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Following the historic approval of 11 spot Bitcoin exchange-traded funds in January, industry analysts are asking when the US Securities and Exchange Commission (SEC) will approve an Ethereum counterpart.
For those who are unfamiliar, an exchange-traded fund (ETF) is a common financial vehicle that trades on a stock exchange. It enables investors to buy shares that track the price of an underlying asset, which might range from gold and foreign currencies to cryptocurrency and technology stocks.
If approved, a spot Ethereum ETF, like a Bitcoin ETF, would entail a fund manager buying and keeping ETH digital currencies and inviting customers to buy shares that track their value. This would expose individuals to the second-largest cryptocurrency by market capitalization.
Several famous financial firms have submitted S-1 filings to the SEC. In summary, corporations use such papers to notify the regulator that they intend to issue securities to the public and provide a detailed analysis of their operations.
As per Decrypt, the filings are now on the SEC's desk awaiting clearance. The SEC decision deadlines for the proposed products range from the end of May to early August.
BlackRock
BlackRock, the world's largest asset manager, submitted an S-1 form for its proposed iShares Ethereum Trust in November.
The SEC delayed reaching a decision on the fund manager's possible product earlier this year, giving it until August 7.
Larry Fink, the firm's CEO, appears enthused about the cryptocurrency and its network. He states that there is "value in having an Ethereum ETF." He has also spoken of "tokenization" as an inevitable process.
Grayscale
Grayscale, a cryptocurrency asset management, is awaiting a response from the SEC after submitting a proposal in October to transform its Grayscale Ethereum Trust into a spot Ethereum ETF.
The present trust works as a closed-end fund; the idea is that, as an ETF, investors can redeem shares more easily. Its Bitcoin Trust became an ETF in January, so there is precedent for how a crypto vehicle might migrate to a spot ETF.
Grayscale is a major reason Bitcoin ETFs are trading in the United States. In a watershed moment for the crypto industry last year, a judge sided with the firm in a lawsuit, saying that Wall Street's largest regulator lacked a cogent explanation for blocking its intended conversion to a Bitcoin ETF following years of denials.
The verdict cleared the path for the SEC to approve Bitcoin ETFs.
Despite this, the SEC does not appear to be in a hurry to approve the new application—it delayed making a judgment in January. The regulator now has until June 18 to answer yes or no.
Last month, the business also filed for a "mini" Ethereum Trust. The fund is designed to have lower expenses for shareholders.
Ark Invest/21 Shares
Cathie Wood's ARK Invest, a major tech investment management firm, filed a request with the SEC in September for an Ethereum ETF.
The ETF is a collaboration with crypto ETF producer 21Shares. It designates Coinbase, America's largest digital asset exchange, as its custodian, which means that the recognized firm will retain and store the ETH in the product. The decision deadline for the product is May 24.
Fidelity
Fidelity Investments made it plain that it planned to abandon an Ethereum ETF in November when Cboe—the exchange where the product would trade—filed a 19b-4 on its behalf.
Then, in March, the enormous corporation submitted its S-1 to the SEC for its Fidelity Ethereum Fund. The SEC will decide on the product on August 3.
VanEck
VanEck, an asset management, was the first to file a proposal for an Ethereum ETF with the SEC in 2021. Later that year, it withdrew its proposal and filed again.
The firm's Bitcoin ETF has succeeded, and VanEck has even reduced fees to compete with other funds on the market. The SEC is due to decide on the product on May 23.
The firm’s Bitcoin ETF has been a successful product, and VanEck even waived its fees to better compete with the other funds on the market. The SEC is due to decide on the product on May 23.
Hashdex
In September, Nasdaq submitted a proposal on behalf of Brazilian fund manager Hashdex for its Hashdex Nasdaq Ethereum ETF.
Hashdex already has several crypto ETFs listed in Brazil. In the United States, the SEC approved the Hashdex Bitcoin ETF in January, but it is not yet trading on any stock exchanges. In March, it announced that it would convert its Bitcoin futures ETF to a spot ETF at a later date. The SEC will issue its decision on May 30.
Franklin Templeton
A Wall Street powerhouse, Franklin Templeton, entered the race in February by filing a proposal with the SEC. It discusses staking in its proposal for the Franklin Ethereum Trust, locking up digital money or tokens to keep a blockchain running smoothly.
The proposal states that it "may, from time to time, stake a portion of the Fund's assets through one or more trusted staking providers." The SEC will decide on the product on June 11.
Invesco / Galaxy Digital
In September, asset management behemoth Invesco proposed an ETH ETF in collaboration with Mike Novogratz's Galaxy Digital. According to the S-1 form, Invesco would sponsor the product, with Galaxy Digital serving as its "execution agent"—selling ETH to cover the expenditures of the Invesco Galaxy Ethereum ETF.
On July 7, the SEC will decide whether to approve, disapprove, or delay the product.
Bitwise
Bitwise, a digital asset investment startup, filed an S-1 form with the SEC in March to market a spot Ethereum ETF. Like Franklin Templeton, Bitwise addresses staking in its filing, stating that its Bitwise Ethereum Trust may stake part of the fund's assets through trusted staking providers to gain further benefits.
Matt Hougan, Bitwise's Chief Investment Officer, expects ETH ETFs to start in December and predicts they will be more successful if legalized later this year.
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