The Chicago Board Options Exchange (CBOE) announced the official start of trading in Ethereum spot ETFs. This major development will follow a long period of uncertainty and speculation.
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Bidding will begin on Tuesday, July 23, 2024. Five Ethereum spot ETFs will appear on Cboe: Fidelity (FETH), VanEck (ETHV), 21Shares (CETH), Invesco (QETH) and Franklin Templeton (EZET).
Forms S-1 still need to be approved in order for issuers to register their Ethereum spot ETFs for public sale. However, it is worth noting that in May 2024, the Securities and Exchange Commission already approved Forms 19b-4 for ETH ETF issuers.
Additionally, most ETH ETF issuers have disclosed what their fund management fees will be. Most of them have temporarily waived commissions or reduced their fees. It will be interesting to see how these changes impact market share distribution when Ethereum spot ETFs begin trading.
It's worth noting that asset management giant BlackRock is set to charge a 0.25% management fee for its Spot ETH ETF (ETHA). This information is included in the company's definitive S-1 registration statement. At the same time, the company announced that it plans to reduce the commission to 0.12% at the initial stage of the fund’s operation. This will continue until the ETF has been in business for 12 months or net assets reach $2.5 billion.
The announcement of Ethereum spot ETFs does not appear to have affected the price of Ether. It was probably already included in the price of the cryptocurrency. At the time of writing, the price of ETH is approximately $3,525, which represents an increase of 2.2% over the past 24 hours.
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