BlackRock Inc. (BLK  ) has submitted an amended S-1 form for its proposed spot Ether exchange-traded fund (ETF), providing additional details about the newly approved product for listing in the U.S.

What Happened: The filing disclosed that a "Seed Capital Investor" affiliated with the sponsor purchased the initial shares for the ETF.

The document stated, "On May 21, 2024, the Seed Capital Investor, an affiliate of the Sponsor, subject to conditions, purchased the Seed Creation Baskets, comprising 400,000 Shares at a per-Share price equal to $25.00.

The net asset value of the Trust was $10,000,000."

Pending regulatory approval, the assets within the ETF can be redeemed for either cash or ether.

The iShares Ethereum Trust Ether ETF, which will trade under the ticker "ETHA," marks a significant step forward in bringing more cryptocurrency products to mainstream financial markets.

Bloomberg analyst Eric Balchunas commented on the updated filing, calling it a "good sign" and suggesting that a launch by the end of June was "a legit possibility."

This development follows the recent approval by the Securities and Exchange Commission (SEC) of several ether ETFs for listing in the U.S., which has boosted bullish sentiment in the broader crypto market.

BlackRock has already seen success with its Bitcoin ETF iShares Bitcoin Trust (IBIT  ), which has become the world's largest publicly traded bitcoin fund, surpassing Grayscale's Bitcoin Trust (GBTC  ).

What's Next: These advancements in the ETF landscape and their implications for the digital asset market will be key topics at Benzinga's Future of Digital Assets event on Nov. 19.

Industry leaders will gather to discuss these trends and explore the future directions of digital asset investments, providing valuable insights into this rapidly evolving sector.