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

Odaily News 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, conditionally, and the Trust received gross proceeds of $10,000,000 from the sale of the seed creation basket. 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)