The U.S. Securities and Exchange Commission (SEC) has given the green light to Grayscale and ProShares to list their spot Ethereum exchange-traded funds (ETFs) on the New York Stock Exchange’s Arca platform. This marks a significant step for the crypto world, particularly for Ethereum enthusiasts and investors, as it opens up new avenues for trading and investment. However, final approval on the S-1 filings is still pending before these ETFs can start trading.
In essence, the SEC’s approval allows the NYSE to facilitate trading of these ETFs, although the issuers must still await final regulatory signoff on their S-1 filings before they can officially list the funds. Grayscale expressed its excitement over the approval, indicating ongoing constructive engagement with the SEC. This is part of Grayscale’s larger effort to convert its existing spot ETH fund into an ETF, which was initially approved back in May.
The approval process involved intense back-and-forth dialogues with the SEC, and as of now, a total of eight spot Ether ETFs are awaiting their final regulatory nod. This includes both Grayscale’s and ProShares’ offerings, with Grayscale planning to distribute shares of the new Mini Trust to holders of its existing Ethereum Trust (ETHE).
ProShares, although a late entrant, is also in the race, having filed its Form 19b-4 later than its peers. This regulatory progression highlights the growing institutional acceptance and integration of Ethereum and other cryptocurrencies into mainstream financial markets.
