Ether bulls are rejoicing as the U.S. Securities and Exchange Commission (SEC) appears on the verge of approving the first-ever spot Ether exchange-traded funds (ETFs). According to industry sources, at least three major asset managers – BlackRock, Franklin Templeton, and VanEck – have received preliminary approval for their Ether ETF products.
The news sent ripples through the crypto market, fueling speculation that Ether ETFs could begin trading as early as next Tuesday, July 23rd. This rapid timeline hinges on the applicants submitting their final offering documents to the SEC by the end of this week. Industry insiders suggest a simultaneous launch for all eight spot Ether ETFs, mirroring the SEC’s approach with spot Bitcoin ETFs in June.
While BlackRock, Franklin Templeton, and VanEck haven’t yet confirmed the reports, Bloomberg ETF analyst Eric Balchunas adds weight to the speculation. He claims the SEC instructed issuers to finalize and submit their S-1 filings by July 16th. These filings, which detail the structure and fees associated with the ETF, are a crucial step towards launch.
Balchunas further predicts the SEC will greenlight the S-1s next Monday, paving the way for a Tuesday debut. This aligns with comments from Katherine Dowling, Chief Compliance Officer at Bitwise Asset Management. Dowling recently noted “fewer and fewer issues” arising during discussions with the SEC regarding amended S-1 filings, suggesting a near-completion of the approval process.
Also Read: Ethereum (ETH) Surges Towards $3,400 on Anticipated Spot ETF Launch This Week
The potential impact of Ether ETFs is significant. Matt Hougan, Bitwise’s Chief Investment Officer, estimates inflows of up to $15 billion within the first 18 months, mirroring the success of spot Bitcoin ETFs launched earlier this year. If approved, these ETFs would be listed on major exchanges like the Nasdaq and the New York Stock Exchange, potentially bringing a new wave of investors into the Ethereum ecosystem.
With the clock ticking and the SEC seemingly on board, the crypto community waits with bated breath to see if Ether ETFs will become a reality next week. This development could mark a significant milestone for Ethereum, potentially boosting its adoption and mainstream recognition.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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