Blackrock’s spot Ethereum (ETH) ETF application goes to the SEC

• Blackrock’s spot Ethereum ETF plan sees development with an S1 filing
• The firm has chosen Coinbase Custody as the custodian for its spot ETF ETF

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?

Blackrock’s big Ethereum plan

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.

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 move gained ground when Nasdaq filed a proposal to list and trade the shares of the spot Ethereum ETF.  The news immediately left the price of ETH skyrocketing, with the coin breaching the $2100 level.

According to the SEC filing, Coinbase Custody Trust will be acting as the custodian for the spot ETH ETF. Moreover, the shares, which will be listed on Nasdaq, will have the CME CF Ether-Dollar Reference Rate

Blackrock’s influence on the crypto market

Notably, Blackrock has been credited for reviving the interest in the spot ETF market. This year, the investment management giant was the first to file

Moreover, the possibility of the market seeing an approved spot Bitcoin ETF has also increased with Blackrock in the game. The news of the filing and its progress over the past months has also had a significant impact on the price of the king coin.

Moreover, Blackrock’s influence on the price of the crypto market was once again seen when a fake spot XRP ETF filing surfaced in the market. The fake filing, which was submitted to the Delaware Department of State Division of Corporations, had the coin move to a high of 73 cents from 65 cents within a matter of few minutes. Additionally, it also caused the liquidation of over $7 million worth of futures positions.

While the matter of Blackrock’s plans for altcoins remains unclear, the firm’s influence, however, is crystal clear. And, whether or not this would continue remains in the hands of the US Security and Exchange Commission (SEC).