BlackRock, a prominent asset management company, is making changes to its application for a spot market Ethereum (ETH) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
In recent documents, BlackRock, which manages over $10 million in assets, has amended its S-1 filing as it progresses through the approvals process. An S-1 filing is a necessary form that entities must complete and submit before offering new securities products.
BlackRock initially filed its S-1 in November 2023 but submitted the amended version on May 29th. The amended form reveals that BlackRock’s seed investor purchased 400,000 shares of the ETF at $25 per share, and the ETF’s ticker for ETH will be “ETHA.”
Bloomberg ETF analyst Eric Balchunas views this as a positive indication that the ETH ETFs could receive approval by late June or early July. He stated, “Good sign. Prob see rest roll in soon. Then prob one more round of fine-tuned comments from Staff. End of June launch a legit possibility although keeping my over/under date as July 4th.”
Last week, the SEC approved 19b-4 filings from BlackRock and other major industry players, including ARK Invest, VanEck, Fidelity, and Grayscale, all of which are required to start offering spot market ETH ETFs.
The SEC’s approval prompted a wealthy crypto investor to allocate nearly $25 million to Ethereum-based altcoins at the time, such as Lido (LDO), Uniswap (UNI), Aave (AAVE), and Ethereum Name Service (ENS).
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