File 19b-4 is just one of the necessary documents. Issuers also need regulatory approval on the S-1 filing form before they can launch the ETF to the market. The SEC will make a decision on at least one spot ETH ETF application by May 23. An SEC spokesman said the agency would not comment on individual filings.

“The SEC is likely to approve and traders are jostling for position as many have never thought about the opportunity,” Cumberland Labs analyst Chris Newhouse said. ETH ETF approved.”

ETH is the token of Ethereum, one of the most important blockchains for the cryptocurrency market. This blockchain is used by many decentralized financial services.

On May 20, Bloomberg Intelligence ETF analyst Eric Balchunas said he and colleague James Seyffart raised their forecast for the possibility of a spot ETH ETF being approved from 25% to 75%. Previously, on May 17, Bloomberg News reported that some companies predicted that the proposal to open an ETH ETF would be rejected because private negotiations with the SEC did not go as smoothly as with the bitcoin ETF.

Currently, some investors are still cautious about the positive news about the ETH ETF. Mr. Ravi Doshi, Chief Market Officer at FalconX, revealed that the majority of the firm's counterparties have been cautious based on the expectation that the SEC will act more slowly than what the market is expecting. .

In early 2024, the SEC approved applications for spot bitcoin ETFs in the US. Since then, these products have attracted $58 billion in assets.