According to Bloomberg ETF analyst Eric Balchunas, Spot Ethereum ETFs are set to debut on July 2nd. Today, many amended ETH ETF S-1 forms will be filed. The ball will then be in the SEC’s court to finalize any changes and grant the final approval.
In a separate update, Balchunas mentioned that Fidelity is leading the charge with its filings, though details on fees are still awaited. Franklin Templeton is the only one to have disclosed a fee so far, set at 19 basis points. Bitwise has also refrained from revealing fees, with many issuers likely waiting for BlackRock’s move before finalizing their own.
Last month, the U.S. Securities and Exchange Commission (SEC) approved the listing and trading eight spot exchange-traded funds (ETFs) backed by ETH, Ethereum’s native cryptocurrency. This approval officially cemented Ethereum’s status as a commodity, not a security.
The approved ETFs include:
- Grayscale Ethereum Trust
- Bitwise Ethereum ETF
- BlackRock’s iShares Ethereum Trust
- VanEck Ethereum Trust
- ARK 21Shares Ethereum ETF
- Invesco Galaxy Ethereum ETF
- Fidelity Ethereum Fund
- Franklin Templeton’s Franklin Ethereum ETF
The approval followed an exhaustive review process by the SEC, which scrutinized proposals from exchanges such as NYSE Arca, Nasdaq, and Cboe BZX Funds. The SEC concluded that these proposals adhered to rules to prevent fraud and manipulative practices, ultimately protecting investors and the public.
Several factors influenced the SEC’s decision to approve the Ether ETFs. Ethereum’s strong and regulated futures market was a significant factor that provided a solid foundation for pricing and valuation. Furthermore, removing staking features from ETF proposals and addressing the SEC’s concerns about staking being classified as unregistered security resonated with the agency.
Jai Hamid
