SEC Seen Giving Spot Ethereum ETF Issuers The Greenlight For Funds To Launch Next Tuesday

Updated: 16 July 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The US Securities and Exchange Commission (SEC) told spot Ethereum ETF (exchange-traded fund) issuers that their funds can start trading next Tuesday, according to media reports citing sources familiar with the matter.

SEC officials reportedly told one issuer that there are no further comments on the latest S-1 filings and that the final version will need to be submitted by Wednesday, one of the sources said. The funds can subsequently be listed on exchanges on July 23, the source added.

Spot Ethereum ETF Issuers Receive “Preliminary Approval” From The SEC

At least three asset managers have already received preliminary approval from the SEC for their spot Ethereum ETFs.

SEC approval is now contingent on applicants submitting their final offering documents to the regulator before this week’s conclusion, according to a July 15 Bloomberg report.

Reuters: SEC has given “preliminary approval” to at least three of eight spot eth ETF issuers to begin trading next Tuesday…

All eight expected to launch at same time tho. https://t.co/ngACRMnjJr pic.twitter.com/BJfuqR8Ju9

— Nate Geraci (@NateGeraci) July 15, 2024

The applicants that have received the preliminary approval include Franklin Templeton, VanEck, and BlackRock, the world’s largest asset manager. Fidelity, Grayscale, Bitwise, ARK 21 Shares and Invesco Galaxy are in the running to launch their own spot ETFs linked to ETH next week as well.

Bloomberg ETF analyst Eric Balchunas said he expects the investment products will start trading next Tuesday. The SEC has instructed issuers to state the fee that they will charge for their spot Ethereum ETF in their final filings, Balchunas said in a July 15 post on X.

Analysts Predicts ETH Could Soar To $8,000 By The End Of The Year

Growing anticipation of a spot Ethereum ETF launch did not translate into a major price increase for ETH over the past 24 hours. The largest altcoin by market cap is up a little more than 1% to trade at $3,415 as of 2:45 a.m. EST.

The #Altcoin market capitalization for crypto finished its correction two weeks ago.

The second half of the year is going to be up-only.

Likely we’ll see 5-10x runs on altcoins and ETH to $6,000-8,000. pic.twitter.com/eM3KS7Jwai

— Michaël van de Poppe (@CryptoMichNL) July 15, 2024