Breaking: Grayscale & Bitwise Ethereum ETF Gets SEC Nod For NYSE Trading
Highlights
- NYSE Arca approves Grayscale & Bitwise spot Ethereum ETFs; trading starts tomorrow.
- Bitwise sets competitive 0.20% fee; Grayscale's higher at 2.5% draws criticism.
- Parallel launches from Cboe include Fidelity and VanEck Ethereum ETFs on July 23.
The New York Stock Exchange Arca (NYSE Arca) has officially confirmed its approval for the listing and trading of spot Ethereum exchange-traded funds (ETFs) from Grayscale and Bitwise.
Grayscale & Bitwise Ethereum ETF Gets SEC Nod
Documents filed with the U.S. Securities and Exchange Commission (SEC) reveal that NYSE Arca has approved the registration and listing of spot Ethereum ETFs from both Grayscale and Bitwise under the Exchange Act of 1934.
This certification is crucial as it signifies regulatory acceptance and a formal process of introducing these financial products to the market. The ETFs in question aim to provide investors with a regulated means of gaining exposure to Ethereum without the need for direct cryptocurrency ownership.
The listing process involved a comprehensive two-step procedure, beginning with the SEC’s approval of 19b-4 forms in May. This initial approval was essential for NYSE Arca to proceed with the listing approvals. The final step, expected to be finalized by Monday, involves the SEC allowing the registration statements to become effective, thereby enabling the ETFs to commence trading tomorrow.
Additional ETFs Set to Launch
Parallel to NYSE Arca’s developments, the Cboe Exchange has also confirmed that its proposed spot Ethereum ETFs are slated to begin trading on July 23. This includes products from prominent firms such as Fidelity Investments, Franklin Templeton, Invesco, 21Shares, and VanEck.
The update from Cboe has cemented the anticipated timeline, with market observers and analysts expressing optimism about the SEC’s final approval.
In preparation for the anticipated trading launch, firms have been diligently amending their S-1 forms and updating management fees. Bitwise announced a competitive 0.20% fee with an initial discount for the first $500 million in assets, contrasting with Grayscale’s higher fee of 2.5%. The latter’s decision has drawn criticism from industry experts like ETF Store President Nate Geraci, who pointed out that such a high fee could be a repeat of past strategic missteps by Grayscale.
Read Also: BCH Price Prediction: Bitcoin Cash Eyes 28% Explosive Move
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
