- US SEC approves Ethereum ETFs after years regulatory process.
- Grayscale has launched two spot Ether ETFs on NYSE Arca after the SEC’s approval.
- The SEC has also approved VanEck Ethereum ETF.
In a landmark decision for the cryptocurrency investment space, the US Securities and Exchange Commission (SEC) has granted approval for Grayscale and VanEck Ethereum exchange-traded funds (ETFs), paving the way for broader institutional and retail investor access to Ethereum (ETH).
This move marks a significant milestone in the regulatory landscape for digital assets in the United States.
‘Notice of Effectiveness’ for VanEck Ethereum ETF
The VanEck Ethereum ETF, which has been in the pipeline for over three years, received its “Notice of Effectiveness” on July 22, 2024.
This regulatory green light follows a protracted process of filings and amendments, including the crucial S-1 registration form and Rule 424(b)(3) prospectus, which were amended several times to meet SEC compliance requirements, detail the ETF’s structure and offerings.
VanEck’s approval comes amid a flurry of activity in the crypto ETF sector. Ether ETFs from BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, and Invesco Galaxy were also approved to begin trading on Tuesday, July 23.
This development further highlights the growing acceptance of cryptocurrency-based investment products in traditional financial markets.
Two Grayscale Ether ETFs launch on NYSE Arca after SEC’s greenlight
While a majority of the submitted Ethereum ETFs were approved on July 22, the Grayscale’s Ethereum ETFs remained unapproved until July 23 morning when they were approved.
Immediately after their approval, the two Ether ETFs were launched on NYSE Acra.
.They did the same for GBTC, waited until the morning of launch pic.twitter.com/iTDwb3hpDi
— Scott Johnsson (@SGJohnsson) July 22, 2024
Grayscale’s ETFs, the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust (ETH), began trading on July 23, 2024.
The ETHE, which is currently the world’s largest Ether-based ETF with $9.19 billion in assets, will charge investors a 2.5% management fee.
In contrast, the Ethereum Mini Trust has waived its fees for the first six months or until it accumulates $2 billion in assets, after which a 0.15% fee will apply, making it the most cost-effective spot Ether ETF…