SEC reviews Ethereum ETF application from ProShares

In May, the SEC approved eight 19b-4 applications for Ethereum ETFs approved. Now another ETH index fund, ProShares, could be added to the list.

About three weeks after the approving eight ETH ETF applications, the SEC is reviewing another application from ProShares. The New York Stock Exchange issued a rule change proposed allowing the ProShares ETF could be listed and traded.

ProShares is considered an established player in the crypto ETF market, having already received SEC approval for an investment product involving Ether futures.

After publication in the Federal Register, the SEC is seeking public comment on the Ether ETF application for 21 days. That gives it a total of 45 days to approve, reject or defer a decision on the application.

"First hunch is that [the ProShares ETF] won't launch on day one with the other ETFs, whenever that is, but who knows," responded Bloomberg ETF analyst James Seyffart in a Twitter post.

However, it remains to be seen whether the SEC will actually green-light the ProShares Spot Ether ETF application. Of the other eight potential ETF issuers, only the 19-B4 applications have been approved so far.

Final approval requires that the SEC also approve the S-1 applications for the Spot Ether ETFs. Only then can trading officially begin.