Here’s what happened in crypto today
Asset manager BlackRock has registered an Ethereum trust in the state of Delaware. Meanwhile, Bitcoin briefly topped $37,000 for the first time in 18 months and spot Bitcoin ETFs are entering a short eight-day window that would allow all 12 to be approved.
BlackRock registers iShares Ethereum Trust
U.S. asset manager BlackRock has made the first step in filing for a spot Ether (ETH) ETF.
On Nov. 9, the asset manager registered an Ethereum trust in the American state of Delaware, with Daniel Schweiger registered as the agent. According to his LinkedIn account, Schweiger is a managing director at BlackRock. The new entity is called iShares Ethereum Trust.
— Eric Balchunas (@EricBalchunas) November 9, 2023
Ether’s price soared on the news, eclipsing $2,000 for the first time since April.
BlackRock appears to be broadening its efforts in the crypto space. In June, it registered its Bitcoin (BTC) trust shortly before filing with the U.S. Securities and Exchange Commission for a spot Bitcoin ETF.
Bitcoin briefly tops $37k amid market optimism for pending spot ETF approvals
Bitcoin briefly surpassed the $37,000 mark for the first time in 18 months as the wider markets reflect optimism over the pending approval of spot BTC exchange-traded funds in the United States.
Data from a number of cryptocurrency market platforms, including Cointelegraph Markets Pro and TradingView, showed BTC/USD hitting $37,073 at 07:47 EST on Nov. 9 before retracing below the mark.
Bitcoin’s most recent price surge has been attributed to the pending approval of 12 separate spot Bitcoin ETFs over the next week. According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the SEC has a window up until Nov. 17 to approve a number of high-profile offerings from prominent U.S. fund managers.
While there is much fanfare over the potential approval of these highly-anticipated BTC products, both analysts have also noted that there could be a lag time of a month or more before these offerings actually launch.
SEC’s first window to approve all 12 spot Bitcoin ETFs to begin today
The United States Securities and Exchange Commission could approve all 12 of the pending spot Bitcoin exchange traded fund (ETF) applications within the next eight days.
Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that starting from Nov. 9 in the United States, the SEC has a “window” to approve all 12 spot Bitcoin ETF filings — including Grayscale’s conversion of its GBTC trust product — in the days leading up to Nov. 17, but stressed this was only a possibility.
New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD
— James Seyffart (@JSeyff) November 8, 2023
The reason for this brief window is that when the SEC extended the deadline for a number of the pending spot Bitcoin ETF filings, it selected Nov. 8 as the last day of the comment period.
From Nov. 17, the comment period for 3 filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF and Franklin Bitcoin ETF would recommence, meaning that they wouldn’t be approved or denied until after Nov. 23 at the earliest.
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