BlackRock, the world’s largest asset manager, has taken the first step towards listing a spot-based Ether ETF by establishing a new Delaware trust company for the iShares Ethereum Trust and filing an SEC application with Nasdaq. This move comes after BlackRock surprised the investment world in mid-June by filing for a spot-based Bitcoin ETF, increasing the chances of approval. While awaiting approval for the Bitcoin fund, BlackRock is now preparing for an Ether ETF. The company has signed a market surveillance agreement with Coinbase, which would act as the custodian for the cryptocurrencies, while an undisclosed third party would handle the cash. BlackRock criticizes the SEC’s distinction between futures and spot products, arguing that spot ETFs offer better returns for investors. The SEC has approved the first Ether ETFs, which are settled monthly through futures contracts on the CME, but has rejected spot-based funds. BlackRock’s 91-page application cites a recent court ruling in favor of Grayscale, stating that the SEC’s reasoning is insufficient.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	1
People	None
Companies	SEC, iShares, Nasdaq, BlackRock, Coinbase
Currencies	Lido Staked Ether
Securities	None