TL;DR
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BlackRock just filed for a spot Ethereum Exchange Traded Fund (ETF).
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Here’s what we’re worried about: Given Gary has refused to publicly acknowledge Ethereum’s validity the same way he has Bitcoin – we wonder if we might be waiting a hot minute before an ETH ETF is approved.
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The takeaway: Whether this first application gets approved or not – the fact that BlackRock are trying to make it happen is a very positive sign!
Full Story
BlackRock just filed for a spot Ethereum Exchange Traded Fund (ETF).
And just like its Bitcoin ETF filing before it, this ETH ETF would essentially allow traders to buy/sell Ethereum on the stock market.
(Reducing the legal/regulatory woes of crypto investment for traders, and attracting a whooole bunch of new money).
Here’s what’s exciting us about this:
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Ethereum has a smaller total value than BTC so it will take less investment dollars to move the price.
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Once approved in the US, spot Bitcoin ETFs are expected to pull in $14B in the first year.
If Ethereum were to do even half that, the buy pressure sustained by these ETFs alone could push Ethereum to new all time highs.
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This particular ETH ETF application was made by BlackRock, the largest money manager in the world.
Word on the street is that BlackRock typically won’t file for ETFs unless it has a high conviction the fund will get approved.
Here’s what we’re worried about:
SEC chair Gary Gensler is relatively supportive of Bitcoin (at least, he hasn’t tried to sue anyone for hosting it on their exchange).
Yet folks have been trying to get a spot Bitcoin ETF launched for about a decade now, and still nothing…
Given Gary has refused to publicly acknowledge Ethereum’s validity the same way he has Bitcoin – we wonder if we might be waiting a hot minute before an ETH ETF is approved.
The takeaway:
Whether this first application gets approved or not – the fact that BlackRock are trying to make it happen is a very positive sign!
HUuyzJOkFsXANNlJES
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