Investment management giant – Blackrock’s spot Ethereum ETF application officially makes its way to the SEC’s desk. The firm has officially submitted its S-1 application for the spot Ethereum ETF on November 15, 2023.
The move comes days after the firm confirmed its big plan for Ethereum through a Nasdaq filing. According to Colin Wu, an S1 filing is a “registration statement filed by a company with the SEC and is an important step in the listing process.”
How much are 1,10,100 ETHs worth today?
Interestingly, the predicted development has not had a major impact on the price of Ethereum (ETH). According to CoinMarketCap, at press time, ETH was trading at $2069.45 with a market cap of over $248 billion. The past hour chart showed gains by just over 1 percent, while the 7-day chart registered a massive uptrend of over 8 percent.
Blackrock’s big Ethereum plan
Notably, the investment giant’s plan for the second-largest crypto was unveiled last week. It filed for a spot ETH ETF dubbed as ‘iShares Ethereum Trust’ with the Delaware Department of State Division of Corporations. The news immediately left the price of ETH skyrocketing, with the coin breaching the $2100 level.
The story is still developing…