- BlackRock has filed an updated 19b-4 form for its Spot Ethereum ETF application with the SEC
- The application is likely to be approved, continuing BlackRock’s impressive track record with the SEC
- Approval of Spot Ethereum ETFs is expected to drive the price of Ethereum to new all-time highs
BlackRock, the world’s largest asset manager, has filed an updated 19b-4 form for its Spot Ethereum ETF application with the US Securities and Exchange Commission (SEC). This comes in response to the SEC’s request for updates amid impending approvals for spot Ether ETFs.
BlackRock Submits Updated Filing as Approvals Near
After the approval of spot Bitcoin ETFs in January, attention turned to potential Ethereum ETFs. However, a number of Ethereum ETF applications faced delays earlier this month. The outlook improved this week as the SEC seemed more open to approvals.
Bloomberg noted the approval odds for Ethereum ETFs increased from 25% to 75%. With this shift, issuers like BlackRock are updating their filings per SEC requests. In total, 9 firms are seeking spot Ethereum ETF approval from the SEC.
BlackRock’s Streak of ETF Approvals
BlackRock has an impressive track record of ETF approvals with the SEC. The firm has launched spot Bitcoin ETFs this year, continuing its 10-year streak of approvals. Out of all its ETF applications, only one has ever been denied by the SEC.
Even that rejected Total Return ETF saw an updated application approved, launching in December 2021. This streak highlights BlackRock’s clout with regulators. The expected Ethereum ETF approval should further extend this track record.
Impact on Ethereum Price
Analysts predict the Ethereum ETF approvals will significantly boost ETH’s price. Bernstein, a $725 billion asset manager, forecasts the approvals could push ETH to a new all-time high around $6,600.
As the second-largest cryptocurrency, Ethereum stands to gain tremendous institutional investment from these new SEC-approved products. The ETFs will expand access for both institutional and retail investors.
Conclusion
With BlackRock’s filing update, the prospects for spot Ethereum ETFs continue to improve. Given the firm’s history with the SEC, additional approvals seem imminent. This would represent a major milestone for the Ethereum ecosystem.
