The U.S. Securities and Exchange Commission is poised to greenlight eight Ethereum ETFs, a stark reversal from previous expectations.
BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton, and Invesco Galaxy have all received approval for their form 19b-4 filings simultaneously.
However, before trading can commence, the SEC must also approve the firms’ S-1 registration filings.
The sudden shift in sentiment regarding the ETFs came when the agency reportedly changed its approach to the filings, adopting procedures similar to those used for Bitcoin ETF approvals.
Eric Balchunas, an analyst at Bloomberg, warns that it will still be weeks before trading can begin for the Ethereum ETFs.
“To be clear, this does not mean they will start trading tomorrow. This is just 19b-4 approval. There also needs to be approval on the S-1 documents, which will take time. We anticipate it taking a couple of weeks, but it could be longer. We should have more information within a week or so!”
The second-largest cryptocurrency has experienced a 1.5% increase in the past 24 hours, reaching $3,804.
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