After weeks of speculation, Spot Ethereum ETFs are officially set to begin trading today. The launch signifies only the second crypto-based ETF in the United States after Bitcoin’s debuted in January of this year. With BTC marking a massive moment in the sector’s history, many are hopeful that Ethereum can mirror its success.
The arrival looked like it was in doubt just three months ago, with things changing rapidly. The US Securities and Exchange Commission allowed S-1 filings to become official on Monday, which was the final green light for the products to go live today. The impending arrival has already seen ETH surpass the $3,500 mark, according to CoinMarketCap.
Also Read: SEC Officially Approves Spot Ethereum ETF Trading for Tomorrow
Ethereum ETF Trading is Officially Live
In a post to X (formerly Twitter), Coinbase CEO Brian Armstrong discussed what is a monumental day for crypto. As the Ethereum ETF began trading, Armstrong called the launch, “another huge step for regulatory clarity,” in the US. Specifically, it’s confirmation that ETH is not a security.
Amid that ongoing debate, eight issuers are set to launch Spot Ether ETFs on Tuesday. Specifically, Grayscale, Franklin Templeton, VanEck, Bitwise, 21Shares, Fidelity, iShare, and Invesco. Among those, Grayscale is set to launch both an Ethereum Mini Trust, and an ETH Trust.
Also Read:Bitcoin: Can Ethereum ETF Arrival Spur BTC to $70,000?
Six of those launching funds will feature cryptocurrency exchange Coinbase as the custodian. However, both VanEck and Fidelity have taken a different approach. The former is using Gemini, while Fidelity has opted for self-custody.
Now, all eyes are on how the investment product will perform. Earlier this month, Kraken executive Thomas Perfumo told Bloomberg the ETF is a “rising tide that will lift all boats.” Yet, it is unlikely to reach the heights of Bitcoin. The token reached an all-time high mark of $73,000 just three months after the product launched.