SEC approves Notices of Effectiveness for nine spot Ethereum ETFs.
Grayscale’s Ethereum Trust is listed on the NYSE.
Bitwise to donate 10% of Ethereum ETF profits to support open-source development.
The U.S. Securities and Exchange Commission (SEC) has officially approved the Notices of Effectiveness for nine spot ETH ETFs, weeks after the final forms were submitted. Following this green light, the ETFs will begin trading at the opening of U.S. markets at 9:30 a.m. Eastern Time on July 23.
On Monday afternoon, the SEC approved the registration forms of nine firms, including Fidelity, 21Shares, BlackRock, Bitwise, VanEck, and Invesco Galaxy. Grayscale’s Ethereum Trust, Franklin Templeton, and Ethereum Mini Trust registration forms also received approval.
Grayscale is excited to announce the launch of Grayscale Ethereum Mini Trust, ticker: $ETH. Investors can get #Ethereum exposure in their portfolio at 0% fee for the first six months*.Our flagship Ethereum fund, Grayscale Ethereum Trust, ticker: $ETHE also uplisted to @NYSE. pic.twitter.com/tRKsQILVvW
— Grayscale (@Grayscale) July 23, 2024
These approvals follow the SEC’s acceptance of 19b-4 forms in May, though registration statements needed to become effective before the ETFs could launch. Initially, optimism regarding approvals waned due to the SEC’s previous lack of engagement with issuers. However, the week before the deadlines, the SEC began informing exchanges of its decision to approve the Ethereum ETFs.
Bloomberg senior ETF analyst Eric Balchunas confirmed the approvals, noting that the final step was completed, paving the way for the launch. Grayscale also announced this development on X (formerly Twitter), stating that its flagship Ethereum fund, Grayscale Ethereum Trust, with the ticker $ETHE, has been listed on the New York Stock Exchange (NYSE).
This approval validates recent rumors and offers a regulated way to invest in Ethereum (ETH). Furthermore, experts believe these ETFs will attract significant investment, with Citi predicting $5.4 billion in inflows in the first six months, though some estimates go as high as $15 billion.
While analysts agree that these Ethereum funds may not attract as much investment as Bitcoin ETFs, they still expect the launch to trigger a rally in Ethereum prices, potentially benefiting the broader cryptocurrency market.
Bitwise will donate 10% of the profits of the Bitwise Ethereum ETF (ETHW) to Ethereum open-source protocol development.Recipient orgs:– @ProtocolGuild– @PBS_Foundation We cannot take Ethereum and its core protocol properties for granted.We’re excited for ETHW to… pic.twitter.com/D0cAv8JmPt
— Bitwise (@BitwiseInvest) July 22, 2024
Meanwhile, Bitwise has announced it will donate 10% of the profits from its Ethereum ETF to Ethereum open-source protocol development, specifically supporting ProtocolGuild and PBS Foundation. Vitalik Buterin expressed his appreciation for this initiative, hoping it sets a precedent for other projects to support ecosystem-wide public good initiatives.
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