💥💥💥 #Ethereum #ETFs Inch Closer Toward Launch as #BlackRock Updates Filing
Financial behemoth BlackRock recently updated its filing with the SEC for its proposed spot Ethereum exchange-traded fund (ETF), marking tangible progress toward the availability of an ETH-based ETF since the recent approval of this new financial vehicle.
Bloomberg ETF analyst James Seyffart noted on Twitter that this development is likely the engagement the market was anticipating, suggesting that both issuers and the SEC are moving forward with spot Ethereum ETF launches.
His colleague Eric Balchunas echoed Seyffart's sentiments, considering it a positive sign and suggesting that other applicants may follow suit. With one more round of comments from the SEC, Balchunas speculated that spot Ethereum ETFs could potentially debut as early as next month, with an over/under date set around July 4.
BlackRock initially filed for its Ethereum ETF in November, alongside proposals from ARK Invest, Fidelity, and VanEck. Additionally, crypto custodian Grayscale aims to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF, similar to the process that paved the way for spot #BitcoinETFs , approved in January.
The approval of spot Bitcoin ETFs, which now hold over one million Bitcoin, has heightened expectations for similar funds based on Ethereum, potentially driving market sentiment upward.
Despite initial doubts surrounding ETH-based ETFs following Bitcoin's approval, the mood shifted positively two weeks ago with reports suggesting that the SEC was poised to approve them after all.
Many view the SEC's green light for Ethereum ETFs as part of a broader shift in U.S. crypto policy, reflecting the increasing influence of the digital assets industry in election-year politics.
Source - decrypt.co
