Ethereum
Fintech Nexus Newsletter (May 24, 2024): SEC Approves Spot ETH ETFs
This has been the talk of the crypto world all week. SEC observers noted earlier this week that the regulator appeared to be preparing to approve an ETF for funds holding Ethereum.
Yesterday this was made official under the name SEC approved a rule change that will pave the way for the first ETFs to purchase and hold ETH.
The move comes less than six months after the SEC approved bitcoin spot ETFs. The move was considered a major success as these funds collectively saw net inflows of $12 billion.
Many of these same fund companies, such as BlackRock, Bitwise, and Galaxy Digital, have begun the process of launching an ether fund.
As the second largest cryptocurrency by market value, accounting for around a third of bitcoin’s total, these funds are expected to attract fewer assets.
The SEC order, published yesterday does not technically approve any of the funds yet, it approves exchanges to list eight different ether funds.
But if the timeline is similar to bitcoin, these new ETFs will start trading in a few days.
Featured
> SEC Expands Accessibility of Crypto Investing with Approval of ETFs for Ether
The new funds will allow traditional investors to buy and sell the ETH cryptocurrency as easily as stocks or mutual funds.
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Peter Renton is Chairman and Co-Founder of Fintech Nexus, the world’s largest fintech-focused digital media company. Peter has been writing about fintech since 2010 and is the author and creator of One-on-one fintech podcastthe first and longest running fintech interview series.