- According to sources, the US securities regulator has given preliminary clearance to BlackRock, Franklin Templeton, and VanEck.
At least three asset managers have allegedly received preliminary permission from the US Securities and Exchange Commission for their spot Ether exchange-traded funds (ETFs), which feeds speculation that the ETFs may begin trading as early as Tuesday of next week.
According to three industry insiders cited by Reuters in a July 15 report, applicants’ submission of final offering documentation to the regulator by this coming Thursday is the only requirement left for SEC approval.
VanEck, Franklin Templeton, and BlackRock were reportedly among the applicants.
Next week, Ether products from Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy are also expected to launch.
According to one of those sources who spoke with Reuters, the SEC handled the spot Bitcoin BTC tickers down $63,667 ETFs, and it is anticipated that all eight spot Ether ETH tickers down $3,424 ETFs will start concurrently.
BlackRock, Franklin Templeton, and VanEck were contacted by Cointelegraph; however, no answer was obtained right away.
It coincides with reports that asset managers getting ready to introduce Ether exchange-traded funds (ETFs) received final instructions from the SEC.
Eric Balcunhas, an analyst for Bloomberg ETFs, reports that the Commission directed issuers to turn in their final S-1 forms by July 16.
Balchunas pointed out that when submitting their updated S-1 filings this week, all applicants need to include the charge associated with their spot Ether ETFs.
Additionally, he anticipates that the SEC will formally approve the S-1s on Monday following the end of trade, enabling the spot Ether ETFs to begin trading on Tuesday, July 23.
About five weeks after the SEC accepted the 19b-4 filings on May 23, Gary Gensler’s commission provided initial comments on the S-1 filings in late June.
Reuter’s story aligns with previous remarks made by Katherine Dowling, Chief Compliance Officer at Bitwise, who stated that they have observed a decreasing number of concerns being reviewed and debated correspondence regarding the revised S-1 filings between the issuers and the SEC.
That indicates that everything is pointing towards our imminent arrival. As for the launch, we’re about there, Dowling stated on July 9.
According to Matt Hougan, chief investment officer of Bitwise, in the first eighteen months of trading, the spot Ether ETFs might draw in as much as $15 billion in inflows, which is about equal to what the spot Bitcoin ETFs had pulled in since their inception six months prior.
The spot Ether ETFs would be listed on the Chicago Board Options Exchange, Nasdaq, and New York Stock Exchange if they were approved.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
