Ethereum
Ethereum ETFs to begin trading next week as SEC puts together final drafts, sources say
The Securities and Exchange Commission (SEC) is requiring asset managers to submit final versions of registration statements for spot Ethereum ETFs by Wednesday, with the products set to launch on July 23, two sources familiar with the SEC process confirmed. Decrypt.
The approval process for Ethereum spot ETFs has been remarkably slow since the regulator sudden approval Ethereum spot ETFs in May. Allowing investors to gain exposure to Ethereum through a traditional brokerage account, anticipation has been building ever since.
The SEC’s recent communications with asset managers were first reported Monday by Bloomberg ETF analyst Eric Balchunas. wrote on Twitter (aka X) that the finalized registration statements should also include each fund’s respective management fees.
“Audience [the] SECOND [has] I finally responded to the transmitters today, asking them to […] request for entry into force on Monday after the closing for a LAUNCH TUESDAY 23/07,” he said wroteadding that the schedule could change due to “unforeseeable last-minute circumstances.”[ute] problems.”
The details were confirmed to Decrypt by two separate sources, one of whom claimed to have received similar communications from the agency.
While the SEC approved key filings for Ethereum spot ETFs in May, the regulator has yet to greenlight individual S-1 filings from eight asset managers, including BlackRock, Fidelity, and Grayscale. Previously, SEC Chairman Gary Gensler said the approval process was contingent on ETF applicants providing complete disclosures to investors, but that it was still “it goes well.”
Following the approval of Bitcoin spot ETFs in January, which have seen around $15.8 billion in inflows so far this year, the launch of Ethereum spot ETFs could be a relatively significant moment for the second-largest cryptocurrency by market cap. According to K33 Research, Ethereum spot ETFs could attract up to $4 billion in revenue within the first five months.
However, as the approval process has unfolded, Ethereum’s price has plummeted from a peak of around $4,000 in May. The asset’s price has climbed 15% over the past week to around $3,400, but it dived so low to $2,900 earlier this month.
Additional reporting by Liz Napolitano. Edited by Ryan Ozawa.