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The U.S. Securities and Exchange Commission (SEC) is on the verge of approving exchange-traded funds (ETFs) tied to the spot price of ether, with a potential launch as early as July 4, according to industry insiders. Eight asset managers, including BlackRock, VanEck, Franklin Templeton, and Grayscale Investments, are awaiting the SEC’s final nod. Discussions have progressed to resolving minor issues, and the approval process could be completed within weeks.
Following the successful launch of spot bitcoin ETFs in January, which amassed around $38 billion in assets by late June, the anticipation for ether ETFs is building. However, analysts predict a more subdued response due to ether’s smaller market cap and lower trading volumes compared to bitcoin. Despite this, the approval would mark a significant milestone in expanding cryptocurrency investment options.
The SEC has already approved the necessary rule changes for major exchanges like the New York Stock Exchange, Nasdaq, and Cboe to list and oversee trading of these new products. Once the SEC finalizes the filings, trading could commence within 24 hours. The launch of ether ETFs would further cement cryptocurrency’s place in traditional financial markets, although it may not replicate the fervor seen with bitcoin ETFs.
