News — Crypto

U.S. SEC Gives Initial Approval to Three Assets Managers for Their Spot Ether ETFs

The approval depends on applicants submitting their final offering documents to regulators by the end of this week. However, as per a source, all eight are expected to launch at the same time.

, and Harshajit Sarmah

July 16, 2024 . 2:00 PM

1 min read

U.S SEC initially approves three out of eight asset managers for launching spot Ether ETFs, set to begin trading next Tuesday.
BlackRock, Franklin Templeton, VanEck are among those expected to debut Ether ETFs.

According to a recent Reuters report, the U.S. Securities and Exchange Commission (SEC) has given initial approval to three out of eight asset managers who want to launch spot Ethereum ETFs. And these funds are set to start trading next Tuesday, according to three industry sources.

Looks like launch date for the #Ethereum ETFs will be next week on Tuesday July 23rd https://t.co/fm8RW6AvTJ
— James Seyffart (@JSeyff) July 15, 2024

The report also states that the approval depends on applicants submitting their final offering documents to regulators by the end of this week, according to sources. One source mentioned that all eight are expected to launch at the same time.

These applicants include BlackRock, Franklin Templeton, and VanEck. Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy are also expected to launch their Ether products next week.

After nine U.S. spot Bitcoin ETFs were launched in January, experts believe that introducing Ether products would be another big step in making cryptocurrencies more mainstream. Ether is the second-largest cryptocurrency after Bitcoin.

With the buzz around the possible launch of a spot Ether ETF, Ethereum's price rose by 4.2% in the last 24 hours, reaching $3,472 at 4:18 am UTC.

Edited by Harshajit Sarmah