EddieJayonCrypto

 22 Jul 24

tl;dr

NYSE Arca has approved the listing and trading of spot Ethereum exchange-traded funds (ETFs) from Grayscale and Bitwise, as confirmed by the U.S. Securities and Exchange Commission (SEC). This signifies regulatory acceptance and paves the way for these financial products to enter the market. Additio...

NYSE Arca has approved the listing and trading of spot Ethereum exchange-traded funds (ETFs) from Grayscale and Bitwise, as confirmed by the U.S. Securities and Exchange Commission (SEC). This signifies regulatory acceptance and paves the way for these financial products to enter the market.

Additionally, the Cboe Exchange has announced that its spot Ethereum ETFs, including products from firms like Fidelity Investments and Invesco, are set to begin trading on July 23. Market observers are optimistic about the SEC's final approval, with firms amending their forms and updating management fees in preparation for the launch.

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. 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.

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.

More about CME Group Inc

CME Group Inc. (Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, The Commodity Exchange) is an American global markets company. It is the world's largest financial derivatives exchange, and trades in asset classes that include agricultural products, currencies, energy, interest rates, metals, stock indexes and cryptocurrencies futures.

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