VanEck's proposed spot Ethereum ETF, with the ticker $ETHV, has been listed on the Depository Trust and Clearing Corporation's (DTCC) new securities list, following the release of amended 19b-4 forms by Cboe. Despite this important milestone, approval from the US Securities and Exchange Commission (SEC) is still pending and not guaranteed.
VanEck's application for a spot Ethereum ETF, filed in September 2023, is expected to be the first to undergo a decision by the SEC, which will determine whether to approve or deny the product. This move by VanEck has been followed by similar filings from industry giants like BlackRock, ARK Invest, and Fidelity.
Previously, the outlook for Ethereum-based funds was uncertain due to a perceived lack of engagement with the SEC. However, just before the May 23 verdict, there has been a shift in sentiment. Bloomberg ETF analysts now estimate a 75% chance of SEC approval for a spot Ethereum ETF, attributing this change to the removal of staking and political issues.
Standard Chartered also shares confidence in the regulatory approval potential of the spot Ethereum ETF and is optimistic about Ethereum's price outlook, forecasting it to reach $8,000 by year-end.
In response to these positive developments, Ethereum (ETH) has demonstrated strong performance, with an 8% surge following Bloomberg's raised odds. This rally has propelled ETH above its key level of $3,500, with its current trading price around $3,700, marking a 31% increase over the past week.
May 2024, Cryptoniteuae