The U.S. Securities and Exchange Commission appears poised to approve eight spot Ethereum ETFs following an overnight reversal of expectations.
The agency simultaneously approved Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
While the products are nearly fully approved, the SEC must approve the companies' S-1 registration filings before they can begin trading.
Expectations regarding the approval of the Bitcoin ETF were dramatically altered when it was reported that the regulator had revised its application and begun following procedures prior to the approval of a Bitcoin ETF.
Bloomberg analyst Eric Balchunas Notes The Ethereum ETF is likely due to begin trading in the coming weeks.
“To be clear, this does not mean trading will begin tomorrow. This is just the 19b-4 approval. We also need the S-1 document approved, which takes time. We expect it will take a few weeks, but it could take longer. We should know more details in a week or so.”
The second-largest crypto asset rose 1.5% over the past 24 hours to $3,804.
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