Happycoin.club - The US Securities and Exchange Commission (SEC) has approved trading of Ethereum (ETH) ETFs issued by Grayscale and ProShares.

The department has given the go-ahead for the listing of Grayscale Ethereum Mini Trust and ProShares Ethereum ETF derivatives on the NYSE Arca digital platform. However, derivatives shares can begin to be bought and sold only after the regulator approves the S-1 forms for registration of the Ethereum ETF.

Grayscale plans to convert the Grayscale Ethereum Trust (ETHE) into an ETF and issue units of this derivative to holders of Grayscale Ethereum Mini Trust shares. Thus, the company plans to reduce the outflow of capital from ETHE, in which about $11 billion was invested.

ProShares employees were the last to apply for approval of the ProShares Ethereum ETF, about three weeks late. Therefore, analysts doubt that trading of shares of this fund will be launched next week, when the listing of Ethereum-based ETF shares is scheduled to take place. If everything goes according to plan, the listing of shares of at least three Ethereum-ETFs will take place on July 23.

Bitwise Chief Investment Officer Matt Hogan predicts the start of a bullish rally in the Ethereum market thanks to the release of ETFs. In his opinion, due to a powerful bullish trend, the cryptocurrency will rise in price by no less than 47% of its current value, and its rate will reach $5,000 by the end of 2024.