Eight issuers of Ethereum exchange-traded funds have received simultaneous clearance from the SEC.
Eight exchange-traded funds backed by spot Ethereum have been approved for trading by the Securities and Exchange Commission (SEC), little more than four months after Bitcoin ETFs started trading in the US.
There was an “order granting rapid approval of proposed rule modifications, as amended by amendments thereto, to list and trade shares of ether-based exchange-traded products” that came out of the agency.
The Grayscale Ethereum Trust, Bitwise Ethereum ETF, iShares Ethereum Trust by BlackRock, VanEck Ethereum Trust, ARK 21Shares Ethereum ETF, Invesco Galaxy Ethereum ETF, Fidelity Ethereum Fund, and Franklin Ethereum ETF by Franklin Templeton are now available for trading on the NYSE Arca, Nasdaq, and Cbose BZX Funds, which filed for a rule change to list and trade ETH ETFs.
Rules aimed at “preventing fraudulent and manipulative actions and practices” and, “in general, safeguarding investors and the public interest” are compatible with the Proposals, according to the Commission.
Ethereum (ETH) has had a wild day, with a 30% increase in value over the last week leading up to today’s historic decision. With a short slide below $3,600, the second-largest cryptocurrency briefly traded over $3,960 earlier today. At the moment, one Ethereum token is worth $3,720.
Financial institutions who want to stay away from cryptocurrency exchanges, custody, and private keys may have exposure to Ethereum (ETH) via Ethereum exchange-traded funds (ETFs).
After pouring over $13 billion into Bitcoin ETFs so far, Ethereum bulls are hoping that TradFi investors will pour the same amount of money into these new ETFs.
The SEC must authorize two forms—19b-4 and S-1—filed by applicants before Ethereum ETFs may begin trading.
After a wild week in which the chances of approval among experts fluctuated between 25% and 75%, today’s verdict finally came down. Because of the move, issuers and exchanges had to rush to revise their filings to satisfy the requirements of the agency.
Also Read: The DTCC has listed BlackRock’s Ethereum spot ETF with the ticker $ETHA
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