- July 15, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The Securities and Exchange Commission (SEC) is anticipated to approve the spot Ethereum exchange-traded funds (ETFs) next week, with trading expected to begin on July 23, Bloomberg senior ETF analyst Eric Balchunas reported on July 15, citing industry sources.
The development follows recent communications between the SEC and ETF issuers, signaling a potential green light for the much-anticipated financial products.
Balchunas revealed via social media that the SEC has instructed issuers to submit their final S-1 forms, including necessary fees, by July 17. The SEC is expected to request effectiveness after the close of business on July 22, paving the way for a Tuesday trading launch for the Ethereum ETFs.
However, Balchunas added:
“This is provided no unforeseeable last min issues of course!”
The news comes amid growing anticipation in the crypto community, with ETF Store President Nate Geraci, predicting this week as the likely approval period for spot Ethereum ETFs. He tweeted earlier in the day:
“Welcome to spot eth ETF approval week… I’m calling it. Don’t know anything specific, just can’t come up w/ good reason for any further delay at this point. Issuers ready for launch.”
The timing of the SEC’s expected approval coincides with the largest Bitcoin conference of the year, adding to the excitement within the crypto sector.
The introduction of spot ETH ETFs is seen as a significant milestone for the crypto industry as it will provide investors with a new avenue to gain exposure to Ethereum through a regulated financial product.
Following the launch, market observers anticipate substantial investment flows and the potential introduction of additional cryptocurrency-based financial products, including those based on Solana and other digital assets.
Balchunas suggested that this marks the start of crypto ETFs, with other tokens set to follow in the footsteps of Bitcoin and Ethereum, starting with Solana. He said:
“Keep in mind after launch there’s flows and then add’l eth products I’m sure, then Solana, and then… it’s prob never going to end. The dam has broken.”
As of press time, Ethereum was up 5.23% over the last 24 hours and trading at $3418, based on CryptoSlate data.
The post Bloomberg analyst confirms Ethereum ETFs set to launch next week appeared first on CryptoSlate.
