The SEC has officially approved the trading of Spot Ethereum ETFs for tomorrow, July 23. U.S. regulators have given final approval for the S1 forms for ETFs that hold Ethereum’s ether. The Ether ETFs will be available for trade upon the opening bell.
The asset is set to be only the second crypto-based ETF in the United States. Moreover, the market is hopeful it can mirror Bitcoin’s success. The leading cryptocurrency debuted its ETF in January. Just three months later, the BTC reached an all-time high price of $73,000.
The decision caps a years-long process to get ether ETFs approved by the SEC, giving investors a new crypto asset to invest in. Ether ETF applicants first received 19b-4 form approvals back in May. However, many delays on the SEC’s end in looking over the final documents occurred. Now, we are less than 24 hours away from the first trades of a Spot Ethereum ETF.
Also Read: Ethereum: Is ETH a Lock for $4,000 After ETF Launch?
How Will Ethereum Perform Against Bitcoin After Spot ETF Launch?
Furthermore, an interesting note is the timing of the approval. The SEC is greenlighting the launch date of the Ethereum ETF during the biggest Bitcoin conference of the year. This week isn’t just about Bitcoin anymore, as Ethereum is joining the spotlight with its ETF launch tomorrow. BTC and ETH represent the only two cryptocurrencies with an ETF in the US, but more are expected to be launched in the coming year. The first Solana SOL-based ETFs have already gotten applications sent out, and other cryptocurrencies like XRP expect to join the ETF conversation as well.
Cboe will house most of the first trading of Ether ETFs, with more exchanges likely jumping in shortly after trading commences. Upon the Ethereum ETFs’ debuts, the entire cryptocurrency market expects to jump as it did following the approval of Bitcoin ETFs in January.