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News - Ethereum ETFs approved next week?
The approval of Ethereum ETFs has been somewhat delayed. Still, they are getting ready to launch the ETH investment products next week, July 23.
The entire crypto sector is anxiously awaiting the approval of Ethereum Spot ETFs in the US. The US stock market watchdog (the SEC) is taking its time reviewing the applications, but has now issued a response to BlackRock and co.
According to Bloomberg analyst Eric Balchunas, the authority has sent the issuers back their final S-1 applications. After the authority, led by Gary Gensler, approved the 19b-4 applications for Ethereum ETFs filed, it now remains to approve the S-1 applications. According to Balchunas, that should happen on July 22, which is next Monday. A day later, if approved, the ETH-EFTs can already be traded on the market.
Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94
— Eric Balchunas (@EricBalchunas) July 15, 2024
"With the caveat, of course, that no unforeseen problems crop up at the last minute," the analyst warns. How the Ethereum stock price might evolve upon ETF approval remains to be seen. With a price increase of 11 percent last week, ETH is reacting to the expected approval. At the time of writing, the second-largest cryptocurrency in terms of market capitalization is currently at a price of €3.130.
