Reuters: BlackRock, Franklin Templeton, and VanEck have received preliminary SEC approval to launch ETH ETFs
If the regulator’s requirements are met, trading in the new products could begin as early as July 23
16.07.2024 - 08:45
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What’s new? The US Securities and Exchange Commission (SEC) has pre-approved at least three spot exchange-traded funds (ETFs) based on the largest altcoin Ethereum. According to Reuters, citing sources, such approval was received by investment companies BlackRock, Franklin Templeton, and VanEck.
What else is known? The timing of the opening of trading now depends on whether potential issuers provide all the necessary documents by the end of this week. Fidelity, Grayscale, Bitwise, ARK Invest and 21Shares (jointly), and Invesco and Galaxy (also jointly) are also among the companies awaiting approval.
The publication’s sources say that all eight spot ETH ETFs will be admitted to trading at the same time — just as was the case with spot bitcoin funds on January 10 this year.
According to Bloomberg analyst Eric Balchunas, final revisions must be made to Form S-1 filings for the registration of new securities by July 16. In particular, the documents should include management fees.
Not all issuers have disclosed this information yet, but it is known that VanEck will not initially charge a fee.
VanEck will launch spot ETH ETF with zero management fee
The 0,20% levy will only be introduced after certain conditions are met
Balchunas believes that if this condition is met, the SEC will approve S-1 applications next Monday, July 22 after the close of trading, which will allow trading in ETH fund shares to begin as early as July 23.
Earlier, Bloomberg analyst James Seyffart allowed the possibility that the inflow into spot ETH ETFs in the first six months will amount to 25% of the inflow into bitcoin funds, which is about $3-4 billion. According to him, the launch of ETH ETFs may become one of the most successful in history and be in second place after BTC funds
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