SEC Spots Ether ETF from ProShares
Three weeks after the United States Securities and Exchange Commission (SEC) approved eight investment vehicles from asset manager ProShares, Spot Ether (ETH) has added an application for an exchange-traded fund.
In a June 10 filing, the SEC proposed a rule change that would allow the New York Stock Exchange (NYSE) to list and trade ProShares Ethereum ETF shares. The Commission stated that it is asking for public comments on the ETF application for 21 days after it is published in the Federal Register, giving the SEC 45 days to approve, reject or extend the decision.
On May 23, the SEC officially approved 19b-4 filings from eight asset management firms that applied to list and trade Ether ETFs on US exchanges for the first time. The final approval would require the SEC to sign the S-1 filing statements for the spot Ether ETFs before they can begin public trading — a process that could take several months, but some experts expect it to be sometime in July.
“Instinct says so at first [the ProShares ETF] It won't start on Day 1 with the other ETFs, but who knows,” ETF analyst James Seifert said in a June 10 X post. “This is fun.”
Related: Why Ethereum ETF Day One Income Won't Be Like Bitcoin – Fireblocks MD
In October 2023, ProShares was one of the first asset managers to receive approval from the SEC to list and trade a spot investment vehicle linked to ETH futures. The company offers the Bitcoin Strategy ETF on the NYSE Arca under the ticker BITO.
It's unclear whether the SEC will give the green light to ProShares' spot Ether ETF after the initial approval. The submission commission will only consider the application.
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