🚀🚀Ethereum Scores Two More Victories: SEC Gets the Green Light 🚀🚀
The U.S. Securities and Exchange Commission (SEC) has approved Grayscale's mini Ethereum (ETH) exchange-traded fund (ETF).
According to the statement made by the SEC yesterday, ProShares' Ethereum ETF was another approved fund.
The SEC unexpectedly approved applications from a group of asset managers, including Grayscale, to establish a spot Ethereum ETF in May.
Grayscale first applied to convert its existing Grayscale Ethereum Trust into an ETF. He later made a similar request for the mini-fund. The initial capital of the mini fund is expected to be provided from Grayscale Ethereum Trust.
Bloomberg Intelligence analyst James Seyffart stated that this situation "may alleviate some of the money that will come out of Grayscale."
Seyffart predicts that this fund is likely to enter the market along with other funds next week. Analysts expect these funds to begin trading on July 23.
The SEC has rejected ETF applications for Bitcoin (BTC) in the past. But a lawsuit last year marked a historic victory for the cryptocurrency industry; The judge ruled that the SEC's rejection of Bitcoin ETFs was not based on a valid reason.
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