The cryptocurrency industry now appears poised for a significant development with the expected launch of the first spot Ethereum Exchange-Traded Funds (ETFs) on July 23.
This move marks an important evolution in crypto investment vehicles, especially for Ethereum, reflecting growing institutional acceptance and potentially broadening investor base.
Anticipation Builds as SEC Finalizes Approvals
Industry anticipation has heightened following Bloomberg Senior ETF Analyst Eric Balchunas's revelation via Elon Musk’s social media X that the U.S. Securities and Exchange Commission (SEC) is nearing the final approval stages for the much-anticipated spot Ethereum ETFs.
According to Balchunas, the SEC has contacted issuers, instructing them to finalize and submit their registration forms by Wednesday's deadline. This will pave the way for a launch next Tuesday.
Other sources have corroborated this information, aligning with the July 23 launch date, signaling a significant shift towards mainstream crypto investment solutions.
Balchunas, replying to a post by Nate Geraci, another notable ETF analyst concerning the launch of ETH ETF next week, noted:
“Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course.”
Notably, the SEC's request to include sponsor fees in the final documents signals the regulator's “meticulous” approach to overseeing these investment products.
Furthermore, Reuters has disclosed that preliminary approvals have been granted to leading asset managers, including industry giants like BlackRock, Franklin Templeton, and VanEck.
The news outlet citing sources also added that “all eight [ETF issuers] are expected to launch simultaneously”
This preliminary nod, contingent on the timely submission of final offering documents, has infused the market with optimism, suggesting that an array of spot Ethereum ETFs might begin trading concurrently.
Following this news, Ethereum broke above the $3,400 mark before retracing slightly to $3,353, at the time of writing down by 0.3% in the past 24 hours.
