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BlackRock’s spot Ethereum ETF plan is confirmed after Nasdaq filing

November 9, 2023 Coin Telegraph

19b-4 Form

Earlier in the day, BlackRock registered corporate entity “iShares Ethereum Trust” in Delaware, the first hint that a filing for a spot Ethereum ETF filing was imminent.

Blackrock’s plans for a spot Ethereum exchange-traded fund (ETF) has now been confirmed, per a 19b-4 form filing submitted to the United States Securities and Exhange Commission on Nov. 9.

Nasdaq filed the 19b-4 form to securities regulator on behalf of the $9 trillion asset management firm for a proposed ETF called the "iShares Ethereum Trust."

The move signals BlackRock’s intention to expand beyond Bitcoin with its ETF aspirations.

*NASDAQ's 19b-4 filing to the SEC for BlackRock's iShares Ethereum Trust. Source: NASDAQ*

Earlier on Nov. 9, it emerged that BlackRock registered corporate entity iShares Ethereum Trust in Delaware, the first hint that a spot Ethereum ETF filing could be imminent.

UPDATE: BlackRock #Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq pic.twitter.com/pLhuhhK7jo
— James Seyffart (@JSeyff) November 9, 2023

BlackRock and other financial firms have expressed interest in cryptocurrency-backed ETFs over the last few months.

Bloomberg ETF analyst James Seyffart noted that there are at least five firms in the running to win the Securities and Exchange Commission’s approval for a spot Ethereum ETF.

Among them are VanEck, ARK 21Shares, Invesco, Grayscale and Hashdex.

There are 5 other live spot Eth filings that i'm aware of:@vaneck_us @ARKInvest/ @21Shares @hashdex @InvescoUS/ @galaxyhq
andddd @Grayscale's filing to convert $ETHE.

In no particular order.
— James Seyffart (@JSeyff) November 9, 2023

Ether (ETH) spiked 8.9% to $2080 on the news that BlackRock is moving forward its plans for an iShares Ethereum Trust and is up 10.1% over the last 24 hours, according to CoinGecko.

*ETH’s change in price over the last 24 hours. Source: CoinGecko*

The price surge has helped ETH claw back some market dominance against Bitcoin (BTC), which has outperformed ETH in recent months.

ETH’s market dominance now sits at 17%, up 1.3% percentage points prior to the news.

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Bitcoin ETFs have 75% chance of approval this year: Bloomberg analysts

August 31, 2023 Coin Telegraph

Bitwise

Bloomberg ETF analysts raised their odds for a spot Bitcoin ETF approval after the recent Grayscale victory against the SEC.

Bloomberg analysts have raised the probability for an approved spot Bitcoin exchange-traded fund (ETF) by the end of 2023, following a recent Grayscale victory against the federal securities regulator.

In a Aug. 30 post on X (Twitter), Bloomberg senior ETF analyst Eric Balchunas said they have raised the chances to 75% from an earlier 65% — due to the unanimity and decisiveness at which the United States Court of Appeals Circuit reached its decision in the recent case.

“The judges unanimously repudiated the SEC’s arguments, and the agency will struggle to justify further denials as it faces deadlines,” Bloomberg analysts James Seyffart and Elliot Stein added in a separate Aug. 30 note.

NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w "very little wiggle room" via @NYCStein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023

In his own post on X, Seyffart added that spot Bitcoin ETF approvals will likely be a “done deal” by Q4 2024, estimating the approval odds to have now skyrocketed to 95% by then.

Balchunas added that given the recent legal and public relations loss, a denial by the SEC will be “politically untennable.”

Beyond the legal loss, there is also the PR loss (which matters bc it sets narratives, changes minds). And this got covered far and wide in mainstream media incl NYT, WSJ, CNN, AP, ABC & on and on. We think the legal and PR loss will combine to make denial politically untenable. pic.twitter.com/Uarh5CszXC
— Eric Balchunas (@EricBalchunas) August 30, 2023

Over the next five days, seven Bitcoin spot ETF applications are due for a “first deadline” decision by the SEC, including Bitwise, BlackRock, VanEck, Fidelity, Invesco, Wisdomtree and Valkyrie.

Balchunas said he “wouldn’t be surprised” if the SEC delays these upcoming Bitcoin spot ETF applications.

But the most likely outcome will be that we unexpectedly wake up to the SEC giving in and approving the Bitcoin spot ETFs in one hit, he said.

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BlackRock insiders say Bitcoin ETF is likely 6 months away: Novogratz

August 9, 2023 Coin Telegraph

bitcoin etf

“We’re going to fight like cats and dogs to win market share” once spot Bitcoin ETFs are approved, Galaxy Digital CEO Mike Novogratz told shareholders.

The United States’ first spot Bitcoin (BTC) exchange-traded fund (ETF) could be approved sometime before February 2024, according to Galaxy Digital CEO Mike Novogratz — citing sources at BlackRock and Invesco.

“It's a big, big deal. It's a big deal because both our contacts, from the Invesco side and from the BlackRock side, get you to think that this is a question of when, not if — that the outside window is probably six months,” Novogratz told shareholders during Galaxy’s Aug. 8 Q2 earnings call, which reported a $46 million net loss.

“This is probably [...] four to six months if you had to put a ‘pin the tail on the donkey’ on it, that the SEC is going to approve a Bitcoin ETF.”

Novogratz’s Galaxy Digital is one of the many contenders for a spot Bitcoin ETF, which it reapplied for in June in conjunction with $1.5 trillion asset manager Invesco — the fourth-largest ETF issuer in the U.S.

According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" -- Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI
— Eric Balchunas (@EricBalchunas) August 8, 2023

Speaking to shareholders, Novogratz said he didn’t have a comment on the expected timing of the ETF’s approval, which is an unknown as it sits with the Securities and Exchange Commission.

However, Novogratz believes that once approved, spot Bitcoin ETF issuers such as BlackRock and Invesco will be fighting tooth and nail for market share.

“The news of both BlackRock filing ETF and quite frankly, Invesco Plus Galaxy, we're going to fight like cats and dogs to win market share there once it gets approved.”

In response to a question, Galaxy Digital president Chris Ferraro added he wouldn’t be surprised if the SEC ends up approving a potential Bitcoin ETF to avoid being labeled as “obstructionist.”

“I think that's where the potential ETF approval comes in saying, hey, you can't call us anti-crypto, we just approved an ETF. And so we're hoping that that's the same for our filing," said Ferraro.

Or, even earlier

Meanwhile, some analysts believe the wave of spot Bitcoin ETFs could come even sooner, depending on how a judge rules in Grayscale’s lawsuit against the SEC.

Grayscale last year sued the SEC for rejecting its application to convert its Grayscale Bitcoin Trust into a spot ETF.

"If the SEC loses its case against @Grayscale, as we expect, the path of least resistance would be a wave of simultaneous approvals for all spot #Bitcoin ETF applicants -- including Grayscale and the other eight active filings." @NYCStein in @Bloomberg today. Cc @EricBalchunas… pic.twitter.com/k72W6Ek7RK
— Craig Salm (@CraigSalm) August 2, 2023

Analysts believe that should the SEC lose its case against Grayscale, the “path of least resistance” would be simultaneous approvals for several or all spot Bitcoin ETF applicants.

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Invesco

Or, even earlier

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