The Securities and Exchange Commission (SEC) of the United States is poised to make a significant move in the cryptocurrency market with the “preliminary approval” given to three major asset managers to launch their spot Ether exchange-traded funds (ETFs). Insider sources suggest that this development could pave the way for negotiations to begin as early as next Tuesday.
According to Reuters, three industry insiders have disclosed that the SEC is now only awaiting the submission of final bid documentation from applicants, which include financial heavyweights like BlackRock, Franklin Templeton, and VanEck. The deadline for the submission is the end of this week, and it is a crucial step for the ETFs to commence trading effectively.
Apart from these three asset managers, other major players such as Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy are also vying to launch their Ether-based products as early as next week. One of the sources emphasized that the expectation is for all eight Ether ETFs to be launched simultaneously, following the model adopted by the SEC for spot Bitcoin ETFs.
“This indicates that we are nearing the finish line. We are on the verge of launching,” remarked Katherine Dowling, compliance director at Bitwise, further bolstering the market’s optimism regarding the imminent approval.
ETF analyst Eric Balchunas from Bloomberg highlighted that issuers have been instructed to submit their final S-1 filings by July 16. Balchunas predicts that the SEC could officially approve these filings as early as next Monday, after the market closes, which would enable spot Ether ETF trading to commence on Tuesday, July 23.
If approved, Ether spot ETFs will be listed on major exchanges such as Nasdaq, the New York Stock Exchange, and the Chicago Options Exchange. Currently, Ether is trading at $3,484, reflecting a 6.7% increase in the past 24 hours.
Disclaimer: The opinions expressed by the author or anyone mentioned in this article are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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