BlackRock may buy $10 million in ETH to fund its Ethereum ETF

BlackRock, one of the world’s largest asset managers with $9 trillion in assets under custody, is said to be buying $10 million worth of ETH to fund its Ethereum ETF. In a filing with the U.S. Securities and Exchange Commission (SEC), BlackRock said, “On May 21, 2024, Seed Capital Investors, an affiliate of the Sponsor, purchased a seed creation basket of 400,000 shares at $25 per share, subject to conditions, and the Trust received gross proceeds from the sale of the seed creation basket of $10,000,000. The Trust intends to use the proceeds from the seed creation basket to purchase ETH at some point, and may not have made any purchases at this time.” (trustnodes)