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Update: ETH Surges as BlackRock's Ethereum ETF Takes Center Stage with Nasdaq Filing
November 10, 2023
MINS
The filing, confirmed after BlackRock registered the iShares Ethereum Trust in Delaware, has influenced the Ether (ETH) market price, pushing it beyond the psychological $2000 mark.
Summary
- BlackRock has filed for the creation of an Ethereum Exchange-Traded Fund (ETF) named "iShares Ethereum Trust," following its ongoing efforts with a Bitcoin ETF.
- The filing, confirmed after BlackRock registered the iShares Ethereum Trust in Delaware, has had a significant impact on Ether (ETH) market prices, driving it above $2,100.
In a strategic move affirming its dedication to the crypto industry, BlackRock has set its sights on launching an Exchange-Traded Fund (ETF) that holds Ethereum (ether), according to a Nasdaq filing. This follows BlackRock's ongoing efforts to launch a bitcoin ETF, a development that has set the stage for Bitcoin’s (BTC) price surge in recent weeks.
The new plan, as disclosed by Nasdaq, involves the creation of the "iShares Ethereum Trust," BlackRock's ETF division. The filing indicates that crypto exchange Coinbase, will act as the custodian for the ether held within the proposed ETF. Notably, an unidentified third party is expected to oversee the management of cash associated with the fund.
Prior to the filing, BlackRock’s iShares Ethereum Trust was confirmed registered in Delaware, in what would be a first step.
ETH Price Reacts
The news significantly impacted ETH's market value, driving its price beyond $2,100. This represents a surge of over 10% from yesterday's low of $1,882. At present, Ether (ETH), the second-largest cryptocurrency by market capitalization, is being traded at a price of $2,099.
The ETF's listing on Nasdaq is subject to regulatory approval.
BlackRock appears well-prepared for potential regulatory scrutiny, having established a market-surveillance pact with Coinbase. This collaboration aligns with the growing importance of surveillance-sharing agreements in gaining approval from the U.S. Securities and Exchange Commission (SEC) for crypto-related ETFs.
Addressing potential objections, the filing stressed BlackRock's confidence in the effectiveness of surveillance, citing the correlation between CME Group's ether futures prices and spot ETH prices. The document underscored that the SEC's approval of ETH futures ETFs, based on surveillance capabilities, implies a similar nod for spot ETH ETPs.
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
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December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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