YEREVAN (CoinChapter.com) — The United States Securities and Exchange Commission (SEC) is reviewing an application from asset manager ProShares for a spot Ether (ETH) exchange-traded fund (ETF). This comes three weeks after the SEC approved similar filings from eight other asset managers.
On June 10, the SEC announced that the New York Stock Exchange (NYSE) Arca proposed a rule change to list and trade shares of the ProShares Ethereum ETF. The SEC is seeking public comments on the application for 21 days following its publication in the Federal Register. The SEC has 45 days to approve, disapprove, or extend the decision timeline.
Notably, on May 23, the SEC approved 19b-4 filings from eight asset management firms. The filings would allow them to list and trade spot Ether ETFs on U.S. exchanges. Moreover, final approval requires the SEC to sign off on the S-1 registration statements for these ETFs before they can begin trading. This process may take months, with some experts predicting completion by July.
In October 2023, ProShares received SEC approval to list and trade shares of a spot investment vehicle tied to ETH futures. ProShares also offers a Bitcoin Strategy ETF on NYSE Arca under the ticker BITO.
ETF analyst James Seyffart commented on the ProShares application in a June 10 X post, stating,
“Instinct initially says [the ProShares ETF] won’t launch on day 1 with the other ETFs whenever that is but who knows. This is interesting.”
Notably, the SEC has set a timeline for a thorough review process, which could extend into the coming months. Certainly, the final decision will impact the market and set a precedent for future cryptocurrency investment products.
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