Introducing the latest game-changer in the world of cryptocurrency: BlackRock’s highly-anticipated Ethereum ETF, now officially listed on the DTCC as $ETHA.
After receiving the green light from the SEC, this groundbreaking ETF joins a league of seven other Ethereum ETFs, promising to shake up the market. But before you jump into trading, keep an eye out for the SEC’s final approval of the S-1 filings.
BlackRock’s ETH ETF Listed As $ETHA
BlackRock’s Ethereum ETF is now available for trading under the exciting ticker symbol $ETHA on the Depository Trust and Clearing Corporation (DTCC). This groundbreaking move comes hot on the heels of the SEC’s green light for not one, but eight spot Ethereum ETFs.
SEC Approval And Market Impact
The SEC has given the go-ahead for a wave of exciting new ETFs, featuring heavy hitters like VanEck, Fidelity, and Franklin. But that’s not all – Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust are also joining the party. These highly-anticipated ETFs will soon hit the major exchanges of Nasdaq, NYSE Arca, and the Cboe BZX Exchange.
Billion-dollar asset manager Bernstein estimates the approval could take Ethereum to a new all-time high of $6,600.
Pending S-1 Filings
The highly anticipated 19b-4 forms for these ETFs have been approved. However, before we can start trading, we’re eagerly waiting for the SEC to give the green light on each ETF’s S-1 filing. The length of this process is unpredictable, with some experts estimating a few weeks while others predicting several months.
Bloomberg ETF analyst James Seyffart commented,
“This does not mean they will begin trading tomorrow. This is just 19b-4 approval. Also needs to be an approval on the S-1 documents, which is going to take time. We’re expecting it to take a couple weeks, but could take longer.”
Seyffart suggests the SEC’s review of the S-1 filing could take up to five months.
Industry Reactions
As the deadline for approval drew near, the financial world was abuzz with worries about the fate of Spot Ethereum ETFs. With Ethereum’s value teetering at $3,000, many feared a rejection from the SEC. But just when all seemed lost, the SEC made an unexpected move, urgently requesting issuers to update their 19b-4 filings.
And in a twist of fate, it was BlackRock, the powerhouse of the investment world, who responded first. Instantly, speculation ran wild about the company’s potential sway over the SEC’s decision, fueled by their track record of successful ETF approvals.
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BlackRock Maintains ETF Approval Record
Revolutionizing the game, BlackRock has taken the lead in revolutionizing its application by aligning its Nasdaq amendment to propose cash-based creations and redemptions.
This bold move mirrors the successful strategies of other Ethereum ETF applications and previously approved Bitcoin ETFs. With this strategic alignment, BlackRock is paving the way for seamless compliance and swift approval from the SEC.
Experience unmatched success in the world of asset management with BlackRock, the unrivaled giant of the industry. With an impressive track record, BlackRock has proven its mastery in maneuvering through regulatory obstacles and securing consistent approvals for its ETF applications from the SEC.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.