ETF Store president predicts approval of spot ETH ETFs in the coming weeks
Он допускает, что это произойдет накануне празднования 4 июля
28.05.2024 - 08:20
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2 min
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What’s new? Nate Geraci, president of the investment advisory firm ETF Store, expects the US Securities and Exchange Commission (SEC) to finally approve Ethereum-based spot exchange-traded funds (ETFs) within “next few weeks. 2-3 months max.”
What else is known? According to the businessman, the bulk of the work to figure out the details of how such products work has already been done in approving spot BTC ETFs and futures ETH ETFs, and now it is “Just a matter of how long SEC wants to string this out.”
The commission previously approved Form 19b-4 trading rule change applications filed by stock exchanges on behalf of issuers of future spot ETH ETFs. The regulator must also approve S-1 filings, for registration of new securities (fund shares) to begin trading.
BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK Invest and 21Shares, Invesco and Galaxy, as well as Bitwise are awaiting approval. All of them are also issuers of spot BTC ETFs that were admitted to the market on January 11 this year.
Bloomberg analyst Eric Balchunas suggested that the key date could be July 4. Geraci agreed that the approval could take place ahead of the US Independence Day weekend. He noted that the approval of 19b-4 applications also took place on the eve of Memorial Day, which fell on May 27 this year.
Earlier, CryptoQuant analyst Julio Moreno allowed the possibility that the approval of spot ETH ETFs has already been factored into the asset’s price, as the discount on Grayscale’s ETHE trust shares against the underlying ETH asset has significantly decreased. A similar situation occurred with the GBTC trust on the eve of the approval of spot BTC ETFs.
Balchunas stated that the new products would attract only 10-15% of bitcoin funds’ assets under management due to lower institutional interest.
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