeper:
- Coinbase (NASDAQ: COIN) would be the custodian of all Ethereum purchased by the ETF
- BlackRock and Coinbase already have a ‘market surveillance pact’ together which is an important aspect of running a regulated ETF and likely bolsters the chances of an approval
The fine print:
- The new Ethereum ETF will still require approval from the SEC to be officially listed
- All Bitcoin ETF applications from the world’s largest asset managers are still waiting for an official ruling from the SEC
