The SEC has provisionally sanctioned at least three Ethereum (CRYPTO: ETH)-based exchange-traded funds. The trading for which could begin as early as July 23.
What Happened: A Reuters report on Monday revealed the latest development, citing industry sources. The approval hinges on the applicants submitting final offering documents to regulators by the end of this week. All eight ETFs applications are expected to launch simultaneously.
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Among the eight asset managers whose applications are likely to be approved by the SEC next Monday afternoon are BlackRock, VanEck, and Franklin Templeton. Trading in the products is expected to begin the next day, the report added.
Additionally, Bloomberg ETF analyst Eric Balchunas revealed that the SEC got back to applicants, asking them to submit final S-1 documents, including the information on fees, by Wednesday this week. He too anticipated a July 23 launch provided “no unforeseeable last min issues” occur.
Why It Matters: Following the launch of U.S. spot Bitcoin (CRYPTO: BTC) ETFs in January, the Ether products would mark another major win for the cryptocurrency industry’s push to mainstream digital assets.
Cryptocurrency exchange Gemini anticipates a bright future for Ethereum with the imminent launch of spot ETFs in the United States. Gemini’s research report suggests a surge of investor interest, estimating net inflows of up to $5 billion within the first six months of trading. This influx of capital could push Ethereum’s value in U.S.-based spot ETFs to $13-$15 billion by the end of the year.
Price Action: At the time of writing, Ethereum was exchanging hands at $3,473.37, following a 5.95% spike in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.