SEC gives preliminary approval to BlackRock, Franklin Templeton, and VanEck for spot Ether ETFs, potentially launching as early as next week.
The United States Securities and Exchange Commission (SEC) has reportedly given preliminary approval to three major asset managers for their spot Ether exchange-traded funds (ETFs). This move fuels speculation that these ETFs, including those from BlackRock, Franklin Templeton, and VanEck, could begin trading as soon as next week.
Key Points:
Preliminary Approval: The SEC has reportedly granted preliminary approval to BlackRock, Franklin Templeton, and VanEck for spot Ether ETFs.
Final Submission: Approval is contingent on submitting final offering documents by the end of this week.
Simultaneous Launch: Eight firms, including Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy, are expected to launch their Ether ETFs simultaneously.
Final Instructions: The SEC has provided final instructions, requiring issuers to submit amended S-1 filings, including fee details, by July 16.
Expected Approval Date: Official approval of the S-1 filings is anticipated after trading hours on Monday, with ETFs starting trading on Tuesday, July 23.
Market Impact: Analysts predict that spot Ether ETFs could attract up to $15 billion in inflows within the first 18 months, similar to the performance of spot Bitcoin ETFs.
Listing Exchanges: If approved, the spot Ether ETFs will be listed on major exchanges like Nasdaq, NYSE, and CBOE.
Ether Price: Ether is currently trading at $3,484, up 6.7% in the last 24 hours.
The SEC's preliminary approval of spot Ether ETFs from major asset managers signals a significant development for the cryptocurrency market. With potential trading set to begin next week, this move could attract substantial investment inflows and further legitimize Ether as a mainstream financial asset.
Source: Cointelegraph
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