Five companies have listed for amendment of spot ETH ETF filings.
As per sources, the SEC informed exchanges that it is leaning towards spot ETH ETF approval.
Optimistic signs have appeared for spot Ethereum exchange-traded fund (ETF) approval ahead of the SEC’s approaching deadline on Thursday. Depository Trust and Clearing Corporation (DTCC), has listed VanEck’s spot ETH ETF (“ETHV”) on Tuesday.
Notably, Franklin Templton’s EZET made its entry into the same listing last month. Currently, the count of inactive spot ETH ETFs listed on the website rises to two. Similarly, spot Bitcoin ETFs were listed on DTCC in the pre-launch category before their subsequent approval in January 2024. DTCC began adding those ETFs from October to December 2023.
Spot ETH ETFs on DTCC Signalling Approvals?
Last week, the SEC had asked exchanges and institutions to amend their 19b-4 filings. These filings are required to be approved by the SEC before spot ETH ETFs can become effective in the market. Five investment firms, including VanEck, Franklin Templeton, Fidelity, ARK 21shares and Invesco Galaxy, confirmed their amendments
Moreover, spot Ethereum ETFs have been anticipating SEC approval since the beginning of the year. Amidst the wait, discussions of Ethereum being designated as security rather than as commodity began cropping up.
Analysts’ opinions on spot ETH ETFs have also evolved. Bloomberg analysts raised the approval probability to 75% from an earlier 25%. They had predicted that chances of spot ETH ETF approval were ‘slim to none’ only last week.
With increasing chances of approval, leading institutions such as the Standard Chartered Bank have also pitted for spot ETH ETF approval. The SEC’s staff had also told exchanges on Monday that they are leaning towards approval as reported by Barron’s. The SEC’s announcement also fueled an ETH price rally that is trading at the $3700 level at the time of writing.
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