📈 SEC ACCEPTS PROSHARES SPOT ETHEREUM ETF ENTRY 📈
On June 10, the U.S. Securities and Exchange Commission (SEC) acknowledged a proposed rule change for ProShares' spot Ethereum ETF and approved Ark Invest’s exit from the 21Shares application.
📊 ProShares Ethereum ETF Update:
The SEC's notice regarding ProShares recognizes, but does not yet approve, the proposed rule change. The SEC has a 45-day window to act on the proposal, with an option to extend the decision period to 90 days. By the end of this period, the SEC must approve, disapprove, or initiate additional proceedings.
💬 Analyst Insight:
Bloomberg ETF analyst James Seyffart commented on the timing: “Instinct initially says this [won’t] launch on day 1 with the other ETFs whenever that is but who knows.” NYSE Arca plans to list and trade shares of ProShares’ fund.
🔄 21Shares Continues Without Ark:
The SEC affirmed that 21Shares' proposed fund could proceed without Ark Invest. The agency waived its usual 30-day operative delay, making the change effective immediately.
Ark and 21Shares announced their split on May 31. Ark stated to Bloomberg ETF analyst Erich Balchunas that it “will not be moving forward” with an Ethereum ETF but remains involved in the spot Bitcoin ETF ARKB.
⏳ Timeline for Spot ETH ETFs:
While the SEC approved rule changes for eight spot ETH ETFs on May 23, it has yet to approve applicants’ S-1 registration statements. As a result, these products have not launched for trading, and no definite launch date has been set.
🌟 Market Expectations:
Analysts have varying expectations for the launch dates of these spot Ethereum ETFs. Balchunas predicts a launch by the end of June, with an “over-under” date of July 4, while JP Morgan anticipates the funds will begin trading by November.
👇 What are your thoughts on the SEC's decisions?
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