The Ethereum ETFs are expected to be available for purchase soon, as the U.S. Securities and Exchange Commission (SEC) is reportedly set to approve them. Here's a summary of the current situation:
- Regulatory Approval: The SEC could approve exchange-traded funds (ETFs) tied to the spot price of ether as soon as July 4, 2024. Eight asset managers, including BlackRock, VanEck, Franklin Templeton, and Grayscale Investments, are seeking SEC approval for these funds1.
- Previous Developments: About six months have passed since the SEC approved the first spot Bitcoin ETFs, and the process for approving spot Ethereum ETFs seems to be progressing similarly. The approval of spot Bitcoin ETFs in January 2024 was a significant milestone, and the approval of spot Ethereum ETFs is expected to follow a similar timeline2.
- Market Expectations: Analysts and industry executives believe that the approval of spot Ethereum ETFs is imminent. The SEC's Chair, Gary Gensler, has indicated that the launch date depends partly on how quickly issuers respond to the regulator's queries. The process of amending the offering documents has progressed to resolving only "minor" issues, and approval is "probably not more than a week or two away"1.
- Investor Interest: The anticipation of Ethereum ETFs has already generated significant interest. Grayscale, for example, had nearly $38 billion in assets as of late June 2024, up from $8 billion in January 20241.
In conclusion, the Ethereum ETFs are expected to be available for purchase in the coming days or weeks, as the SEC is nearing the final stages of approval. This development will provide U.S. investors with a regulated avenue to invest in the spot price of Ethereum, which is likely to be welcomed by the cryptocurrency market.
7/2/2024 09:18pm
