The US SEC (Securities and Exchange Commission) has approved 2 Ethereum ETFs for trading. The ETFs will be listed on the NYSE’s (New York Stock Exchange) Arca trading platform.
The news was officially shared by the SEC in its July 17 filing. The notice stated that the approval of the Form 19b-4 allows NYSE to conduct trading of these funds. It is worth noting that the issuers are required to stand by for the final verdict on the ETFs’ S-1 filings before the final process.
A Grayscale spokesperson stated that the company is thrilled to have gained approval on Form 19b-4. The team will continue to engage with the SEC to get complete regulatory approval for Spot Ethereum ETPs in the US.
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Grayscale, one of the only two approved Ethereum ETF providers in the US, received approval to convert its ETH fund into an ETF. A month later, Grayscale shared its plans to distribute the new shares of the Mini Trust to ETHE fund holders.
Established back in 2017, the Grayscale Ethereum Trust was one of the first institutional investment ventures for Ethereum ETFs.
Unlike Grayscale, ProShares Ethereum ETF is a relative newcomer. The company filed its Form 19b-4 three weeks after most of the competitors earned their approval. It should be noted that the ProShares fund isn’t expected to be listed next week.
According to reports, the SEC has given basic approval to at least 3 issuers. The companies can start listing spot Ethereum ETFs as soon as July 23, 2024. Besides this, 8 more spot Ethereum ETFs await final approval after months of discourse with the SEC.
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During this period, the issuers had to comply with several amendments to the S-1 filings. It seems like the hard road has passed, and the issuers can finally earn their ultimate approval.
