The Securities and Exchange Commission approved nine spot Ether (ETH) exchange-traded funds Thursday, but there is still time before you can start trading them.
According to a memo from the regulator, NYSE Arca will list the Grayscale Ethereum Trust and the Bitwise Ethereum ETF. Nasdaq will list the iShares Ethereum Trust and CBOE BZX will list the VanEck Ethereum Trust, the ARK 21Shares Ethereum ETF, the Invesco Galaxy Ethereum ETF, the Fidelity Ethereum Fund and the Franklin Ethereum ETF.
VanEck immediately followed the SEC’s announcement with an S-1 filing, indicating that their product was ready to launch. The S-1 approval process, in which regulators will look at the specific ETFs themselves, could take weeks but some analysts say may be fast-tracked.
Concerns around whether ether is a security and staking were two major reasons why the SEC was reluctant to give a green light to ether ETFs. While many market participants say today’s decision indirectly implies that ether is not a security, the issues around staking were resolved when ETF issuers removed it from their applications.
Since the January approval of spot bitcoin (BTC), markets have closely watched the approval process for similar funds for the native cryptocurrency of the Ethereum network. That has created a runup in the second-largest cryptocurrency, which is up 60% year-to-date. Ether was up almost 2% on the day as the SEC made its announcement.
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