Ethereum

Spot

The U.S. Securities and Exchange Commission (SEC) has started reviewing an application from investment firm ProShares to create an Ethereum ETF. 
According to a report, the New York Stock Exchange (NYSE) Arca had filed a <a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-100307.pdf" target="_blank" rel="noopener">proposed rule change</a> that would allow it to list and trade the ProShares Ether ETF. However, SEC publishing the filing doesn’t mean approval yet, but it kicks off the formal review process. 
However, SEC said there will be a 21-day period for the public to share comments on the proposed ETF. After that, SEC officials will have 45 days to approve, reject, or extend its review of the application thereafter. 
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 SEC just added the ProShares' Ethereum ETF Filing to its website. (That is extremely quick) Instinct initially says this wont launch on day 1 with the other ETFs whenever that is but who knows. This is interesting. <a href="https://t.co/VU0bYo3Gjr" target="_blank">https://t.co/VU0bYo3Gjr</a> <a href="https://t.co/npZYnljBmY" target="_blank">pic.twitter.com/npZYnljBmY</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1800254012224049199?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2024</a>
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If approved, ProShares Ether ETF would directly track the price of Ethereum itself. Investors could buy shares to get exposure to Ethereum’s price without actually buying and holding the crypto directly, which can be complicated. 
Moreover, ProShares plans to have Coinbase Custody Trust Company hold the actual Ethereum backing the ETF shares.&nbsp; 
“This is interesting,” commented Bloomberg ETF analyst James Seyffart regarding the filing. However, he cautioned that the ProShares ETF may not launch simultaneously with several other Ethereum spot ETFs that were approved by the SEC in May but still await final registration clearance. 
ETFs from issuers like BlackRock, WisdomTree, and Valkyrie could begin trading as early as July according to some experts. Regardless of exactly when the first Ethereum ETF hits the market, its arrival would mark a major milestone for the crypto industry. 
In addition to its proposed spot ETF, ProShares has already launched leveraged and inverse Ether futures ETFs this month that allow traders to speculate on the price of Ethereum. The asset manager was also one of the first to offer a Bitcoin futures ETF in 2021. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/08/ancient-ethereum-whale-awakens-after-9-years/">Ancient $21.9m Ethereum Whale Awakens After 9 Years</a> 
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SEC Reviews ProShares’ Application for Spot Ethereum ETF

The Crypto Times

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