BlackRock’s spot Ethereum ETF, listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol $ETHA, follows the SEC’s approval of eight spot Ethereum ETFs.
These ETFs, including those from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust, are proposed for listing on Nasdaq, NYSE Arca, and the Cboe BZX Exchange, as reported by Crypto Briefing.
Although the SEC has approved the 19b-4 filings for these ETFs, trading cannot begin until the SEC also approves each ETF’s S-1 registration statement. The timeline for this approval varies, with expectations ranging from a few weeks to several months.
Bloomberg ETF analyst James Seyffart noted, “This does not mean they will begin trading tomorrow. This is just 19b-4 approval. Also needs to be an approval on the S-1 documents which is going to take time. We’re expecting it to take a couple weeks but could take longer.” Seyffart mentioned that the SEC has started discussions with ETF issuers about the S-1 forms, estimating that the approval process could take up to five months.
“Typically this process takes months. Like up to 5 months in some examples but [Eric Balchunas] and I think this will be at least somewhat accelerated,” Seyffart added.
An SEC spokesperson declined to comment on the recent approval. Shortly after the approval, VanEck submitted an amended S-1 form to the SEC and released a 37-second advertisement celebrating the landmark approval, inviting viewers to “Enter the ether.”
May 2024, Cryptoniteuae
