#ETHETFsApproved

The U.S. Securities and Exchange Commission (SEC) has approved the first batch of spot Ethereum (ETH) exchange-traded funds (ETFs) as of May 23, 2024. This marks a significant milestone for the cryptocurrency market, following the previous approvals of Bitcoin ETFs. Companies such as VanEck, Franklin, Grayscale, Fidelity, Bitwise, ARK Invest, 21Shares, BlackRock, Invesco, and Galaxy are among the firms whose ETF applications were approved [[❞]](https://decrypt.co/news-explorer?pinned=460350&title=standard-chartered-projects-ethereum-etf-approval-by-may-2024-potentially-boosting-eths-value-to-4000) [[❞]](https://www.techopedia.com/ethereum-etf-decision).

This approval is expected to have a substantial impact on Ethereum's market value, with predictions suggesting that ETH could rise to as high as $4,000. This optimism is fueled by the potential influx of institutional investment and increased market stability brought about by the ETF approval [[❞]](https://decrypt.co/news-explorer?pinned=460350&title=standard-chartered-projects-ethereum-etf-approval-by-may-2024-potentially-boosting-eths-value-to-4000).

The SEC's decision follows extensive dialogue and submission of amended paperwork by the fund companies to address regulatory concerns. While this approval does not imply a broader acceptance of all crypto assets by the SEC, it is a significant step towards integrating cryptocurrencies into mainstream financial products [[❞]](https://www.techopedia.com/ethereum-etf-decision).