This post was originally published on cryptonewsfarm.com
Ether ETF hopefuls grow as SEC weighs ProShares application
The race for a spot Ether exchange-traded fund (ETF) in the United States heats up as the Securities and Exchange Commission (SEC) considers an application from asset manager ProShares. This comes just three weeks after the SEC approved eight similar applications for other firms.
On June 10th, the SEC announced a filing from the New York Stock Exchange (NYSE) Arca proposing a rule change to list and trade shares of a ProShares Ethereum ETF. This opens a 21-day window for public comment before the SEC has 45 days to make a decision. This decision could involve approval, disapproval, or extending the review period.
In May, the SEC took a significant step forward by greenlighting 19b-4 filings from eight different asset managers. These filings paved the way for the first-ever spot Ether ETFs to be listed on U.S. exchanges. However, final approval still hinges on the SEC signing off on S-1 registration statements for each ETF. This process could take several months, with some experts anticipating a July launch.
“While the initial instinct might be that the ProShares ETF won’t launch alongside the others whenever that happens, it’s definitely an interesting development,” commented ETF analyst James Seyffart in a recent post.
ProShares is no stranger to the cryptocurrency ETF market. In October 2023, they were among the first to receive SEC approval for a spot investment vehicle tied to Ether futures. The company also offers a Bitcoin Strategy ETF (BITO) on the NYSE Arca exchange.
The SEC’s consideration of the ProShares application adds another contender to the growing field of potential spot Ether ETFs. However, it’s important to remember that this filing only signifies a review process, not a guaranteed green light.
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Author: Sb
