This week marked significant progress in the cryptocurrency sector, buoyed by the positive sentiment surrounding the spot Ethereum ETF. Ethereum’s value surged by 31% over the past week, surpassing $3,700. The spotlight was on VanEck and the Depository Trust and Clearing Corporation (DTCC) for a major development.
What Does the DTCC Listing Mean?
VanEck’s spot Ethereum ETF was added to the DTCC’s new securities list under the ticker $ETHV. This listing followed the submission of updated 19b-4 forms. Despite the listing, the ETF still awaits the U.S. Securities and Exchange Commission’s (SEC) approval, which is not guaranteed.
How Is the SEC Process Unfolding?
VanEck’s spot Ethereum ETF application could be the first to receive a decision from the SEC. Initially submitted in September 2023, it spurred other companies like BlackRock, ARK Invest, and Fidelity to file similar applications. Analysts had been pessimistic due to the SEC’s cautious stance on cryptocurrency-focused funds.
However, just days before the May 23 decision, Bloomberg’s ETF analysts Eric Balchunas and James Seyffart increased the probability of SEC approval to 75%, injecting optimism into the market. Standard Chartered also expressed confidence in the approval process, predicting Ethereum’s price could reach $8,000 by year-end.
Key Takeaways
– VanEck’s spot Ethereum ETF is now listed on the DTCC under ticker $ETHV.
– The ETF still requires SEC approval, which remains uncertain.
– Bloomberg analysts have raised the SEC approval probability to 75%.
– Standard Chartered forecasts Ethereum could hit $8,000 by the end of the year.
Currently, Ethereum is trading at $3,780, reflecting a minor 0.3% decline in the past 24 hours.