The US Securities and Exchange Commission appears ready to approve eight spot Ethereum ETFs after expectations about their approval were reversed overnight.
The agency just approved Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy at the same time.
Although the products have received almost the full green light, the SEC must approve the companies’ S-1 registration filings before trading can begin.
Expectations regarding the approval of the ETFs turned on a dime when the agency reportedly changed its tone on filings and began following procedures that preceded the approval of Bitcoin ETFs.
Bloomberg analyst Eric Balchunas warnings that trading in the Ethereum ETFs will likely continue for weeks.
“To be clear, this does not mean they will start trading tomorrow. This is only 19b-4 clearance. The S-1 documents also need to be approved, which will take time. We expect it to take a few weeks, but it could take longer. I should know more within a week!”
The second-largest crypto asset rose 1.5% to $3,804 in the past 24 hours.
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Generated image: Midjourney