Breaking: VanEck Files Form 8A For Spot Ethereum ETF
Highlights
- VanEck has filed the Form 8-A for its spot Ethereum ETF
- This is an essential part of the ETF process leading up to greenlight for trading
- The firm filed similar application 7 days before its spot Bitcoin ETF started trading
In anticipation of the official approval of the S-1 registration for spot Ethereum ETF products, VanEck has filed its 8-A form. As noted by Bloomberg’s Senior ETF Analyst Eric Balchunas, this 8-A form is part of the process leading to the launch of any ETF product.
The Race for Spot Ethereum ETF Draws Closer
Since the United States Securities and Exchange Commission (SEC) approved the 8 spot Ethereum ETFs in May, there has been many speculations regarding S-1 approvals. Since there was a significant rush before the approval came at the last minute, the due diligence has dragged on. This due diligence is between the SEC and applicants were not done pre-approval.
Unlike the runup to the spot Bitcoin ETF debut, the market still has no certainty regarding when the Ethereum counterpart will commence trading. Notably, the form 8-A filings points at the registration that allows issuers to trade on an exchange. It marks the progress towards the potential approval of a spot Ethereum ETF.
As Balchunas pointed out, VanEck filed its Form 8-A just about 7 days before its spot Bitcoin ETF product went live in January. Without much guidance from the SEC, the analyst is maintaining his July 2 launch date projection.
VanEck just filed 8-A form for spot Eth, which is just part of process, but.. should be noted that they filed their 8-A for spot bitcoin exactly 7 days before launch. Good sign for our July 2nd over/under (7 days from now). But again, anything poss. Sure we’ll hear more soon.. https://t.co/2BlkDnWhrz
— Eric Balchunas (@EricBalchunas) June 25, 2024
The pursuit of spot Ethereum ETF dates back to last year when the likes of BlackRock entered the race. With Ethereum Futures ETF and Bitcoin fund already trading in the United States, the optimism for approval was high prior to the May greenlight.
Projected Impact of the Approval
The Bitcoin price action in recent times has dragged most altcoins down in a sustained drawdown. Analysts are projecting that should the spot ETH ETF product start trading, the bearish trend can be reversed.
Historically, conversations surrounding this product is known to spark market trigger. If this history repeats itself, the market might be the better for it when the SEC shares new update regarding the S-1 approvals.
At the time of writing, the price of Ethereum has inked a slight uptick up 1.67% in 24 hours to $3,401.91.
Read More: Bitcoin Price: Flag Pattern And On-Chain Data Signal Reversal To $88K Soon
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