May 23, 2024: The Securities but also Exchange Commission granted a rule change that permits the listing and trading of eight spot Ether exchange traded funds.
The Securities besides Exchange Commission approved the rule change on Thursday. The decision does not authorize immediate trading. Each of the eight funds must still secure individual approval from the regulator. The review of the separate applications will require several weeks.
The vote delivers a long sought victory to the crypto industry. Asset managers have pursued spot Ether ETFs since January, when the Commission approved comparable Bitcoin products.
The Commission approved applications for the listing of eight spot Ether exchange traded funds. Additional approvals remain necessary before trading commences.
A regulator memo assigns listings as follows. NYSE Arca will host the Grayscale Ethereum Trust and the Bitwise Ethereum ETF. Nasdaq will host the iShares Ethereum Trust. CBOE BZX will host the VanEck Ethereum Trust, the ARK 21Shares Ethereum ETF, the Invesco Galaxy Ethereum ETF, the Fidelity Ethereum Fund, and the Franklin Ethereum ETF.
VanEck filed an amended S-1 within minutes of the announcement. The document signals readiness to launch. The Commission must now review each fund’s registration statement. Analysts expect the process to last weeks. Some speculate the regulator will accelerate the timetable.
Investors have scrutinized the approval process amid unresolved questions over the classification of Ether and over staking rewards.