The Securities and Exchange Commission (SEC) has given the green light to a spot Ethereum (ETH) Exchange-Traded Fund (ETF), a decision that has been eagerly awaited by cryptocurrency investors. This marks a significant shift, as Bloomberg experts had previously increased the likelihood of approval from 25% to 75% earlier this week. The official confirmation from the SEC has now been released.
What Does This Mean for VanEck?
With the SEC’s approval, the ETF application process for VanEck has come to a successful conclusion. The focus will now turn to other pending ETF applications. While it remains unclear when decisions regarding BlackRock and other firms will be finalized, a determination on Ark Invest’s application is anticipated tomorrow. Grayscale’s approval is expected by the end of May.
When Will Other ETFs Be Approved?
Despite the approval for VanEck, experts caution that the approval process for other ETFs might not be as swift. ETFs are not expected to commence trading immediately, as the S-1 form approvals are still pending. As of now, Bitcoin (BTC) is trading around $68,000, while Ethereum (ETH) hovers at approximately $3,800.
Key Takeaways for Investors
Investors should note the following points:
- VanEck’s ETF approval is now official.
- Further decisions on BlackRock, Ark Invest, and others are still pending.
- Immediate trading of new ETFs is unlikely.
- Market prices for BTC and ETH remain volatile.
Result
The SEC’s approval of the spot Ethereum ETF is a pivotal moment for the cryptocurrency market. While VanEck has secured its approval, the market will be watching closely for subsequent decisions on other prominent ETF applications. Investors should remain cautious and stay informed about further developments.