The United States Securities Exchange and Securities Commission (SEC) has approved the VanEck Ethereum exchange-traded fund (ETF), marking a significant milestone for the market.
The Notice of Effectiveness of the ETF was filed on July 22, providing investors with a regulated means of gaining exposure to Ether in the US.
This approval follows a series of filings and amendments submitted to the SEC, reflecting an extended period of regulatory scrutiny.
VanEck initially pushed for a spot Ether ETF with its first registration filing on May 7, 2021. The firm faced prolonged efforts and delays to meet the regulatory standards required for approval.
Key filings leading to the approval include the Prospectus under Rule 424(b)(3) and multiple amendments to Form S-1 as the firm adjusted to SEC compliance requirements.
The SEC requires S-1s for companies planning their first public securities offering, while Rule 424(b)(3) provides final offering details after the S-1 is effective.
On July 8, VanEck amended its S-1 registration with the SEC to secure the listing and trading of spot ETF shares.
This was a critical step in the SEC ETF approval process.
READ MORE: NYSE Arca Approves Listing of Grayscale and Bitwise Spot Ether ETFs, Awaiting SEC Authorization
Additionally, the crypto investments firm 21Shares made amendments to receive final approval from the SEC.
Both firms’ filings did not specify launch dates for US exchanges but indicated that the Ethereum ETFs would be launched as soon as practicably possible “after the effective date.”
Amid the SEC’s Ether ETF approvals, digital asset manager Grayscale confirmed that its two spot Ether ETFs officially began trading on July 23 on the NYSE Arca.
The launch of the Grayscale ETFs followed the SEC’s decision to sign off on the final approval on July 22, allowing several issuers to launch their products for trading.
On July 22, Grayscale transferred over $1 billion worth of ETH to Coinbase in preparation for the launch of its ETFs, moving 292,263 ETH, according to its Ethereum Mini Trust July 18 filing.
The approval of these ETFs represents a major development in the cryptocurrency market, providing investors with new opportunities for regulated exposure to Ethereum.
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