Asset management company BlackRock has submitted an amended document on May 29 for its proposed Ethereum exchange-traded fund (ETF) to the US Securities and Exchange Commission (SEC). The ETF, named iShares Ethereum Trust, will be listed and traded under the ticker symbol “ETHA”. The SEC has already approved the 19b-4 forms of eight Ethereum spot ETF issuers, including BlackRock, but the Form S-1 filings for these ETFs are still pending approval from the SEC to proceed with product negotiations.
BlackRock’s latest filing provides additional information about its proposed ETF, which has received regulatory approval for listing in the US. The company disclosed that a “Seed Capital Investor” has purchased the initial shares of the Ethereum ETF. According to the S-1 form, the Seed Capital Investor, an affiliate of BlackRock, bought the Seed Creation Baskets, which consist of 400,000 shares priced at $25.00 per share. The net asset value of the Trust was stated as $10,000,000.
Meanwhile, VanEck, another major investment management company, has updated its S-1 filing following the SEC’s initial approval of Ethereum-based ETFs on May 23. VanEck clarified in its filing that none of its affiliates, including the Trust, the Sponsor, the ETH Custodian, or any associated individual, will engage in “Staking Activities”. ETF issuers have recently withdrawn their staking activities from the SEC’s consideration.
The recent milestone in the cryptocurrency market is the listing of BlackRock’s Ethereum ETF in cash at the Depository Trust and Clearing Corporation (DTCC), with the ticker symbol $ETHA. This follows the SEC’s approval of multiple Ethereum-focused ETFs from various asset managers, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust. These ETFs are expected to be listed on major exchanges such as Nasdaq, NYSE Arca, and Cboe BZX Exchange.
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