BlackRock’s spot Ethereum ETF, identified by the $ETHA symbol, has made a significant milestone in the cryptocurrency market by being listed on the Depository Trust and Clearing Corporation (DTCC). This comes after the US Securities and Exchange Commission (SEC) approved eight new Ethereum-focused exchange-traded funds (ETFs) from various asset managers.
The approved Ethereum ETFs include offerings from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust. These funds are expected to be listed on major exchanges such as Nasdaq, NYSE Arca, and Cboe BZX Exchange.
While the SEC has approved Forms 19b-4 for these ETFs, the actual start of trading will depend on the final approval of each fund’s S-1 filings. This process can take anywhere from a few weeks to several months. James Seyffart, an ETF analyst at Bloomberg, clarified that the 19b-4 approval does not mean immediate trading, as the approval of S-1 documents is also required, which will take time.
Discussions between the SEC and ETF issuers are currently centered around the S-1 forms, and Seyffart suggests that final approval could take up to five months. However, there is hope that the process will be expedited given the significance of the launch. Seyffart and Eric Balchunas believe that the timeline could be somewhat accelerated compared to previous examples.
Following the SEC’s green light, VanEck wasted no time and promptly filed an amended Form S-1. The company also celebrated the approval with a 37-second promotional ad encouraging investors to “Enter the Ether.”
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.