- VanEck’s Ethereum spot ETF is now listed on DTCC, signaling a crucial step toward potential SEC approval.
- The SEC’s decision on VanEck’s Ethereum spot ETF is expected by May 23, 2024.
- Recent updates show increased optimism for Ethereum ETFs, with multiple issuers revising their filings to exclude staking.
The Depository Trust and Clearing Corporation (DTCC) has listed the VanEck spot Ethereum ETF under the ticker ETHV. The official listing of “VANECK ETHEREUM TR SHS” marks a significant milestone for the asset management company VanEck and the broader cryptocurrency investment outlook.
VanEck’s Filing for Spot Ethereum ETF
VanEck filed for its spot Ethereum ETF in September 2023 amid a challenging regulatory environment. Conversations with the SEC indicated a need for more engagement, casting doubt on the prospects of Ethereum-based funds.
The listing on DTCC follows closely on the heels of amended 19b-4 forms released by Cboe, reflecting changes in the ETF proposals, particularly the removal of staking-related content. The revised filings include submissions from other industry heavyweights, including Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin. The filings suggest a strategic alignment to meet SEC requirements, potentially accelerating the approval process.
Analyst’s Predication for Spot Ethereum ETF Approval
However, recent developments have shifted expectations. Bloomberg analysts Eric Balchunas and James Seyffart now estimate a 75% chance of SEC approval, attributing the change to the removal of staking-related content from the filings.
Significantly, Franklin Templeton’s Ethereum spot ETF listing on the DTCC underscores the growing interest in Ethereum-based investment products. The collective efforts of these industry leaders highlight the anticipated market shift towards spot ETFs, which offer direct exposure to cryptocurrencies.
The potential approval of VanEck’s spot Ethereum ETF could pave the way for other applications, marking a key moment in the growth of cryptocurrency investments. VanEck’s ETHV listing on the DTCC is a key milestone, reflecting the industry’s preparedness for regulatory approval.
Ethereum Price
As of press time, Ethereum has displayed an impressive performance since speculation about the Spot ETF approval. Currently, ETH is trading at $3,755, up by 3% in the past 24 hours with a weekly surge of 30%. The market cap has climbed above the $450 billion mark despite a decline in trading at $33 billion.
