Ethereum Spot ETFs Expected to Commence Trading by July 23 Pending No Unexpected Last-Minute Challenges
The Securities and Exchange Commission (SEC) has given initial approval to three Ethereum-based exchange-traded funds (ETFs), with trading anticipated to commence as early as July 23.
In a recent report by Reuters, industry sources disclosed that the approval is contingent on the applicants submitting final offering documents to regulators by the end of this week. It is expected that all eight ETF applications will be launched simultaneously.
Among the asset managers whose applications are likely to be approved are BlackRock, VanEck, and Franklin Templeton. The trading of these products is set to begin the following day after SEC approval.
Bloomberg ETF analyst Eric Balchunas mentioned that the SEC has requested applicants to provide final S-1 documents, including fee information, by Wednesday this week. He foresees a July 23 launch unless any unforeseen issues arise.
The potential approval of these ETFs holds significance as it follows the introduction of U.S. spot Bitcoin ETFs earlier this year. The forthcoming Ether products would represent a substantial advancement for the cryptocurrency industry in its efforts to mainstream digital assets.
Gemini, a cryptocurrency exchange, is optimistic about Ethereum’s future with the impending launch of spot ETFs in the U.S. According to Gemini’s research report, there is an expectation of heightened investor interest, with projected net inflows of up to $5 billion within the initial six months of trading. This surge in capital could elevate Ethereum’s value in U.S.-based spot ETFs to a range of $13-$15 billion by the year’s end.
As of the latest data, Ethereum is priced at $3,473.37, reflecting a 5.95% increase in the past 24 hours, as reported by Benzinga Pro.
The developments surrounding Ethereum ETFs are indicative of the continued evolution and maturation of the cryptocurrency market, with increasing integration into traditional financial systems. The potential influx of capital through these ETFs could further bolster the position of digital assets in the broader investment landscape.
It is essential to note that the information presented in this article was compiled with the assistance of Benzinga Neuro and underwent review and publication by Benzinga editors.
