NewsletterBreaking: 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.
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