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The SEC has approved multiple Ethereum ETFs, marking a significant milestone for cryptocurrency investment in the US. Esteemed financial institutions like BlackRock and Grayscale received the green light, paving the way for ETH exposure.
SEC Quietly Approves Ethereum ETFs After Months of Speculation and Minimal Interaction
Despite the unprecedented authorization of eleven spot Bitcoin exchange-traded funds in January, industry observers skeptically viewed the United States Securities and Exchange Commission's (SEC) decision to approve an Ethereum equivalent, per Decrypt.
However, after months of minimal interaction with applicants, the regulator discreetly approved the products on May 23.
An exchange-traded fund (ETF) is a standard investment vehicle listed on a stock exchange. It enables investors to purchase shares that replicate the price movement of an underlying asset, such as technology stocks, foreign currencies, bullion, or foreign currencies.
Similar to Bitcoin ETFs, the approval of spot Ethereum ETFs enables fund managers to purchase and store ETH digital currencies, while individuals can buy shares that track their value. This will expose individuals to the second-largest cryptocurrency in terms of market capitalization.
Several esteemed financial institutions were approved by the SEC. Before the funds begin trading, a small amount of additional documentation must be completed, but the products are expected to be listed on stock exchanges this year.
Top Financial Institutions Like BlackRock and Grayscale Set to Launch Ethereum ETFs
The following ETH ETFs are slated to debut on the markets shortly.
BlackRock
The largest asset manager in the world, BlackRock, received approval for its iShares Ethereum Trust. In November, it initially submitted an S-1 form for the product.
Larry Fink, the company's chief executive officer, appears to be effusive about the cryptocurrency and its network. He speaks of the "value of having an Ethereum ETF." Additionally, he has stated that "tokenization" is unavoidable.
Grayscale
The SEC approved Grayscale, a crypto asset manager, in October for its proposal to convert the Grayscale Ethereum Trust into a spot Ethereum ETF.
The present trust functions as a closed-end fund. Nevertheless, investors will be able to readily redeem shares when it trades as an ETF. Its Bitcoin Trust was converted to an ETF in January, establishing a precedent for transitioning a cryptocurrency vehicle to a spot ETF.
Grayscale significantly contributes to the current trading volume of Bitcoin ETFs in the United States. A judge sided with the firm in a lawsuit last year, agreeing that Wall Street's largest regulator lacked a convincing explanation for denying its proposed conversion to a Bitcoin ETF after years of denials. This was a watershed moment for the cryptocurrency industry.
The decision established a precedent for the SEC to authorize the listing of Bitcoin ETFs.
Ark Invest/21Shares
ARK Invest, a heavyweight technology investment management firm owned by Cathie Wood, submitted an SEC proposal for an Ethereum ETF in September.
The cryptocurrency exchange-traded fund (ETF) is endorsed by Coinbase, the most prominent digital asset exchange in the United States, in collaboration with crypto ETF issuer 21Shares. This means that the ETH in the product would be held and stored by a reputable company.
Fidelity
Fidelity's financial services behemoth declared its intention to launch an Ethereum exchange-traded fund (ETF) in November when Cboe, the platform's trading exchange, submitted a 19b-4 on its behalf.
The enormous firm subsequently submitted Form S-1 for its Fidelity Ethereum Fund to the SEC in March.
VanEck
In 2021, VanEck, an asset manager, was the initial fund manager to submit a proposal to the SEC for an Ethereum ETF. It resubmitted its proposal several months later that year.
To increase competition with other funds on the market, VanEck waived its fees for the firm's Bitcoin ETF, which has proven profitable.
Hashdex
In September, Nasdaq submitted a proposal for the Hashdex Nasdaq Ethereum ETF on behalf of Brazilian fund manager Hashdex.
Several crypto ETFs offered by Hashdex are already traded in Brazil. The Hashdex Bitcoin ETF issued by the U.S. received the gr.
Franklin Templeton
In February, the Wall Street behemoth Franklin Templeton filed a proposal to the SEC, thereby entering the contest. Franklin Bitcoin ETF, which debuted earlier this year and trades under the EZBC ticker, is the firm's offering.
Invesco/Galaxy Digital
In September, Mike Novogratz, CEO of asset management behemoth Invesco and Galaxy Digital, jointly submitted a proposal for an ETH ETF. According to the S-1 form, Invesco would sponsor the product. In contrast, Galaxy Digital would act as its "execution agent" by selling ETH to cover the expenditures of the Invesco Galaxy Ethereum ETF.
Bitwise
Bitwise, an investment firm specializing in digital assets, submitted Form S-1 to the SEC in March to offer a spot in the Ethereum ETF.
Bitwise's Chief Investment Officer, Matt Hougan, has predicted that ETH ETFs will debut in December and that their success would be enhanced if approved later in the year. At this juncture, it remains to be seen when they will truly launch after approval in May.
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