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SEC Tells ETH ETF Issuers Fund Can Start Trading Next Tuesday: Sources
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Helene Braun
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ETH exchange traded-funds issuers were told by the SEC that funds can start trading July 23, according to sources.
The SEC had no further comments on the recently submitted S-1s and the final versions needs to be submitted by Wednesday.
ETH outperformed BTC on Monday, on the news of potential ETF trading approval.
Prospective issuers of a spot ether (ETH) exchange-traded fund (ETF) were told by the Securities and Exchanges Commission (SEC) on Monday that the funds can begin trading next Tuesday, two sources familiar with the matter told CoinDesk.
SEC officials told one issuer that the regulator had no further comments on the recently submitted S-1s and that the final versions needed to be submitted by Wednesday, one of the source said, adding that the funds can subsequently be listed on exchanges on Tuesday, July 23.
A second source said it’s possible that trading could start on Tuesday, after the ETFs are deemed effective next Monday.
Bloomberg Intelligence senior ETF analyst Eric Balchunas first reported the development on a social media post.
The issuers submitted amended S-1 documents last week but have yet to disclose some of the details, including how much management fee they will be charging investors. Only a few issuers, including VanEck and Invesco Galaxy, have so far revealed their fees.
Once live on the market, the spot ether ETFs could see inflows of up to $5 billion in the first six months, crypto exchange Gemini predicts. Steno Research said it expects inflows of up to $20 billion in the first year.
The price of ether rose as much as 7.3% on Monday, outpacing bitcoin’s 6% gain, on the news of ETFs starting to trade next week. The broader market index CoinDesk 20 climbed 5.6% today.
Nik De also contributed to the reporting of this story
