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SEC Considers ProShares' Application for Spot Ether ETF on NYSE Arca

ProShares seeks SEC approval for spot Ether ETF on NYSE Arca.

Tue, 11 Jun 2024, 09:44 am UTC

ProShares has applied for a spot in Ether ETF to the SEC, marking a significant step toward expanding Ethereum investment opportunities on U.S. exchanges.

SEC Reviews ProShares' Spot Ether ETF Application After Approving Initial Filings from Eight Asset Managers

In May, the commission authorized 19b-4 filings from eight asset managers; however, they will commence trading on U.S. exchanges once the SEC approves the S-1 registration statements, per Cointelegraph.

ProShares, an asset manager, has submitted an application for a spot Ether exchange-traded fund to the United States Securities and Exchange Commission (SEC) approximately three weeks after eight of the investment vehicles were approved.

According to a filing made on June 10, the SEC stated that the New York Stock Exchange (NYSE) Arca had proposed a rule modification that would enable it to list and trade shares of the ProShares Ethereum ETF. The commission stated that it would accept public comments on the ETF application for 21 days following its publication in the Federal Register. This will allow the SEC 45 days to either approve, disapprove, or extend the timeline for its decision.

SEC's Approval Process for Spot Ether ETFs Advances, ProShares Among Firms Awaiting Final Decision

On May 23, the SEC officially approved 19b-4 filings from eight asset management firms seeking to list and trade spot Ether ETFs on U.S. exchanges for the first time. Before the spot Ether ETFs can commence trading, the SEC must complete the final approval process by approving the S-1 registration statements. This process may take several months, but some experts anticipate it will be completed by July.

"Instinct initially says [the ProShares ETF] won't launch on day 1 with the other ETFs whenever that is but who knows," said ETF analyst James Seyffart in a June 10 X post. "This is interesting."

ProShares was among the first asset managers to receive the Securities and Exchange Commission (SEC) approval in October 2023 to list and trade shares of a spot investment vehicle linked to Ethereum futures. The company also provides a Bitcoin Strategy ETF on NYSE Arca under the ticker BITO.

It is still being determined whether the SEC will approve ProShares' spot Ether ETF offering after its initial approval. The application was only impliedly considered by the commission in the filing.

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