SEC Gives Preliminary Nod to Ethereum ETFs, Trading Set to Start Soon
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The U.S. Securities and Exchange Commission (SEC) has tentatively approved at least three of the eight asset managers planning to introduce spot Ethereum ETFs.
These ETFs are expected to start trading next Tuesday, according to a Reuters report. The approval is contingent on the applicants submitting their final offering documents to regulators by the end of this week. One source mentioned that all eight ETFs are likely to launch simultaneously.
Most of the firms had introduced spot Bitcoin ETFs in January, concluding a decade-long conflict with the SEC, which had previously rejected these products due to concerns about market manipulation.
However, the agency had to approve the ETFs following a court ruling in favor of digital asset manager Grayscale Investments, despite issuing warnings about their high risk.
The launch of these ETFs was one of the most successful in the history of the ETF market, with the nine new products accumulating approximately $6.6 billion in assets within the first three weeks of trading, according to Morningstar Direct data. By the end of June, the ETFs had seen a net inflow of $33.1 billion.
At the time of writing Ethereum is trading at $3,430 after a 5.86% surge in the past 24 hours and is up 13.75% on the weekly chart.
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