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The US SEC has approved the first spot Ethereum ETFs to begin trading on July 23, allowing investors to directly trade Ether on major exchanges.
SEC Approval Finalized on July 22
The ultimate green light has been given for spot Ethereum exchange-traded funds to start trading in the US tomorrow, July 23, per Cointelegraph.
All three stock exchanges—Nasdaq, NYSE, and Chicago Board Options Exchange—required final S-1 registration statements, which were authorized by the US Securities and Exchange Commission on July 22.
Major Financial Institutions on Board
Fidelity, BlackRock, Grayscale, 21Shares, Bitwise, Franklin Templeton, VanEck, Invesco Galaxy, and Fidelity are among the successful spot Ethereum ETF issuers.
Their 19b-4 applications were approved by the SEC on May 23, allowing spot Ether ETFs to be listed and traded on their respective exchanges. This comes two months after the SEC greenlit them.
The iShares Ethereum Trust, issued by BlackRock, will be listed on the Nasdaq, whereas the Ethereum Trust, developed by Grayscale, will be listed on the NYSE.
Fee Structures for New ETFs
A base fee ranging from 0.15 to 0.25% will be offered by all spot Ethereum ETFs with the exception of the Grayscale Ethereum Trust.
Nonetheless, spot Ether ETFs from Fidelity, 21Shares, Bitwise, Franklin, and VanEck will not incur fees until either a specific time period ends or their products hit a specific net asset value.
Additionally, the Grayscale Ethereum Mini Trust will not charge any fees for the initial six months or until its net assets exceed $2 billion, whichever occurs first.
Biden's Withdrawal: A Win for Crypto
Concurrent with the approval of the spot Ether ETFs was US President Joe Biden's withdrawal from the 2024 election.
Josh Gilbert, a market analyst at eToro, recently wrote a letter to Cointelegraph describing Biden's withdrawal from the race as a "win for crypto assets.".
"The greater the likelihood of Trump maintaining his lead in the election, the higher the price of crypto assets will be for his triumph."
Professionals in the field predict that spot Ether ETFs will attract 10–20% of the capital that spot Bitcoin ETFs have received since their inception around six months ago.
