According to Cointelegraph: After three years of persistent efforts, VanEck’s Ethereum exchange-traded fund (ETF) has received approval from the United States Securities and Exchange Commission (SEC). This marks a significant milestone in offering investors a regulated means to gain exposure to Ether (ETH) in the US.
Key Highlights:
Approval Details: The SEC filed the Notice of Effectiveness for the VanEck Ethereum ETF on July 22 using the form S-1. This approval follows a series of filings and amendments submitted over the past three years, reflecting intense regulatory scrutiny.
Historical Context: VanEck initially filed for the Ethereum ETF on May 7, 2021. The approval process involved multiple amendments to meet SEC compliance requirements, including the Prospectus under Rule 424(b)(3) and various adjustments to the S-1 form.
Launch Preparation: The Ethereum ETFs are set to be launched as soon as practicably possible “after the effective date.” This follows amendments made by crypto investments firm 21Shares to secure their listings and trading approvals.
Industry Impact:
Grayscale’s Spot Ether ETFs: Coinciding with VanEck’s approval, Grayscale’s spot Ether ETFs began trading on the New York Stock Exchange (NYSE) Arca on July 23. This launch follows the SEC’s final approval on July 22, allowing several issuers to enter the market.
Market Activity: Ahead of the ETF launch, Grayscale transferred over $1 billion worth of ETH to Coinbase, moving 292,263 ETH as part of its Ethereum Mini Trust July 18 filing.
Market Outlook:
The approval of the VanEck Ethereum ETF is expected to enhance the accessibility and attractiveness of Ether investments, drawing in both retail and institutional investors. Analysts predict that the market will closely monitor the performance of these ETFs, assessing their impact on the price and volatility of Ether in the coming months. This move is also seen as a step towards broader acceptance and integration of cryptocurrency assets within the traditional financial ecosystem.