Key Points:
Ethereum’s recent price uptick is fueled by growing optimism over the potential approval of exchange-traded funds (ETFs) tracking the cryptocurrency. According to FOX Business, the Securities and Exchange Commission (SEC) may approve a spot Ethereum ETF as soon as this week.
While the spot Ethereum ETF approval is not guaranteed, there are indications that the SEC staff is increasingly favorable towards at least partial approval of these products, as reported by FOX Business. The decision deadline for the SEC to approve the so-called 19b-4 applications, submitted by the CBOE exchange on behalf of VanEck and Ark Investments in partnership with 21 Shares, is approaching on Thursday.
This anticipation has already impacted market sentiment. Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the odds of U.S. spot Ethereum ETF approval from 25% to 75% after observing positive signals from the SEC. In response, Ark Invest amended its spot Ethereum ETF application to remove staking components, a move mirrored by Fidelity and Grayscale in their respective filings.
VanEck’s Ethereum ETF application, set for a decision by May 23, has garnered significant attention. The ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV,” marking a key procedural step. Although currently inactive, this listing positions VanEck for potential final approval, pending regulatory clearance. Notably, VanEck’s is not the first Ether ETF listed by the DTCC, as Franklin Templeton spot Ether ETF was listed last month.
The SEC’s decision is eagerly awaited by investors and could signal a major shift in the cryptocurrency market, potentially driving significant price movements for Ethereum and other digital assets.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
ETFSwap (ETFS) builds enough momentum to push Cardano (ADA) and Dogecoin (DOGE) out of the…
The zkSync token listing decision by Bybit under the ticker ZK continued to spark controversy…
LBank Exchange warning was issued by the Japanese Financial Services Agency for allegedly unregistered cryptocurrency…
El Salvador's Bank for Private Investment aims to reduce barriers to Bitcoin transactions amid El…
Australia's ASX approves its first spot Bitcoin ETF, with VanEck Bitcoin ETF under the ticker…
Crypto supporter Donald Trump, on his 78th birthday, promised to end Biden's "war on crypto."
This website uses cookies.