New Ethereum ETFs Scheduled for Launch
The Chicago Board Options Exchange (Cboe) has announced the listing of five new spot Ethereum exchange-traded funds (ETFs) set to start trading on July 23. This development confirms earlier reports.
Pending Regulatory Approval
The notifications indicate that these ETFs are awaiting final regulatory approval. Specifically, the five ETFs are 21Shares’ CETH, Fidelity’s FETH, Franklin Templeton’s EZET, Invesco’s QETH, and VanEck’s ETHV. Each ETF will be listed on Cboe’s BZX Exchange and quoted on the SIAC Tape B data feed.
Upcoming Trading Launch
On July 15, Bloomberg ETF analyst Eric Balchunas reported that the SEC had instructed issuers to make final amendments in preparation for the trading launch next week. Sources informed Balchunas that the SEC is expected to provide final approval on July 22, thus setting the stage for a trading debut on Tuesday. Consequently, the issuers filed amended S-1 forms on July 18, revealing the final details of their funds, including sponsor fees.
Impact on Ethereum Market
The launch of these ETFs is expected to boost Ethereum’s liquidity and market depth. Analysts predict that these ETFs will attract a broad range of institutional investors who have been hesitant about direct cryptocurrency investments due to regulatory concerns. As a result, this could lead to increased institutional adoption and potentially drive Ethereum prices higher. Indeed, some analysts forecast that the token may surpass $5000.
Broader Implications for Digital Assets
Moreover, the introduction of these ETFs might signal the start of a larger trend of incorporating digital assets into traditional financial products. The SEC’s decision could encourage other jurisdictions to adopt similar measures, potentially leading to a global expansion of crypto ETFs.
Future Developments
Furthermore, some firms are already working on ETFs related to other major cryptocurrencies like Solana and Injective. However, the absence of a regulated futures market for these tokens might pose a challenge in securing approval.
As of the latest update, Ethereum is trading at $3515, reflecting a 2.2% increase over the past 24 hours, according to CryptoSlate data.
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