The United States Securities and Exchange Commission (SEC) has given the green light for two spot Ethereum exchange-traded funds (ETFs) to be listed on the New York Stock Exchange’s (NYSE’s) Arca electronic trading platform.
Grayscale Ethereum Mini Trust and ProShares Ethereum ETF have received approval for their Form 19b-4 filings, allowing NYSE to facilitate trading of these funds. The approval marks a significant step towards making Ethereum more accessible to traditional investors through regulated financial products.
Next Steps for Listing
While the ETFs have been approved for listing, issuers are awaiting final comments on their respective S-1 filings before these products can officially start trading. Grayscale, one of the issuers, expressed enthusiasm over the approval of Grayscale Ethereum Mini Trust (proposed ticker: ETH).
Grayscale announced intentions to distribute shares of the newly approved Mini Trust to holders of its existing Grayscale Ethereum Trust (ETHE). This move underscores Grayscale’s strategy to expand its offerings in response to growing investor demand for Ethereum exposure.
SEC’s Regulatory Landscape
The SEC has reportedly granted preliminary approval to several issuers for spot Ether ETFs, with trading expected to commence as early as July 23 for some. In total, eight spot Ether ETFs are pending final regulatory clearance after extensive discussions and revisions to their S-1 filings.
ProShares Ethereum ETF
ProShares Ethereum ETF, although a later entrant to the race, has also received approval for its Form 19b-4 filing. Unlike some peers, ProShares is not among the ETFs expected to commence trading next week, highlighting varying timelines in the regulatory approval process.
