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This approval marks a significant entry of Ethereum into regulated investment products.
Key Takeaways
Ethereum spot ETFs will begin trading on July 23, 2024, following SEC approval. Major financial institutions like Grayscale and Fidelity are set to launch these ETFs. <?xml encoding="UTF-8"?>The US Securities and Exchange Commission (SEC) has given the green light for the launch of multiple Ethereum spot exchange-traded funds (ETFs), with trading slated to begin on July 23, 2024.
It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on. pic.twitter.com/9MaBDBA8co
— Eric Balchunas (@EricBalchunas) July 22, 2024
The SEC’s decision comes after a lengthy review process, initially hesitant due to concerns over Ethereum’s security classification and staking complexities. However, the landscape changed following a successful court challenge by Grayscale Investments in August 2023, advocating for Ethereum ETFs alongside Bitcoin ETFs.
Several financial institutions, including Grayscale Investments, Fidelity Investments, Invesco, VanEck, Franklin Templeton, 21Shares, Bitwise, and iShares (BlackRock), are poised to launch their Ethereum spot ETFs on platforms like NYSE Arca and the Chicago Board Options Exchange (CBOE).
Most issuers have set their trading fees at 0% for an initial period, with Invesco Galaxy implementing a 0.25% fee, which may influence initial investment patterns.
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