Key Points:
The move positions ProShares spot Ethereum ETF as a new candidate among the growing list of Ethereum ETFs in the United States.
Recently, the SEC approved the 19b-4 applications for eight other funds: VanEck, Invesco & Galaxy, Franklin Templeton, Grayscale, BlackRock, Fidelity, 21Shares, and BitwiseInvest. In contrast, Hashdex has withdrawn its application for a spot Ether ETF, with the reasons for their withdrawal remaining unclear.
Following the SEC’s approval of their 19b-4 applications, companies must file S-1 amendments for their spot Ethereum ETF applications. ProShares spot Ethereum ETF also awaits approval of its 19b-4 application from the SEC.
SEC Chair Gary Gensler indicated that the timeline for launching these spot Ethereum ETFs depends on how quickly applicants respond to the regulator’s questions and comments. On June 5, Gensler mentioned to Reuters that the firm’s responsiveness to SEC comments will significantly influence the approval process. He did not specify whether the process would take weeks or months.
According to past reports, the SEC will comment on the recently amended S-1 registrations from the eight firms seeking to launch spot Ethereum ETFs. These applicants then need to file further amendments before their products can be launched. The amendments mainly focus on removing provisions related to ETH staking to align with SEC requirements, thereby increasing the likelihood of approval.
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