The U.S. Securities and Exchange Commission (SEC) has given the green light to eight spot Ethereum exchange-traded funds (ETFs), underscoring a frantic effort to secure their approval before the deadline.
The SEC has granted approval for the 19b-4 forms submitted by various ETF providers including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.
While the necessary forms have been endorsed, the ETF issuers must await the effectiveness of their S-1 registration statements before trading activities can commence. The SEC has initiated discussions with the issuers regarding their S-1 forms, albeit recently. The timeline for this process remains uncertain, with some analysts suggesting that it could potentially stretch over the course of several weeks.
The decision was made in less than six months after the SEC approved bitcoin ETFs. Those funds have backed by data, proving to be a big success for the industry, with net inflows of more than $12 billion, according to the data compiled by FactSet.
