The U.S. Securities and Exchange Commission (SEC) is primed to greenlight at least three Ethereum (ETH) exchange-traded funds (ETFs) for trading next week, according to multiple reports.
A Reuters report, citing three “industry sources,” indicates the regulator has provided preliminary approval to ETH ETF applications from asset management giants BlackRock, VanEck and Franklin Templeton.
[adinserter block="1"]The sources say the firms’ products will likely receive approval on Monday and begin trading on Tuesday.
The financial firms will need to submit follow-up documents to the SEC this week to receive final approval, according to the sources. One of the sources reportedly tells Reuters that all eight Ethereum ETH applications are expected to launch next week, not just the three from BlackRock, VanEck and Franklin Templeton.
Eric Balchunas, a senior ETF analyst for Bloomberg, also says that ETFs are likely to begin trading next Tuesday.
“Hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (including fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last-minute issues of course!”
The SEC greenlit the first spot market Bitcoin (BTC) ETFs in January, bringing in billions of dollars worth of inflows to the top crypto asset by market cap. Earlier this month, multiple firms also filed applications to launch ETFs based on the Ethereum rival Solana (SOL).
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