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Thread: Blackrock launching a spot Ethereum ETF

  1. #1

    Blackrock launching a spot Ethereum ETF

    ...
    According to a post from X (formerly Twitter) user Summers, BlackRock is now looking to launch a spot Ether ETF. “The iShares Ethereum Trust has just been registered in Delaware,” they wrote.

    “For context, BlackRock's iShares Bitcoin Trust was registered in a similar manner 7 days before they filed the ETF application with the SEC,” Summers added.

    Bloomberg Intelligence ETF analyst James Seyffart confirmed the filing cited by Summers but stopped short of saying that BlackRock made the filing.

    “Multiple people asking "is this real" -- yes it’s real,” Seyffart said. “An entity with this name was indeed registered in Delaware. That's all we can really confirm at this time. Those images are real and from the State of Delaware website.”
    ...
    https://www.kitco.com/news/2023-11-0...t-ETH-ETF.html

    https://twitter.com/SummersThings/st...30271013675199




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  3. #2
    Blackrock isn't the only firm with a spot ETF pending...



    https://twitter.com/BitwiseInvest/st...55061127020794

    https://www.coindesk.com/business/20...wise-campaign/

  4. #3
    BlackRock (BLK.N) has updated its proposed filing for a spot bitcoin exchange-traded fund (ETF) to allow cash redemptions, in a move which could help it secure an approval from the U.S. Securities and Exchange Commission.
    ...
    "The Trust issues and redeems baskets on a continuous basis. These transactions will take place in exchange for cash. Subject to the in-kind regulatory approval, these transactions may also take place in exchange for bitcoin," BlackRock's iShares Bitcoin Trust ETF said in a regulatory filing late on Monday.
    ...
    https://www.reuters.com/business/fin...urce=pmbug.com

  5. #4
    Representatives from BlackRock (BLK), Nasdaq, and the Securities and Exchange Commission (SEC) met for the second time in a month to discuss rule changes that are necessary to list the bitcoin (BTC) exchange-traded fund (ETF), according to a published memo.
    ...
    https://www.coindesk.com/markets/202...aign=headlines

    It really looks like it's happening.

  6. #5
    What would you call a system that stifles, inhibits and prevents innovation in a market until the largest and most connected entity creates their own version of it?
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  7. #6
    Quote Originally Posted by Brian4Liberty View Post
    What would you call a system that stifles, inhibits and prevents innovation in a market until the largest and most connected entity creates their own version of it?
    I believe it's called a "level playing field".

    By Snopes.

  8. #7
    Quote Originally Posted by acptulsa View Post
    I believe it's called a "level playing field".

    By Snopes.
    Or it’s called “capitalism” by the left.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  9. #8



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  11. #9
    Quote Originally Posted by Bern View Post


    https://twitter.com/BTC_Archive/stat...01302620848187
    So the big connected players may get the go ahead from the SEC, but what is going to be the status of the early innovators like Grayscale and Hashdex?
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  12. #10
    Quote Originally Posted by Brian4Liberty View Post
    ... what is going to be the status of the early innovators like Grayscale and Hashdex?
    AFAIK, they are also updating their applications for a spot ETF in line with everyone else.

    Would-be bitcoin exchange-traded fund (ETF) issuer Hashdex changed its paperwork Friday, naming BitGo as its bitcoin custodian and changing the name of its Bitcoin Futures ETF to the Hashdex Bitcoin ETF as it – and other companies – continue to hope for an approval for the U.S.'s first spot bitcoin ETF early in the new year.
    ...
    The update comes a day after the SEC met with representatives from a number of other applicants.

    Representatives from BlackRock, Valkyrie, Fidelity, Grayscale and Ark all spoke to officials with the SEC on Thursday, according to filings. The regulators set a Dec. 29 deadline for final amendments to the applications, Reuters reported.
    ...
    https://www.msn.com/en-us/money/mark...gs/ar-AA1lVnEQ

  13. #11
    Blackrock expects their BTC application to be approved Wednesday. SEC deadline for their application was June. It's looking like SEC is going to rule on multiple (all?) spot BTC applications on Wednesday (the deadline for Ark's application).

  14. #12
    I'm not going to post the Ron Paul It's Happening gif, but it really looks like the spot BTC ETF is going to happen on Wednesday. BTC FOMO looks to be picking up again.

  15. #13
    If they approve Blackrock before Grayscale, it couldn't have been a more corrupt process.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  16. #14
    Quote Originally Posted by Brian4Liberty View Post
    If they approve Blackrock before Grayscale, it couldn't have been a more corrupt process.
    Here is the SEC's schedule:

    https://calendar.bitbo.io/etfs/

    It is widely expected that, even though Jan 10 is the final deadline only for Ark, they are going to rule on numerous applications at once.

  17. #15
    BlackRock (BLK), VanEck, Invesco and Galaxy, ARK 21Shares, Grayscale and other prospective issuers among 13 hoping to launch bitcoin (BTC) exchange-traded funds (ETFs) in the U.S., have filed updated documents on Tuesday.

    The filings indicate that the entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments in the past 24 hours. CoinDesk reported earlier that the SEC sent comments to a set of prospective issuers of the spot-bitcoin ETFs just hours after the companies filed documents detailing fees for their proposed products on Monday.

    Among the changes in the latest updated filing on Tuesday is wording that seeks to mitigate damage to shareholders in the event of insolvency and avoid a conflict of interest between the ETF’s authorized participants.

    Invesco and Galaxy's updated filing saw them reduce the fee they plan to charge to 0.39% from the earlier 0.59%.

    The latest filings show an almost unprecedented engagement between the SEC and prospective issuers, with filings following SEC responses and then updated filings within a short span of 24 hours.

    The SEC is widely expected to approve all the applications this week as it faces a Jan. 10, 2024 deadline – i.e. this Wednesday – for one of the applications by Ark and 21 Shares and may want to approve all together in the spirit of fairness.
    https://www.coindesk.com/policy/2024...-sec-response/

    Crypto is likely to explode to the upside tomorrow when the SEC approves the ETFs.

  18. #16
    Quote Originally Posted by Bern View Post
    https://www.coindesk.com/policy/2024...-sec-response/

    Crypto is likely to explode to the upside tomorrow when the SEC approves the ETFs.
    You never know. "Buy the rumor, sell the news". Selling on IPO day is often a good strategy.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.



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  20. #17
    So yesterday, the SEC twitter account tweeted out that the spot BTC ETFs had been approved. BTC spiked to $48K in minutes and then fell as the SEC account deleted the tweet and Gensler tweeted from his personal account that the SEC account had been "hacked". X/Twitter confirmed that there was no breach of X security. SEC account did not have 2FA enabled. SEC is getting absolutely roasted on X over this. Congress critters including Senator Lummis are calling for investigations.

    https://cointelegraph.com/news/lawye...tcoin-etf-post

  21. #18
    Quote Originally Posted by Brian4Liberty View Post
    You never know. "Buy the rumor, sell the news". Selling on IPO day is often a good strategy.
    That is a short term possibility.

    In the long run, I am not optimistic. Bitcoin has been touted as a stable currency, limited in it's ability to be expanded, and filling the same role as gold.

    IMHO, the price of gold and silver has been suppressed via a variety of techniques (naked shorting being a huge concern). But on top of that, the creation of gold and silver ETFs has been a way of reducing demand for physical gold, thus suppressing the price. Likewise, the creation of bitcoin ETFs will serve the same purpose. Instead of holding actual bitcoin, people will be holding ETFs that claim to hold bitcoin. Will they really? Especially over time, as the temptation to commit fraud grows? As an ETF, what other manipulations can be undertaken by TPTB?
    Last edited by Brian4Liberty; 01-10-2024 at 08:05 PM.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  22. #19
    Spot BTC ETFs approved today and will start trading tomorrow (already approved by CBOE). SEC Commissioner Hester Peirce details SEC's bad faith over the last decade of this saga:

    https://www.sec.gov/news/statement/p...bitcoin-011023

  23. #20
    Grayscale, the manager of GBTC, is claiming bragging rights for being the first of the newly approved crop of spot bitcoin (BTC) exchange-traded funds (ETFs) to begin trading, a representative for the firm said on Thursday.

    “I am happy to confirm that GBTC started pre-market trading at 4 am EST this morning,” Grayscale’s head of comms Jennifer Rosenthal said via email.
    ...
    https://www.coindesk.com/markets/202...aign=headlines

    This thread sort of morphed into discussion of the spot BTC ETFs, but now that they were approved, anticipation is building that the spot ETH ETFs (as mentioned in the OP of this thread) are also going to be approved. Ethereum has been on the move up bigly in the last day or two.

  24. #21
    Following a landmark approval by the United States Securities and Exchange Commission on Jan. 10, shares of several spot Bitcoin (BTC) exchange-traded funds (ETFs) have started debuting on exchanges.

    As of 2:45 pm UTC on Jan. 11, data from the Cboe BZX Exchange showed that shares of the Bitcoin ETF from ARK 21Shares were trading at $50.18 under the ticker ARKB, those from Invesco Galaxy at $49.59 under BTCO, WisdomTree at $52.13 under BTCW, Fidelity at $44.40 under FBTC, and Franklin Temple at $28.48 under ​​EZBC. The spot BTC ETF offered by VanEck, under the ticker symbol HODL, did not appear to be live at the time of publication but was set for an opening price of $54.92.

    On the Nasdaq Stock Market, shares of the Valkyrie Bitcoin Fund under the ticker BRRR started trading in the pre-market for roughly $20 before dropping to $14.10 at the time of publication. Shares of the iShares Bitcoin Trust — offered by the world’s largest asset manager, BlackRock — under IBIT also surged roughly 22% in some pre-market activity, trading at $28.64 at the time of publication.

    The spot Bitcoin ETF offered by Grayscale Investments — one of the offerings that likely contributed to the SEC approval of the investment vehicles — opened at $42.25 under GBTC on the New York Stock Exchange Arca, rising to $42.97 at the time of publication. Shares of the Bitwise Bitcoin Trust started trading at $26.80 under BITB, and the Hashdex Bitcoin Futures ETF, which also holds spot BTC following SEC approval, opened at $60.00 under the ticker DEFI.
    ...
    More:

    https://cointelegraph.com/news/bitco...se-arca-nasdaq

  25. #22
    Quote Originally Posted by Brian4Liberty View Post
    That is a short term possibility.

    In the long run, I am not optimistic. Bitcoin has been touted as a stable currency, limited in it's ability to be expanded, and filling the same role as gold.

    IMHO, the price of gold and silver has been suppressed via a variety of techniques (naked shorting being a huge concern). But on top of that, the creation of gold and silver ETFs has been a way of reducing demand for physical gold, thus suppressing the price. Likewise, the creation of bitcoin ETFs will serve the same purpose. Instead of holding actual bitcoin, people will be holding ETFs that claim to hold bitcoin. Will they really? Especially over time, as the temptation to commit fraud grows? As an ETF, what other manipulations can be undertaken by TPTB?

    You cannot audit Gold reserves easily. Its actually impossible..

    Here is the live audit of top Bitcoin exchanges. https://www.coinglass.com/Balance

    The power of the blockchain

    Sure they can still lend and allow their buddies to do naked sells on Futures or maybe spot.. But you forget that if you sell Bitcoins on an exchange without owning them.. the exchange is commiting fraud easily detectable when people start withdraw their bitcoins.

    see FTX.. that's what they did.

  26. #23
    Quote Originally Posted by Bern View Post
    https://www.coindesk.com/policy/2024...-sec-response/

    Crypto is likely to explode to the upside tomorrow when the SEC approves the ETFs.
    Quote Originally Posted by Brian4Liberty View Post
    You never know. "Buy the rumor, sell the news". Selling on IPO day is often a good strategy.
    Down about 6.5% today...
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  27. #24
    Yeah, I think it's next week before any buying pressure from the ETFs will kick in. All of them did their seed buying before the approval.



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  29. #25
    Quote Originally Posted by Brian4Liberty View Post
    That is a short term possibility.

    In the long run, I am not optimistic. Bitcoin has been touted as a stable currency, limited in it's ability to be expanded, and filling the same role as gold.

    IMHO, the price of gold and silver has been suppressed via a variety of techniques (naked shorting being a huge concern). But on top of that, the creation of gold and silver ETFs has been a way of reducing demand for physical gold, thus suppressing the price. Likewise, the creation of bitcoin ETFs will serve the same purpose. Instead of holding actual bitcoin, people will be holding ETFs that claim to hold bitcoin. Will they really? Especially over time, as the temptation to commit fraud grows? As an ETF, what other manipulations can be undertaken by TPTB?
    Well, bitcoin dropped from over $48k to under $40k since the introduction of the bitcoin ETFs. So far, it looks like the ETFs are suppressing the price of bitcoin, just like ETFs did to precious metals. Metals and bitcoin are extremely volatile, so only time will tell...
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  30. #26
    Quote Originally Posted by Brian4Liberty View Post
    Well, bitcoin dropped from over $48k to under $40k since the introduction of the bitcoin ETFs. So far, it looks like the ETFs are suppressing the price of bitcoin, just like ETFs did to precious metals. Metals and bitcoin are extremely volatile, so only time will tell...
    It's not "the ETFs". It's GrayScale (GBTC). GBTC was a closed end fund for over a decade that got converted into an ETF. The conversion allowed GBTC owners to sell. GBTC outflows have exceeded the inflows for all the other ETFs combined. Half of the GBTC selling over the first 3-4 ETF trading days was FTX bankruptcy liquidation. GBTC also has a fee structure of 1.5% whereas the others are around 0.4%. So no one wants to keep money locked up in it.

    Now it looks like Mt. Gox is getting ready to liquidate another huge pile of BTC a decade after they went kaputsky. Wherever BTC bottoms may be the last great opportunity to buy low.

  31. #27
    Quote Originally Posted by Bern View Post
    It's not "the ETFs". It's GrayScale (GBTC). GBTC was a closed end fund for over a decade that got converted into an ETF. The conversion allowed GBTC owners to sell. GBTC outflows have exceeded the inflows for all the other ETFs combined. Half of the GBTC selling over the first 3-4 ETF trading days was FTX bankruptcy liquidation. GBTC also has a fee structure of 1.5% whereas the others are around 0.4%. So no one wants to keep money locked up in it.

    Now it looks like Mt. Gox is getting ready to liquidate another huge pile of BTC a decade after they went kaputsky. Wherever BTC bottoms may be the last great opportunity to buy low.
    Oh, I know about GBTC. They have been trying to convert to an ETF for almost a decade, and were prevented until BlackRock and others had their Bitcoin ETFs ready. Normal investors could buy and sell GBTC the entire time. It's just that Blackrock and others are undercutting on the Expense Ratio. Greyscale blew it by not lowering their expenses.

    But that is simply moving from one ETF to the next, which should be a net wash, not a lowering in bitcoin prices.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  32. #28
    https://x.com/jchervinsky/status/1792645992463978533



    ETH up 10% on the news. Thank you Trump.
    Last edited by Bern; 06-16-2024 at 07:46 AM.

  33. #29



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