BlackRock submitted an amended S-1 filing for its Ethereum ETF ($ETHA) on May 9, 2025, which added a physical creation and redemption mechanism, allowing for direct trading in Ethereum, not just cash, while awaiting SEC approval expected this year. Analysts James Seyfarth and Eric Balchunas noted that this move will enhance efficiency and reduce trading costs, aligning with the trend of integrating blockchain technology into traditional finance. On the same day, BlackRock also discussed staking and ETF standards with the SEC's crypto task force.