The United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot Exchange-Traded Funds (ETFs) on January 10th, 2024. Now, crypto analysts are wondering when the Gray Gensler-led commission will allow Ethereum spot ETFs to enter the American market.
For beginners, crypto ETFs are investment products listed as shares on stock exchanges to allow traditional investors to invest in cryptocurrencies without holding any digital coin. The ETF concept is not new, considering that gold ETFs, among others, have launched in the past.
If the SEC approves the Ethereum spot ETFs, the issuers would buy and store ETH coins and list their ETFs’ shares on stock exchanges for investors to purchase, thus allowing them to invest indirectly in Ethereum, the second-largest cryptocurrency by market capitalization.
Numerous financial companies have applied for an Ethereum spot ETF with the SEC. In this article, we will discuss all the ETH fillings awaiting approval of the commission.
BlackRock
The world’s largest asset management company, BlackRock, submitted its Ethereum spot ETF application to the SEC in November 2023. The ETF is known as iShares Ethereum Trust. The SEC announced a few weeks ago that it will make a decision on BlackRock’s Ethereum ETF on August 7th, 2024. CEO of the asset manager, Larry Fink, is optimistic that the SEC will approve their Ethereum ETF.
Grayscale
Grayscale, another asset manager, is looking to convert its Ethereum Trust into an Ethereum spot ETF. The company filed its application with the SEC in October 2023. If approved, Grayscale Ethereum spot ETF will enable investors to redeem their shares. It is worth mentioning that the SEC gave Grayscale the green light to convert the firm’s Bitcoin Trust into Bitcoin spot ETF in January. The move came after court intervention following many years of the SEC blocking Grayscale from converting its Bitcoin Trust.
The asset manager will know whether the SEC has approved or rejected its Ethereum spot ETF filing on June 18th, 2024.
21Shares/Ark Invest
Ark Invest, a tech investment management company owned by Cathie Wood, filed an Ethereum spot ETF with the SEC last September. The firm has partnered with popular cryptocurrency ETF issuer 21Shares. In its application, Ark Invest named US-based crypto exchange Coinbase as its digital asset custodian, assigning the trading platform the task of holding and storing its ETH coins backing the Ethereum ETF. The SEC will deliver its verdict on May 24th, 2024.
Fidelity
Fidelity, a leading company in the financial world, informed the SEC of its plan to add an Ethereum spot ETF to its portfolio in November 2023. If approved, the ETF will be listed on the Cboe stock exchange. The SEC has said it will announce its decision regarding Fidelity Ethereum spot ETF on August 3rd, 2024.
VanEck
Well-known asset management firm VanEck initially filed for an Ethereum spot ETF in 2021 before withdrawing the application 11 months later. The company is now among the 11 Bitcoin spot ETF issuers in the United States. The SEC will decide on the VanEck Ethereum spot ETF on May 23rd, 2024.
Hashdex
Hashdex, a Brazilian fund manager, partnered with Nasdaq to file an Ethereum spot ETF with the SEC in late 2023. The company already issues multiple crypto ETFs in Brazil. At the start of this year, the SEC approved Hashdex’s Bitcoin spot ETF, which started trading on US soil in March. The fate of the Brazilian firm’s Ethereum ETF will be determined on May 30th, 2024.
Franklin Templeton
Franklin Templeton, a Wall Street giant, applied for an Ethereum spot ETF with the SEC in February. The filing showed that the company will “from time to time” stake the ETH coins backing the ETF through a reliable staking provider. The SEC will inform Franklin Templeton whether the firm’s Ethereum ETF was approved or not on June 11th, 2024.
Galaxy Digital/Invesco
Asset manager Invesco partnered with Galaxy Digital to file for Ethereum spot ETF with the SEC in September 2023. The SEC is expected to approve or deny the ETF on July 27th, 2024.
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