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Spot Ether Exchange-Traded Funds (ETFs) Set to Begin Trading Next Week
Stay updated on the latest developments in the world of finance as Spot Ether Exchange-Traded Funds (ETFs) are poised to start trading next week. Learn more about this exciting opportunity.
Prospective issuers of a spot ether (ETH) exchange-traded fund (ETF) received confirmation from the Securities and Exchange Commission (SEC) on Monday that trading can commence as early as next Tuesday, according to sources familiar with the matter.
SEC officials informed one issuer that there were no further comments on the recently submitted S-1s and required final versions to be submitted by Wednesday. Consequently, the ETFs are expected to be listed on exchanges starting Tuesday, July 23.
Another source suggested that trading might kick off on Tuesday following the ETFs’ effective status next Monday. Bloomberg Intelligence senior ETF analyst Eric Balchunas initially reported this development on social media.
The issuers submitted amended S-1 documents last week, withholding certain details such as management fees for investors. Among the few issuers who have disclosed their fees are VanEck and Invesco Galaxy.
Once these spot ether ETFs go live, crypto exchange Gemini predicts potential inflows of up to $5 billion in the first six months, while Steno Research anticipates inflows could reach $20 billion within the first year.
The announcement of ETFs trading next week caused a surge in the price of ether, rising by 7.3% on Monday, surpassing bitcoin’s 6% gain. The broader market index CoinDesk 20 also climbed by 5.6% today.
Nik De also contributed to the reporting of this story.