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BlockNews
Home CRYPTO

BlackRock Updates Its Spot Ethereum ETF Application

Michael Juanico by Michael Juanico
May 22, 2024
in CRYPTO
Reading Time: 3 mins read
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  • 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.

ICYMI: BlackRock has updated its Spot Ethereum ETF application 🚀

— BlockNews.com (@blocknewsdotcom) May 22, 2024

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.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: blackrocksecSpot bitcoin ETFsSpot Ether ETFsSpot Ethereum ETF Application
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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