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The massive asset management company BlackRock (BLK.N) increased its cryptocurrency wagers on Thursday by formally filing for a spot Ethereum exchange-traded fund (ETF) in the hopes that these investment vehicles will be approved by investors.
This week, the iShares Ethereum Trust was registered. Should it be approved, it will be listed on Nasdaq, providing investors with access to the second most popular cryptocurrency, ether, without really holding any of it. The trust would instead own ether rather than futures contracts linked to the cryptocurrency token, according to BlackRock's proposal to transform it into a "spot" ETF.
The U.S. Securities and Exchange Commission (SEC) has previously approved futures-based crypto exchange-traded funds (ETFs). However, the regulator has long maintained that there is a high risk of fraud and manipulation in the spot crypto market.
This week, the iShares Ethereum Trust was registered. Should it be approved, it will be listed on Nasdaq, providing investors with access to the second most popular cryptocurrency, ether, without really holding any of it. The trust would instead own ether rather than futures contracts linked to the cryptocurrency token, according to BlackRock's proposal to transform it into a "spot" ETF.
The U.S. Securities and Exchange Commission (SEC) has previously approved futures-based crypto exchange-traded funds (ETFs). However, the regulator has long maintained that there is a high risk of fraud and manipulation in the spot crypto market.