Sources indicate that BlackRock, Franklin Templeton, and VanEck have received preliminary approval from the US Securities and Exchange Commission (SEC) for their spot Ether exchange-traded funds (ETFs). Trading of these ETFs may commence as early as next Tuesday, fueling market speculation.
According to a Reuters report on July 15, SEC approval for launching spot Ether ETFs now hinges on applicants submitting final offering documents by the week’s end. Applicants including BlackRock, Franklin Templeton, and VanEck are among those in contention. Additionally, Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy are also preparing to launch their Ether products simultaneously next week, following a strategy similar to the SEC’s handling of spot Bitcoin ETFs.
Cointelegraph attempted to contact BlackRock, Franklin Templeton, and VanEck for comment but did not receive an immediate response.
Meanwhile, the SEC has reportedly issued final instructions to asset managers preparing to launch Ether exchange-traded funds (ETFs). According to Bloomberg ETF analyst Eric Balchunas, the Commission has instructed issuers to submit their final S-1 filings by July 16.
Balchunas noted that all applicants must disclose the fee structure for their spot Ether ETFs in their amended S-1 filings this week. He anticipates that the SEC will formally approve these filings next Monday after trading hours, paving the way for spot Ether ETFs to commence trading on Tuesday, July 23.
Gary Gensler’s commission initially provided feedback on the S-1 filings in late June, approximately five weeks after approving the 19b-4 filings on May 23.
According to Reuters’ report, Bitwise’s chief compliance officer, Katherine Dowling, indicated that there have been “fewer and fewer issues” discussed between ETF issuers and the SEC regarding amended S-1 filings.
“This suggests we are nearing the finish line for the launch,” Dowling commented on July 9.
Bitwise’s chief investment officer, Matt Hougan, speculated that spot Ether ETFs could attract around $15 billion in inflows within the first 18 months of trading, similar to the spot Bitcoin ETFs’ performance since their launch six months ago.
If approved, these ETFs would trade on the Nasdaq, New York Stock Exchange, and the Chicago Board Options Exchange.
Currently, Ether is trading at $3,484, reflecting a 6.7% increase over the last 24 hours.