Notably, the asset manager must also obtain either a counsel opinion or US government guidance on federal tax treatment before it starts.
Furthermore, in the event of slashing or forking, BlackRock will not subsidize or absorb incoming losses.
Nasdaq stated that its proposal would enable ETHA to capture returns while operating under defined constraints intended to protect shareholders and the market.
BlackRock joins a queue of issuers that have asked regulators to let their US-based spot Ethereum products earn protocol rewards.
The first final deadline for prior filings is in October, while the deadline for Nasdaq’s filing on BlackRock’s ETF is in early April. However, Seyffart believes it is unlikely for the SEC approval to take that long.
ETHA led allocations with $499.2 million, marking a record for daily inflows into the fund, representing nearly 69% of the total.
The heavy inflows may indicate that institutional investors are betting on Ethereum’s fundamentals, such as its infrastructure for stablecoins and tokenized assets.
