U.S.-listed spot Ethereum exchange-traded (ETFs), including ones from asset management giants Fidelity and Franklin Templeton, will start trading on national securities exchanges on July 23, the Chicago Board Options Exchange (Cboe) confirmed July 19 through notices posted to its website.
Ether ETFs Officially Hit The Market Tuesday
Ethereum-based exchange-traded funds that directly hold Ether (ETH) are soon arriving in the U.S.
Cboe announced Friday that the following spot Ethereum ETFs will commence trading on July 23: 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), Franklin Ethereum ETF (EZET), Invesco Galaxy Ethereum ETF (QETH), and VanEck Ethereum ETF (ETHV).
“We are pleased to announce that One (1) Exchange Traded Product (‘ETP’) will be listed on Cboe and will begin trading as a new issue on July 23, 2024, pending regulatory effectiveness,” the listing reads.
On May 23, the United States Securities and Exchange Commission (SEC) approved 19b-4 forms allowing the listing of eight spot Ether ETFs, in an unexpected about-face for the Gary Gensler-helmed agency. However, the prospective issuers still need their S-1 registration statements to become effective before trading can officially start.
It’s worth mentioning that hours before the SEC greenlighted spot Bitcoin ETFs in January, one of the listing exchanges, Cboe, added the funds to its “New Listings” page, stating that was “standard procedure” before the new ETFs were given the nod. That said, given that five of the Ether ETFs will be listed on Cboe, the notices are procedural ahead of the launch.
The Tuesday date had been expected: Bloomberg’s senior ETF analyst Eric Balchunas recently named July 23 as the potential launch date as the SEC was seeking final drafts of filings from issuers.
Issuers disclosed sponsor fees in updated registration forms on Wednesday, suggesting progress is being made. Notably, most Ether ETF issuers have revealed plans to temporarily waive fees to gain market advantage ahead of the others after the investment vehicles go live. Fidelity published a fee of 0.25%, while VanEck previously disclosed it would charge a 0.20% management fee for its fund.
ETH Price Next In Line For New ATH
Ethereum’s price could be on the verge of hitting a new all-time high as the cryptoverse is about to witness the launch of the first spot Ether ETFs next week. The monumental supply absorption shock following increased appetite from institutions looking to fill their exchange-traded funds with Ether could lead to price appreciation in ETH.
Industry pundits have predicted that Ether ETFs could draw in billions in net inflows in the first months after the launch. The impending debut of U.S.-based exchange-traded funds tied to ether’s spot price could lift the price of ETH to as high as $5,000 by year-end.
